Are you considering starting your own business? Becoming your own boss for many people seems like the next logical step in many people’s careers. While the notion of having no one to answer to can seem enticing, around 60% of businesses are thought to fail in the first three years, with 20% of those in the first 12 months.
So how can you ensure you don’t become one of these statistics?
Training
You may think you know everything you need to know, but how confident are you? If there is something you are unaware of, then the chances you will do this will be greatly reduced.
If you are employing staff or selling your services, make sure you are confident in how you approach this as a business owner, and you know how best to conduct yourself in a professional setting. Look at Corporate Coach Group training courses to develop the critical skills needed to be an effective communicator and employer and give yourself the best chance of success.
Check The Market
Is anyone else doing what you are proposing to sell? If so, how successful are they, and what is the market like? It could be that you are entering a highly competitive sector requiring you to offer something you cannot get anywhere else. If this is the case, you need to identify your USP (unique selling point) that sets you apart from other companies.
Marketing
A marketing budget or strategy is vital in this day and age. And luckily, it has never been easier for you to be able to market yourself for relatively little. Digital marketing means you can set up a website, buy your domain name, and register on social media platforms for you to be able to market your company even before you begin trading. The best part is you can do this on social media for free.
Make sure to register with Google My Business to conform your company before you start to help you verify who you are and boost your online visibility.
Taxes
Have you registered with HMRC? You need to be registered as a sole trader or company to file your tax and VAT returns. There will be different legalities regarding tax depending on the type of company you set up and how much you take each financial year. But at the least, you need to register for your self-assessment tax return to be filed each year.
Find A Mentor
A mentor is a successful business owner who gives their time to help new business owners navigate their new enterprise and set themselves up to succeed. They will bring with them a wealth of knowledge and experience, and not only can you learn what to do from them, but you can learn from their mistakes too.
If you need someone to rely on who knows what you are going through, you can head to sites such as LinkedIn or attend local networking events to connect with a potential mentor who can support you during this transition.