Five Easy Steps to Setting up a Business From Scratch
There are so many benefits to running your own business, especially as a mom as it gives you so much flexibility. If you’re toying with the idea but aren’t sure how to execute your plan, here are five easy steps to follow.
Decide on your business idea
First things first, of course, deciding on your business idea.
Will you make items to sell, or will you buy from a wholesaler and sell for a profit? If so, what kinds of things will you sell- it’s important to have a unique selling point. It could be anything from luxury homewares to budget baby clothes, but make sure your store has some focus.
If you have a bigger budget to invest, you could even look into purchasing a franchise. Something you could do with no budget at all would be to become a freelancer or blogger.
Once you’re established you can work online, earning money without having to invest in any special equipment.
Register your business
Once you’ve decided that you’ll be taking the plunge and have come up with your business idea and name, you need to register your business.
You can usually do this online and is just a couple of simple forms. It means that everything is legit, and ensures that you’re able to pay the correct taxes at the end of each year in April.
Get into the habit of putting away 20% of your profits, as that way you can easily pay your tax bill when it’s generated.
Create your working space
When your workplace is also your home, it can get a little confusing. When you’re working on the sofa, the dining table or your bed, the boundaries can become blurred. This can have you feeling like your workday is the entire day.
Set up a workspace, ideally a room that you can turn into an office.
Put in a sturdy desk and a comfortable chair, and decorate it in a way that feels uncluttered yet still pleasant and somewhere you’re happy to spend time.
Set your working hours
Again, to keep work and life separate it makes sense to have an idea of the times you plan on working. The great thing about running your own business is flexibility, and if something does crop up you’re able to dash off and make the time up later.
But overall, having working hours in mind can help to keep you productive, and allow you to switch off after you’re done for the day.
Seek professional help
Finally, as a solopreneur, you might think you’ll be running your business by yourself- but it’s not the case. You won’t be hiring employees in the traditional sense, but you can outsource to third-party companies and freelancers to do the jobs you can’t (or don’t want to) do.
From marketing to managed network security services to blog writing, work out what your tasks will be in your business and outsource the rest.
Are you considering starting your own business?
Image Credit: Kaboompics