Considerations when starting your own business

Photo by Lisa Fotios

Starting your own business is a whirlwind of a journey but one that is full of excitement and rewards – if you or someone you know is planning on starting your own company, go for it, what’s the worst that can happen? Sometimes it’s worth taking a risk in life and the bigger the risk the greater the reward. 

Honestly, you will get so much enjoyment from being your boss. No more asking for a holiday, no more asking for pay rises and no more trying to hit unachievable KPIs. But with all this being said, there are some considerations that you will need to make before starting your own business. Keep on reading to learn more. 

Will you need to outsource things? 

Are you going to need to outsource some of your work for you to operate? This is an important question to ask yourself as you will need to include this within your monthly budget. For example, if you run a bar, you may need some support with security using a company like Zed Security and Guarding. As a marketing agency, you may need to outsource your finance systems so that you can concentrate on your key offering. A lot of sales agencies will outsource their advertising as this can be a complicated area of a business. When you are looking to outsource things, make sure you get multiple quotes to ensure you are getting a good price. 

Will you need to get a loan? 

Realistically what are your start-up costs going to be and will you require some financial backing to get started? If you require a loan, you will need to put a business plan together and reach out to banks like Natwest for help. If you don’t want to take the risk and get a loan, it may be that you need to reduce the size of your operation, so that you can launch and do it by yourself. For example, instead of starting an agency, offer freelance services first so that you can grow your business. 

Are you going to need a website?

To put it simply, yes you are going to need a website. Websites are so important in today’s world and without one you are going to struggle. A website builds trust with your customers, a website helps you engage with new customers and a website allows you to share important information about your business and offerings. To have a website created you can do it a number of ways. You can employ an agency to build it for you (this is the most expensive option), work with a freelancer (more affordable) or do it yourself with a drag-and-drop builder, like Wix – making a website is a lot easier now as you can use premade templates and adjust them to your business colours. 

What considerations do you think someone should make when starting their own business? Which of the above tips did you find most useful? Is there anything you think is missing is our guide? Let us know in the comment box below.