More and more people are opting for the self-employed way of working, as dozens of start-ups seem to spring up every day. It can be tricky to know where to begin when setting up your own though; you might have a great idea, but what should be your next step? Hopefully, today’s article should give you a few tips on how to get your new company up and running.
What’s your big idea? :
There are two reasons why you might decide to launch a start-up. Firstly, it’s because you have a big idea; you’ve spotted a gap in the market, or you’re a forward-thinker who’s got the perfect solution to the problem no-one knows they have. You think you’ve got what it takes to create that dream product or service that everyone is going to want, and there’s no stopping you.
Or secondly, you’re a professional with many years’ experience in your industry, and you’re seeing a huge volume of work in a specific sector. Using your skills, knowledge and expertise, you’re determined to work for yourself and show all those other companies how it’s done. If they can do it, why can’t you? You need to decide which one of these two reasons is the one that’s driving your start-up, and decide on the concept for your company.
Finances and legalities:
Next, you need to raise the capital for your business. Use your savings, go to a bank for a business loan, or use your credit if you’re certain from your initial calculations that you’ll be able to pay this back reasonably fast. All of this will depend on the type of business you’re starting, but it’s worth noting that if you’re well established and experienced in your field, you may even be able to get investors with larger funds to back your big ideas.
Now, it’s time to check the small print and make sure everything is legal and above board. Always hire a specialist accountant who can advise you on industry standards, and be sure to consult an employment lawyer if you’re planning on having a small team work for you. It’s also vital that you have a set of standard client contracts drawn up, such as Terms of Agreement and Non-Disclosure Agreements.
Before you start doing business, you need to make sure that everything is running like clockwork in your supply chain. Go through every stage of the customer journey and highlight early any potential problems, such as warehouse updates, whether email notifications are coming through and delivery protocols.
For example, is your customer base just based in the UK, or does it expand to Europe? If so, don’t feel like you must limit your customer base this early on; opt for a delivery service like Irish Parcels instead, who’ll cover both areas – you can check out their site at irishparcels.ie
We hope you enjoyed this article on setting up your own start-up. Do you have any more tips for aspiring entrepreneurs? Let us know in the comments below …
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