Making the choice to go self-employed is a big decision. Covid-19 has also pushed some people to make this decision or think about this decision more seriously. There are many things you need to think about to give yourself a good chance of being successful.
Below we are going to have a look at some fo the things that are essential:
What Your Business Idea?
Covid-19 has sped up many trends that possible would have happened anyway, whether it’s more people working from home, people choosing to support smaller businesses over chains, shopping locally, etc. Of course, you don’t have to come up with something brand new to become self-employed, although it can help in certain situations. Covid-19 has certainly highlighted how much people are willing to support the smaller business when they need it, and it looks as though it’s something that may stick around for the future. When choosing your self-employes role think about the current market and any unique selling points you can offer.
Choose Your Business Name
If you are going to be setting up as a self-employed accountant or an electrician you may choose to use your own name. If you are choosing to set up a new online bakery or baby store, you may want to think of a unique but memorable name that sets you apart from any of your competitors. Either way, make sure you check if the company name hasn’t been used elsewhere. You may also want to think about securing a domain name to match your business name so when it comes to creating an online presence, you don’t become disappointed when it’s not available. When looking at your business name you should also think about whether you are going to be a sole trader or limited company, etc.
Create A Business Plan
Even the smallest self-employed businesses need to draw a business plan. Have a look at things like your strengths, weakness, opportunities, and threat (SWOT). Also, think about the equipment you are going to need to run your business. For example, if you need a van stat search ‘Vauxhall Van Dealer Near Me’ and gather an idea of how much the right tools for the job is going to cost you. What are your projections for your revenue? If you are planning o applying for a bank loan or business grant you will need to be able to provide your business plan.
Put A Financial Plan Into Place
Once you have started to make payments to do with your business or started to accept payments for work you have completed. You will soon realise that it is very hard to keep track of the businesses finances and personal finances. Although sole trader doesn’t need ot have a business bank account, a separate bank account would still be useful, especially when it comes to doing your taxes.
These four areas are essential to get ticked off your list when you are starting to work as a self-employed person or starting a new business. Has Covid-19 made you think about going self-employed? What have you been considering?