Always wanted to set up your own business in the UK? You can – and with little expense spared.
You don’t need a fancy swivel chair (although you might like one when work takes off) the latest Apple device or a thousand contacts to lend a hand.
If you know what kind of business you want to start, you’re half way there.
For me, being made unexpectedly redundant gave me the ultimate push to make the leap I’d always wanted to give a go – and here I am.
Here a few things you need to do to get yourself up and running fast:
1. Tell HMRC!
This is critical – but so easy to do online or by phone if you prefer. All you need to do is get yourself registered as a sole trader or limited company. HMRC offer loads of free online webinars where you can get great advice on how to keep your books in order and filling in your dreaded tax return.
You’ll need to be organised an putting cash aside to pay for class 2 and 4 contributions as well – rather than national insurance, which is usually deducted at source when working as a PAYE employee.
2. Get your business name out there
Make sure it’s something original and choose one that’s not been used before – or you could find yourself in a spot of legal bother. A quick whizz on Google will tell you if your desired name is already in use. Avoid puns unless they’re really well-suited to your brand. And the key thing, is to get your name out there.
Get a basic website up and ensure it has multiple methods for people to contact you. Use every social channel you can think of – twitter, facebook, instagram and more. Get those hashtags working for you. People need to see you are visible online and actively searching for work.
3. You need a business account
Loads of banks offer great deals for start-up businesses. It’s important that you have invoices paid to this account, rather than your own personal account or you could end up with some accidental cross contamination of cash.
And remember to keep stashing away 20% tax each time a client pays, as you don’t want to be lumbered with a shocking bill to find when April comes around.
4. Get a comfy workspace
If your kitchen or spare bedroom is going to be your office, make sure it’s equipped with everything you need to get started. If you’re not in a position to rent an office, you can claw back cash for using your own home as business premises when it comes to things like electric and lighting. But as basic essentials, a desk, chair and computer or laptop is enough to start with.
If you think you’re going to turn into a hermit being stashed away in your shell of an office – get out. Take regular breaks and hunt down your local work space. You never know who you might meet down there while grabbing your complimentary coffee – it might just be a way to bag your first paying client.
5. Get a business plan in place
It’s always good to have short medium and long-term plans for your business. It should be a document you can regularly update so use Google docs or sheets or a good business plan template. Here you can log all the clients you’ve approached, the jobs you’ve won, the rejections you’ve faced and more, as well as keep an eye on your cash flow. A simple spreadsheet is usually adequate for this.
6. Find a support network
Whether it’s your partner, your bezzie or your mum, make sure someone is there for those days when you just can’t concentrate. Maybe a pitch you thought you’d won has gone wrong or a promise of work has amounted to nothing. It’s upsetting – I’ve been there. But make sure when you do have those slumps, that you have your own Mr Motivator to pick you back up and get you quickly back on track.
Don’t let your business flop before it’s had chance to begin! And if you need help with your content or copywriting, I’m a phone call away.