Alistair Stirling of Stirling Careers Consultancy works with many clients who are considering changing careers. One option some consider is setting up their own business.
Would you like to set up your own business?
How can we help you?
Here are some simple steps to help you on your way
Summary of the steps
Step One: Do your Research
Step Two: Decide on your Structure
Step Three: Brand your Business
Step Four: Write Your Business Plan
Step Five: Figure out your Finances
Step 6: Think about where you want to work from
Step 7: Set up your technology to suit your requirements
Step 8 Market your business
Step One: Do your Research
Here are some questions to consider
It is important to test market your product or service with potential customers. Remember to take any well-founded negative responses seriously before proceeding with your idea. Constructive criticism is vital in helping you to improve your product or service as you are unlikely to get it perfect the first time. The more research you do, the better equipped you will be.
Perhaps you might also consider is this a realistic proposition?
Who is depending on you to make a living?
Is it just yourself or do you have a family to support?
If it all went wrong, could you still survive or could you be at risk of losing your home?
Perhaps after considering everything, you might decide that actually there is not a market for your particular business at this time and it might be sensible just to keep it as a hobby side line.
Step Two: Decide on your Structure
When you set up your own business, you have several options. These are being a sole trader, a limited company, a business partnership, a limited liability partnership, a social enterprise or an unincorporated Association.
It is important to research these options in more detail. The structure you eventually choose will have an impact on your tax you pay and the level of risk to your personal assets and your access to business finance.
It is important to protect your copyright. There are several forms of intellectual property (IP) that allow you to protect aspects of your product or service from being replicated. They include: copyright, patents and trademarks.
Step Three: Brand your Business
The research you have completed in stage one will help you decide on a name, logo and branding that fits your vision. Your brand can be critical to your success. It is important to think carefully about your business name. Your company's name should be memorable and reflect your product and business values.
Step Four: Write Your Business Plan
This is a written document that includes a brief description of your business. It includes your objectives, strategies, sales, marketing and financial forecasts of your business. A business plan is a useful summary of your business that sells your ideas and ambitions to possible clients, suppliers or even staff. You will also find banks and finance providers usually require a business plan from start-ups as part of their loan assessment process.
Step Five: Figure out your Finances
As a business owner you will be responsible for your business finances. This is crucial. Consider your savings and how much you can put aside particularly during your first year of operation.
Open up a business bank account.
Why is this important?
Step 6: Think about where you want to work from
Having done your research and thought about your business model and legal structure it is now time to think about finding a home for your business. You need to consider whether you are going to run your business from your kitchen table, use a co-working space, rent an office space, open a shop, or just use a laptop working from coffee shops.
One of the key things to consider is ensuring you have the right insurance for your business.
Step 7: Set up your technology to suit your requirements
Consider the technology you are going to use. How are you going to communicate with your customers, work on client briefs, handle behind-the-scenes admin, find the right tech setup for your new business. The technology you use will be linked to where you will be working from.
Step 8 Market your business
You now need to think about how are you going to find and secure all those important sales. Initially it is essential to write your own marketing plan. Without a plan, you will not know how effective your marketing has been and you could miss out on other opportunities to grow your business.
With the world of business constantly changing it is important to ensure your business model is adaptable, flexible and you are prepared for constant change.
Finally, perhaps you might also consider is this a realistic proposition?
Who is depending on you to make a living?
Is it just yourself or do you have a family to support?
Do you have sufficient finance in place to get you started, and cover you during lean periods?
If it all went wrong, could you still survive or could you be at risk of losing your home?
Perhaps after considering everything, you might decide that actually there is not a market for your particular business at this time and it might be sensible just to keep it as a hobby.
We offer all new clients a Free 20 minutes telephone consultation to understand your current circumstances and explain how we can help you move forward and explore your business ideas and set some career goals.
Why wait?
It could be the best telephone call you ever made.
For a chance to have a free initial 20-minute consultation with an experienced qualified impartial and independent careers adviser please call Alistair Stirling on 0790 461 4946 or Email us at info@stirlingcareersconsultancy.co.uk or contact us via our details above or below.
We look forward to hearing from you.