With the ongoing Covid-19 Pandemic threatening many businesses, big and small, alongside the livelihood of numerous individuals, many have opted to start their own businesses and work for themselves, instead of relying on an external source for their income. Becoming a girl boss is the ultimate power move, and for those who have children, it’s even more beneficial due to the flexibility of the role. So, how do you go about building a booming business empire?
Define your business
The first step to take when starting your own business is to understand the purpose of your business, your target market and how your product or service will be beneficial to them. This is the initial stepping stone and lays the foundation for what will hopefully be a long term, successful business model. This process can take anywhere up to a couple of weeks to sometimes a few years depending on the business you are wishing to set up. Therefore, it’s best to start planning early, especially if you are passionate about working for yourself in the future! A few things to consider at this stage are branding options, such as the name, logo and tagline, as this will be fundamental to the recognition of your business.
Create a business strategy
Whilst it may be the last thing on your list, creating a strategy for your new commercial venture is essential for long term success and ensuring your approach is cost effective. Marketing your business to its target market will enable potential customers to be aware of the products or services your business has to offer. With the continuing growth of the digital world, advertising your business has never been easier; the use of social media as well as the creation of a website can catapult your business to overnight success.
Register as self employed
As soon as you have your company branding & strategy in place and have started to operate, it’s crucial to register as a self employed individual, as this is a legal requirement for business owners in the UK (if you reside in a different country, be sure to check your legal obligations with your local authority). For some, this technical side of things may be overwhelming, so consider sourcing professional advice from someone, such as an accountant. This is particularly useful if your require help and support with other issues down the line.
Protect your income
Starting your own business and becoming a self employed individual is a big step to take, especially considering the financial side of things. Therefore, in case of unforeseen circumstances, such as an injury or illness, it’s worth purchasing an income protection plan. Not only will this provide you with a peace of mind, but it’ll also assist you with running your house if you are unable to work. Depending on the policy you purchase, around 50-70% of your salary will be paid out to you until you are able to get back onto your feet and work again!
Calculate your finances
It’s time to revise what you learnt in your maths lessons back in high school because you’ll need start calculating your company finances such as incomings, outgoings, profits and losses – oh, and let’s not forget the tax you may have to pay. Many businesses owners tend to hire an accountant for this specific task as it allows them to focus on solely running their business, so there’s always that option available. Plus, this can also be beneficial in terms of fulfilling the legal requirements for reporting your business finances.
There’s never been a better time to start your own business and become a girl boss, so what are you waiting for?!