What To Think About When Starting Your Own Business
Creating a business is a widely shared goal among many people. Identifying an item or
service that looks to be in demand, or noticing a gap in the market, is usually the first step in the process of starting a business. After noticing the demand or gap in the market, the
individual has the option of either using their personal savings or obtaining a loan to enable
them to turn their business dreams into a reality.
According to statistics from GOV.uk, between 500,000 and 700,000 new businesses are
launched every year in the UK. Despite the pandemic, there was a substantial boom of new
businesses created in the UK after the first reopening in the summer of 2020. This was
possibly down to government support, low-interest rates and the increase of people
No matter what the reason or motivation behind starting the business is, creating your own
business can attract exciting new opportunities. There are multitudes of benefits that come
from running your own business, as well as many important things to consider, so let’s take
a look at them.
The Benefits Of Being Your Own Boss
Being your own boss allows you to run things the way you choose. One of the most
important perks of being your own boss is doing work that makes you smile. Work that you
care about and have a passion for. You will have the chance to shape your days the way you
would like to, by doing the tasks you enjoy and possibly outsourcing the jobs you don’t
enjoy to other people.
As the boss, you have the ability to make those decisions. By being
able to choose the direction of your business and the company’s way of working, you are
bound to be much happier with the work in the first place. Starting your own business gives
you the chance to create a positive and successful working environment that you may wish
your former employers had provided for you in the past.
Flexibility - Working Hours and Locations
For many people, flexible working hours are a dream work reward. Being your own boss
allows you to decide your own hours. Particularly when the business is new though, of
course, you may feel that you are putting more time into your work compared to the
average 9-5 workers. Although this may happen on occasion, it will benefit the company and
it doesn’t take away from the fact that you have the opportunity to define your own
working hours. This is so ideal for business owners that have children and other
commitments they need to spend time on.
Due to the many advantages of modern technology, your office and your employees can
essentially be anywhere that has Wi-Fi.
If the idea of sitting at the same desk in the same office every day is not ideal for you, there are many ways around that thanks to internet communication technology. Online sites/programmes such as Zoom and Microsoft Teams have led to easy, fast and
effective ways of communicating. Some of the freedom that you have in terms of suitable
working locations will of course differ depending on the nature of the business, but so many
tasks that nearly all businesses spend time on, such as marketing or advertisement, can be
done from anywhere.
Flexible working locations can also mean ditching the commute, which will reduce your carbon footprint and benefit your mental health. Studies show that long commutes have been linked to increased levels of stress and depression. Therefore, removing the commuting element from your work life will not only benefit your mental health but will also mean more success for the business, as employees who are not dealing with added stress or poor mental health will be more productive and focused at work.
Your Target Market
After you have discovered the market you would like your business to become a part of, it is
important to narrow down your focus onto the specific audience you will aim to target.
Consider age, location, income level, values and hobbies. Knowing who you most want to
appeal to will help you when it comes to marketing and deciding what products/services you
would like your company to offer.
When running your own business, it is important to keep a record of income, sales, costs and
transactions in your business bank accounts. You could also consider hiring an accountant,
as they can take care of your finances for you. There are lots of benefits of using an
accountant, such as it will save you time and remove your tax worries. As well as assisting
you with your finances, accountants could also bring an excellent source of networking
opportunities. The job that accountants and bookkeepers do means that they have contact
with many business owners each day. Therefore, they are a great way to make connections
in your industry as well as help to grow your network. Accountants will also save you money!
The Next Step – Go For It!
There you have some of the most important things to consider when starting your own
business. We hope this article has been helpful to you and we would like to wish you the
best of luck with your new business venture!
Here are a few more articles about starting a business we think you will enjoy: