Starting up your own business takes a lot of courage. If you’re used to working within the safe confines of employment, stepping out into self-employment can be frightening; especially if you plan to hire other people who will depend on you for their livelihoods. However, this can be exceptionally rewarding and liberating. Working under others isn’t always the best thing for everyone, and you can pick up a lot of skills by becoming your own boss. That being said, you want to protect your back at this uncertain time, so what do you need to consider?
1. What’s In A Name?
Quite a lot, actually. Not only do you need a great name for your business, but you need to trademark it too. Also, be aware that you can get into a legal trouble, if you choose a name that is too similar to an already existing business’. Of course, this depends on your type of business and the scale of it too, but nevertheless, it’s important to do a little research around your business name, before you make it yours. Here’s a little more guidance on doing this right on Entrepreneur.
2. Are You Ready For This?
Look to yourself and where you are in life. Is this the right time for you to start a business? Are you emotionally ready for it? You will have to work extremely hard to get your company off the ground, and the workload is unlikely to let up. If you are wrestling with personal demons at the moment, then it may not be the best time for you to start your business. On the other hand, if you are unhappy BECAUSE of your current job, this may be exactly the motivation you need to jettison you into self-employment.
3. Can You Survive Financially?
Money is extremely important. If you don’t have the finances to support your business, it’s not looking good for you. It may be worth waiting until you have a secure fiscal foundation, before you decide to pursue this venture.
4. Office Space
Another concern. Not everyone can work from home, and some businesses need a concrete (not literally) base, where customers or business associates can visit. If you have the money to buy a property outright – wow; more power to you. It’s far more likely that you’ll be renting an office space which often require long term leases. It may be worth considering serviced offices which are flexible and don’t require big commitments. You can search for serviced office space in your city on the Orega website.
5. Who Is Your Target Audience?
Have you asked yourself who your target demographic is? This will influence a lot of your decisions as a business, so hash this out now.
6. How Many People Will You Hire?
Will it just be you to start with, or will you hire people off-the-bat? This is important to know, as you will need to put aside money to pay your employees. There are lots of legal implications of hiring other people too, so watch out for that. Do your research around this, so you don’t accidentally shoot yourself in the foot.