Admit it, we have all had the same thoughts when heading to work on a Monday morning;
Why am I doing this job? Am I truly happy? Why am I working for someone else? Could I do better on my own? Should I start a business? How do I start a business?
Wiping the dust away from your tired eyes and sipping on that cup of coffee in order to get yourself awake, you realise that yet another week of work in an uninspiring corporate role is simply not for you.
Well fear not. Now, you can easily beat your Monday blues by starting a business of your own. This guide is not a call for everyone to start packing their desks and quitting their jobs, it simply offers advice for those ready to make that change in their life. So here goes…
Let’s accept that those reading this guide are starting their journey from the very beginning. Those who already have an idea of a business in their head can skip ahead a few paragraphs.
Firstly, you will need to brainstorm ideas and research exactly what business you want to create. This is something that can be done whilst still employed and should be a steady process that evolves as time goes on.
Work out what exactly it is that you want to do. Then decide if you have the capabilities to achieve this on your own. Research the market; is it saturated with similar companies or is there a gap that you can exploit?
Hopefully, after asking yourself all of these questions, you should have narrowed your ideas down to a single concept, which is exactly what your business will be.
Secondly, you must make a concrete plan as to how you will approach the start-up of your business. Far too often, companies fail in the first three to six months of opening because they haven’t planned for all eventualities.
By covering your back and knowing every path that your business could take will save you valuable time and money in the future.
Once you have a plan in place, you will need to work out your finances. Are you looking to fund the business yourself or will you be loaning money from a friend, family member or financial institution?
You may even want to look for external investors if your ambitions are high. These are all prudent ways of ensuring that you have enough capital. However, just make sure that you know exactly how your money will be transferred between the two parties, when you will be receiving and asked to return money and what investors or family members will be expecting from your business in return.
The next couple of steps are the boring, administrative parts of setting up a business that no-one gets excited about. However, they are a necessary part of creating a company and must be adhered to.
Firstly, you will need to determine the entity of your business. If you are a sole proprietor, you will be responsible for all of the debts and obligations. However, if you wish to separate your personal liability from company liability, you can form a corporation, which separates a business from its owner.
Most start up business will likely plump for becoming an LLC (Limited Liability Corporation). This essentially partners the tax benefits of a sole proprietorship or partnership with the legal protections of a corporation.
Once you have decided on the entity of your business, you will need to register with the government and HMRC. This sounds like a complex bit of administration but it is actually a fairly simple process and once complete, needs very little maintenance. You will simply need to announce your earnings to the HMRC every year for tax purposes.
An insurance policy will also need to be purchased depending on your business. While this may not be compulsory, it is really an important step in becoming a more established and reputable business. There are many insurance policies that are specific to certain industries so do your research before simply choosing the cheapest offer.
Once all of that tedious admin is out of the way, you can get down to preparing for launch. Start networking at industry events or online via social media or forums to get connected with others already established in the industry. Not only will they be able to offer you salient advice but you could also potentially be creating partnerships and building a client and/or customer base before you have even started.
Marketing, advertising and branding is the next challenge but this can be an evolving process, even after launch.
Finally, enjoy your business and ensure that Monday blues are no more and you can wake up each day and be truly happy with your new career.