“I want to know how to start my business”, I’m sure that everyone has had this thought at least once in their life. The prospect of deciding your hours and wage, being able to control your working life fully is just too enticing. With recent changes in the way we work now is the best time to start up your own business.
We are approaching a perfect reset of everything in the working world. Covid-19 regulations have gone, hybrid working is far more common, and it’s approaching the start of the tax year.
By starting your business now, you have the best chance for a lot of sudden and lucrative work. There’s about to be a very sudden influx of trade work due to the need for office renovation and cleaning. Finding on-site work will be far easier, as covid restrictions are gone and people are more open to social contact.
Digital workplaces are also becoming far more common. As people have stopped going into the office, it’s become the norm for many businesses to allow working from home. Companies are more open to employees not coming into their offices. So it’s going to be easier for them to find work.
Picking the right trade for you
Making the wrong choices early on can cause complications later on down the line. That’s why it’s important to consider the industry you want to break into. Making the wrong decision here would mean needing to rebrand, retrain, and start over altogether.
Here are a few trades that are easy to break into, with low requirements needed to take the course which nets the qualifications:
Instead of a manual trade, you may opt for a digital profession. There’s a wide array of software available, much of which is free, to allow you to enter the digital industry. Digital professions that you could choose include:
- Designer of various kinds, ranging from art to full web design
- Business administrator
- SEO expert
- Blog Writer/Copywriter
- Analyst roles of various kinds
This is just to name a few that are available to many, and with very little starting experience required.
What kind of business should you make?
When considering the type of business to start, it’s important to keep the future in mind. Consider expansion, loans, the size of your workforce, everything that might impact your decision.
Many individuals decide to start limited companies. Limited companies are legally separate from their owners. They have their own bank accounts, their own debts, and are handled by shareholders. Because of how accounts are handled, this type of business is best for a larger workforce.
You might also decide that being a sole trader is better for you. Sole traders own the business in its entirety, and it is not recognised as separate from its owner. All accounts are directly yours. This type of business suits smaller businesses, as it is made to be handled by an individual.
Whichever you decide to pick, ensure you file your tax return as soon as you make £1000+ from your business. This is required by law and will incur a fine if ignored. Soon, you will be required to submit tax returns digitally through MTD, to find out how this will affect you, click here.
Invoicing as a small business
Invoicing as a small business creates many issues. If you aren’t experienced, it can be difficult knowing what to put, and customers might not always pay on time. Make your invoicing quick and easy with the Invoice24 app, which allows you to invoice face to face or through email, creating flexibility for you when receiving payment.
Expanding an existing business
After choosing your trade, registering your business, and getting started, you’re going to want to take advantage of the “get back to work rush”. Start marketing effectively with social media marketing strategies or blog writing that targets online audiences. You should also consider marketing tools such as Linkedin to establish yourself amongst other industry professionals. Always keep in mind that you can hire out and subcontract regardless of the company type, should you need to.