(This is a contributed post)
Launching a new business takes a lot of different steps. When you quit the rate race and decide to start your own company, there are many factors to consider and small processes you’ll need to complete before you can start trading as a business.
If you are looking to take that leap this year and start your own firm, we are here to let you know what you need to do before you start.
When it comes to launching a successful business, the first thing you will want to do is get your taxes in order. When you are working for yourself and not an entity, tax is your responsibility to arrange and you need to fill out a gst registration. Self assessment tax can be a little daunting when you first start out and it can be a long winded affair. However there are some great benefits to doing this early on. You can also earn back some of your tax if you work from home by stating your energy bills.
Before you trade as a business it is incredibly important that you get all of the relevant licenses that you can. It is so important to do this because you will be able to ensure that your practice is legal, and this means that no one can come and try to take your to court. If you are unsure of what you need to license, get your local authority on the phone and ask!
It is important from the first day of working for yourself that you have an office space of some sort to work for. Whether you rent a space away from home, clear out your spare room, or find a quiet corner of your living space. An office is important because it will bring you into the right mindset to work immediately. You will be able to create and work on your project with motivation and once you are done for the day, you can close your computer up and walk away.
Now that you are working for yourself there will be one big factor which changes dramatically in your work life: your schedule. When we work for a company we of course have a set timetable of the day including breaks and a finishing time, but as your own boss you won’t have any of this. Come up with a timetable that suits you and also consider thinking of the tasks you want to complete each day. Delegating tasks to yourself will be hard to start with, but you will soon get used to it.
If you are looking to start a business you need to make sure you have an action plan in place for your finances from the off. Take the time to sit down and come up with a budget for your business every month and also think about how you can sort your finances for the best chance of success.