The rewards of starting your own business
PUBLISHED: 16:31 25 November 2015 | UPDATED: 16:31 25 November 2015
It is anticipated that over 600,000 businesses will be started in the UK this year. Did you know that if every new business employed 1 person this would have a major reduction to our unemployment levels? You can be one of those employers.
Many people are now finding there is no satisfaction in the corporate world and are starting up their own business; it is hard work but very rewarding. I was in that position and decided I wanted to start a family, be there for my children and yet still earn my own money. So that is exactly what I did. In 1999, I started my own business from home, I then went on to have three children (all boys!), I took an office and had 5 staff, and we outgrew those offices and moved to our current location Caterham in 2012 now with 9 staff. This year I won an award for Best UK tax planning and we have been shortlisted as a finalist for the British Accountancy Age Awards in the South East category. Little did I know this would be me when I was sat at home with 3 boys screaming and trying to grow the business! This could be exactly you.
Starting a new business can be daunting at first, it is very hard work and demanding, you have to be prepared to work 7 days a week but the rewards are there and family life will never be the same again. I am so glad that I can take my children to school in the morning, pick them up after school and go to most of their matches. Juggling it all around takes some delegating and a good team behind you but it can be done.
When starting a new business there are always many people out there giving you plenty of advice and I guess it is best to just be a sponge and listen to it all. Whether you want to hear it or not, someone will be telling you. So many people have different opinions and so many people have different ideas on how you should set up your business, how you can grow your business and what they think of your ideas. My main piece of advice would be to listen to it all but then go and speak to a professional who can clarify a number of items for you and help you make the right decision.
Here are just 5 of my tips on what you ought to do when starting you own business:
1. Believe in your idea - when times are low if you believe in what you do, it will keep you going. Make sure your business idea gets you excited.
2. Delegate – you cannot do everything and so make sure that the things you don’t like doing are the things you delegate.
3. Budget – set out a budget plan on how much it is actually going to cost you to start it up and how you are going to fund it.
4. Get known – use social media as much as you can, it is the cheapest and easiest way to getting your business known.
5. Accountant – a good accountant should be there to guide you with business plans, with ideas on how to grow and to ensure you are making the most of your business strategy and planning. The cost of a good accountant should save you more later and reap you rewards.
Now that you have had a few tips from me why don’t you come along to our free seminar aimed at people like you who want to start up their own business, in Soper Hall, Caterham on Saturday 23 January. I promise to try and answer all your questions. Book your space at bit.ly/1Qu2bru.
I am currently writing a book to help start up businesses understand the legalities involved in their new venture and the tax implications for their growing business. This will be published in 2016. Watch out for it. For more information about me and my firm, please take a look at our website and read through some of our blogs www.champconsultants.co.uk.
Chantal Baker – firstname.lastname@example.org or follow me on twitter @chantalchamp