Should You Set Up Your Own Business?

For some of us, our ideal job is found by following a certain career path. But for many more, we find ourselves doing a job but not always with complete passion. There is a nagging feelings that this isn’t ‘it’ or the thing that we really want to do. More and more people who have this feeling are turning to starting their own business – but is this a path you should consider?

Personality Traits

One of the things to look at when considering starting your own business is your own personality traits. Not everyone is suited to becoming a business owner. For example, if you have trouble motivating yourself or sticking to a schedule you have set, then you might find it difficult – when there’s no boss telling you what to do, you might end up watching the TV rather than working. Self-motivation is important in a business owner, especially if you are a sole trader.

If you are a highly stressed person who worries about everything, then being self-employed might not be ideal for you. There is definitely more stress when you don’t know if there is a pay packet at the end of the month and if this would make you ill with worry, then maybe it isn’t the right career path for you.

Organising Your Business

That said, for many people the idea of being your own boss, setting your own schedule and doing what you love is highly motivating and instils in you the confidence to get down to it. When you have an idea for a business, product or service, you can then start organising the business to see what you need before diving in.

Software, hardware and online resources are three of the big areas that apply regardless of the product or service you will be offering. You might need to secure some initial funding to purchase these items and don’t forget to keep records of everything you spend in order to record it for tax purposes.

Getting the Right Advice

Being a business owner can be a bit lonely but it doesn’t mean you have to do it alone. There are lots of ways to get help and advice on different areas of the business, depending on what you need.

There are plenty of things to think about if you decide to start your own business, and tax advice for the self-employed is one big area to get the right advice about. Many small businesses fall foul of the tax man in their early years, either through a lack of record keeping or a lack of awareness of the system. Talking to Accountants for contractors and self-employed people can be beneficial to understanding this maze and making sure you start your business in the right way.

There are also coaches, advice groups and even Facebook groups that can be a great place to get help and tips from other business owners. You can even use them as networking opportunities, showcasing your business in line with group rules. This can be a great way to meet other businesses to work with and even find clients while getting great advice and moral support.