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Becoming your own boss: A step by step guide

If you’re considering becoming your own boss, you may be considering setting up your own business.

The coronavirus and Covid-19 pandemic has seen a lot of change in both personal lifestyles and the job market. Time off work or time out of work has made many of us reassess what we do, and has seen more and more of us deciding that employment and making someone else’s fortune on their behalf isn’t best suited to us.

IMAGE SOURCE: PEXELS.COM

Instead, if you’re considering becoming your own boss, you may be considering setting up your own business. This gives you control over what you do, what you sell, who you work with, what hours you work and more. Of course, it is a relatively complex process to get tied up in, so here’s some advice that can help you along the way.

Preparing Yourself for a Learning Curve

First and foremost, you’re going to have to make sure that you’re up to the challenge of setting up your own business. Sure, being your own boss comes hand in hand with a whole lot of benefits, and can see you make a lot more money. But this comes in exchange for a lot of responsibility and the need for you to understand a wide range of business areas. It’s not all going to be product design and managing teams. You’re going to have to understand countless business areas and processes to make informed decisions. You’ll need to understand the manufacturing process, software and non functional requirements example, marketing, advertising, market research, product testing, recruitment and more.

Know What You Want to Sell

If you’re sure you’re up to the challenge and are committed to do what it takes, you need tod decide what you actually want to sell. If you already have an idea in mind, you’re good to go. But otherwise, you’re going to have to choose something that has great selling potential, sufficient profit margins and that is in demand with the consumer market. This could be something you’re interested in. It could be something that you wouldn’t personally buy but see potential for within other demographics. When you have an idea, it’s time to get into product development and market research. These steps will help you see what your product will look like, will ensure that it works and is safe and can get a consumer market’s viewpoint on it.

Setting Your Company Up

So, you’ve got something to sell. Now it’s time to actually form your company. Officially forming your company can be an important step. In some cases, it is a legal requirement. Put simply, the process ensures that your business is acknowledged as its own, independent entity. This separates your business’ finances from your own, meaning that if you experience problems or your business doesn’t take off, it can be liquidated and your own assets and finances won’t be affected. This is important if you don’t want the bailiffs at your door or if you’d rather avoid the possibility of personal bankruptcy.

These are just a few stages of setting up your own business. There are plenty more that you really should take into consideration. But these should get you off to a good start and take your business on a path to success!

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