Everyone can work for themselves but to be successful you’ll first need to carefully consider the issues this career choice will raise:
Your Unique Selling Point, or USP
What will make your product or service stand out in the market place and attract customers and clients to you?
Your skill set
What can you do particularly well? Are there additional skills that you will need to develop or buy in from other people in order to get started?
The Market
Is there a real demand for what you intend to offer? Are many competitors already in the field?
Lifestyle implications
Can you commit the necessary amount of time to starting your own business?
Finance
Will you need any initial funds to get your idea off the ground, and if so, how will you access them?
Premises
Where will you work? Will you need to pay rent for a workspace?
Business Model
If you’re setting up with other people you’ll need to think about what kind of business structure is best for you.
Legal aspects
Whether you’re a sole trader, limited company or have formed a partnership there are many legal implications to consider such as company registration, tax and insurance.
Business planning
Do you have a business plan which sets out goals that are SMART (Specific, Measurable, Attainable, Realistic and Timely)? Banks will want to see your plan in order to open a business account. Continued referral to your plan will help you improve operations and keep you focused on the things that you want to achieve.
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