As we come up to the one year anniversary of me handing in my notice at work and going full time freelancer, I thought Id write a little advice post to celebrate. ?
Although it’s only been ten and a bit months so far, I think I have learnt some valuable lessons about starting a business and there are some things I definitely wish I’d been told before I got started – including the things I needed to think about when setting up your own business.
To help anyone else who is thinking of going it alone, I thought I’d share with you five things I would consider important.
Think about all of the possible avenues you will have when it comes to making money.
This was a big one for me as I had several different aspects to my business that would be bringing me in money each month. Whether it was sponsored posts, affiliate income or social media posts – it was important to work this out from the start so I knew whether or not it was the right decision for me.
Think about putting all of your ideas into a business plan.
I’m not going to lie, it took me a LONG time to do this. With so many ideas flying around my head, it was hard to get them all down on to paper. Once I did though, it made the whole process SO much easier.
Consider what type of business you would like to be.
When it comes to deciding to start your own business, it’s so important to decided what kind of business you’re going to be operating under. Whether you’re going to be self employed, or becoming part of a larger franchise – declaring this to the HMRC should be the first thing you do.
To find out more about different franchise opportunities, click here.
Think about what kind of daily schedule you’re going to work to.
This has been a hard one for me as I find a routine that’s best for me, but now that I have a pattern I follow every day (apart from when I’m travelling of course), I find I am SO MUCH more productive. I understand that for some this doesn’t work, but for me it was a vital part of my business’ success.
Remember to save 20% of your earnings for the HMRC
Again, this is something I am really bad at, but come each January it’s SO MUCH better to have a pot of money saved ready to pay what you owe to the HMRC. It’s easy to forget as you go along, but definitely something you don’t want to be fined for.