When we head to higher education, we are constantly encouraged to develop skills and gain qualifications simply for the purpose of looking appealing to employers. Everything is geared towards making or resume look as impressive as possible. Perhaps it’s not all too surprising that you don’t often that you hear of recent graduates turning their back on the job market and following a career path entirely of their own. But this really is an option. Instead of working day and night to make someone else’s dreams a reality, why not start up your own business and work towards establishing your own? The skill set you’ve built up during your studies will only serve to help you get started on the right foot on this journey. Your entry into the world of business management may well be a steep learning curve, but fear not, we’re here to help guide you along the way. Here’s everything you need to know to allow you to stop scouring the job market and set up your own company instead!
Developing Your Business Concepts
First things first, you need to come up with a business concept. There are generally two ways to go about this. The first is to work on an idea that you’ve come up with of your own accord. The second is to identify a gap in the market and fill it. Whichever route you go for, you need to dedicate a lot of time and effort into the development of your concept. Question and critique everything. What products or services will your company sell? Do they already exist in the current marketplace? If they don’t, why not? Have others tried to develop something similar only to fail? If so can you overcome the obstacles that they couldn’t? Or is this product or service a truly innovative and unique concept? Could it work? Is there are a target audience out there waiting for something like this? These are just a few early questions that you should ask yourself. You may have to put in a lot of research to find out the correct answers. It may be easy to settle on something you want to develop and sweep concerns or queries under the carpet. But this is why so many small businesses fail in their first year of operation. The more stringent you are in the early stages, the more likely you are to throw weak ideas aside. Continue striving until you come upon something that you think has great and realistic potential.
Officially Forming Your Company
Once you’ve got your business concept ready, it’s time to establish yourself as a company. There are numerous steps involved in this. But first, let’s deal with the legalities. The easiest way to legally and officially establish your company is to make use of company formation packages. These will put you in touch with a team of experienced professionals who will be on hand to help you through every step of the formation process. The best packages will provide you with an exclusive London address complete with mail forwarding, hard printed and electronic copies of your company incorporation documents, printed and bound memorandum and articles of association, an annual return filing service, and an admin portal that will allow you to monitor and control all of these things online. You will also need to make a business bank account. These accounts offer you the same services that you will be used to with your personal account, but they allow you to deal with more withdrawals, cash more cheques, and deal with a generally increased cash flow in and out of your account. They also allow you to separate your personal finances from your professional finances, making processes such as tax returns at the end of the year much more simple.
Setting Up Shop
So, by this point, you have all your ideas ready to go, and you really are an official company. It’s time to set up shop! Now, this doesn’t necessarily have to be in a physical sense of the term. Many small businesses actually prefer to start up online rather than starting out as a brick and mortar store. There are many logical reasons behind this. Generally speaking, online stores require less steadfast commitment (though you should be entirely committed to your business if you intend to make a success of it). What we mean by this is that it’s a lower risk. It should cost less to set up, you won’t be tied into a commercial property contract, and you won’t have to sign up to contracted bills such as gas, electricity, and water. Due to the reduced startup costs and running costs of operating online, you can also tend to offer goods and services at a lower cost, as you have more leeway in regards to your outgoings. This could be what sways potential customers away from the companies and brands that they are already associated with or who they have already purchased from and into your open arms. However, don’t skimp out entirely. It’s generally best to call in some freelance professional help with certain aspects of even an online startup process. Professional web designers are a must, as your website will be the main point of contact between you and potential customers or clients. They will be able to make an attractive space where you can showcase your wares. Speaking of your wares, you should also try out professional product photography (to literally show your goods in their best light) and professional copywriting (to seal the deal with outstanding product descriptions).
These are just three steps towards setting up a company of your own. They are time-consuming, require a lot of effort, and can (in all honesty) be exhausting. However, all of your investment will be more than worth it in the end when you’re working for yourself and not having to pander to the needs and wishes of bosses and colleagues in higher positions than yourself!