Prioritise your Financial Security:
When starting out it is good to make sure you still have consistent money income and security in order to fund your living expenses, and for having benefits like holiday and sick pay. Whether it’s a part time or a full time job, you can still start developing your business in your spare time, and move into full time self-employment once income from your own business becomes steadier.
Take Advice from Others:
Success rates for small businesses tend to occur more in older generations (people in their 40s) and it’s a lot lower for those in their 20s. Be aware of this and reach out for advice and help when you need it. Learn from others who have had experience in the business or who may have achieved a successful small business themselves, there is no shame in admitting you are new to this, and won’t be au fait with all areas.
Risk Assess your Business Plan:
It’s not negative to focus on what could go wrong, it’s sensible and could mitigate the chances of it happening or at least prepare for these scenarios. The more preparation the better, and this is just part of the process.
You don’t need an exit strategy:
Perhaps because of the investment climate, many entrepreneurs have an exit strategy before they’ve even incorporated. However, the strongest and most committed business leaders are focused on growth and how to add more value, not how and when to walk away
Be conscious of costs:
There are a lot of costs when setting up your own business, greater than just the ability to deliver the product or service. What will your marketing be? Do you need to pay for a website domain? Have you considered corporation tax? What travel costs will this involve?
Write an itinerary and go through any hidden costs that could come up and how you may budget for them – hence why point 1 on this list is important to consider. Shop around for your best options, and consider hiring an accountant to help manage all of this.