It’s not for everyone, but if you’re the right kind of person, starting your own business can be one of the most liberating, exciting experiences of your life. It frees you from having to work for anyone else, and, ideally, means you can pursue your ambitions as far you like without being limited by the structure and hierarchy of another organisation.
It can also be extremely challenging: while you don’t have to report to anyone, no one else is responsible for your success or failure. This sort of pressure can weigh heavilyon you: risk of running a business is not just financial but to your relationships and peace of mind.
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Help is at hand here with our guide to your first year in the world of business: making a good start will put you in a better position into your second and third years and beyond.
It can take some time before your business becomes profitable: for a while you may be paying it before it starts paying you.
It’s wise to make sure you have some savings to cushion you in this initial period of set up, before you’ve established a customer base or the key, high spending clients you need to pay the bills. Most advice indicates a year’s worth of savings will be sufficient, but think carefully about your own situation before making a decision.
You’re likely going to need some extra space. Whether you’re starting a small retail business from your bedroom or a big salon in the middle of a town, you’ll have products and inventory you need to keep safe.
While it’s possible you have the space in your home or premises, it’s also worth looking into somewhere off site to keep your extra materials. If you’re looking for a storage facility London has many to offer to suit your needs, and don’t forget to compare quotes to ensure you’re getting the best price.
If you’re working from home it can be difficult to draw the line between work and relaxation. Pushing yourself to burnout because you can’t stop working isn’t a healthy way to run a business for a year or longer.
Make sure you set a routine for yourself to ensure you stop when you need to, and relax. This will give you the resilience you need to keep your business running successful for as long as you want it.