5 Things You’ll Need To Set Up Your Own Business

This time 2 years ago launched my own digital marketing agency, Float Digital. Quitting your job, risking your mortgage and going out on your own it daunting but it was undoubtably the best decision I’ve ever made. In such a short space of time we’ve come a long way and it’s crazy to think how much has changed. I’ve written another post over on the company blog about what we’ve achieved in the last 12 months, if you want to have a snoop.   

A recent study conducted by International Marketing at ABE revealed that 90% of young people would like to start a business. These days, it’s easier than ever to start your own business. No matter what your skills or interests, it’s easy to set up a business to profit from them. While it may be easier to get a business up and running, there’s still quite a lot of things you’re going to need before you start. Take it from the horses mouth.. 

5 Things You’ll Need to Set Up Your Own Business | UK Lifestyle Blog

Did you know that the majority of start-up businesses fail within their first year? If you want to avoid becoming one of them, here’s 5 things you’ll need to set up your own business.

Understand the tax and legal implications

One of the first things you’ll absolutely want to do is look into the tax and legal implications of starting a business. Dealing with HMRC might feel a little scary and even a bit boring, but you’ll need to deal with it. 

As you’ll be self-employed or an employee of your own company, you’ll be responsible for your own tax. This is something you really don’t want to mess up because it’ll get expensive. Depending upon what sector you’ll be working in, there may also be numerous legal implications you need to consider.

5 Things You’ll Need to Set Up Your Own Business | UK Lifestyle Blog

It’s a good idea to look at the government self employed guide to learn more about the legalities of setting up a business. Brush up on everything you need to know, then get some recommendations for professional help. Hiring a lawyer and an accountant is a wise investment – they are worth their weight in gold.

Have a little patience

You can’t expect to start a business and instantly become successful. It’s going to take a lot of time, effort and hard work. Anything worth having doesn’t come easily. If you don’t have much patience, you’re going to easily become frustrated, especially during the early days.

5 Things You’ll Need to Set Up Your Own Business | UK Lifestyle Blog

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When I first started I only had a handful of clients, and it took a few months to gradually build up my business. I’m so glad that was the case though because it meant I had time to tweak my website, develop my brand and get my processes in place. I’m always busy now, so I appreciated that time to get things right. 

You can just jump into the deep end (you wouldn’t want to, it would be horribly stressful!). 

Don’t neglect having a business plan

Even if you don’t intend to seek financial backing for your new business, you’ll still need a solid business plan in place. These can be pretty tedious and difficult to create if you’ve never done them before, however, they help you to plan the business and set goals to keep you motivated.

5 Things You’ll Need to Set Up Your Own Business | UK Lifestyle Blog

I created a business plan with the help of Unlocking Potential when I first began trading, but the busier I got, the harder I found to keep on top of developing my goals. I now block out time on a Friday to focus on my business and spend time defining my objectives. It makes a world of difference, so make sure you find the time for it.

Meticulous plan your finances

Not all businesses require a lot of money to get started. I’m so lucky that I’m essentially just selling my time, and our largest overheads we have are software and salaries. This meant it was easy for us to enter the market and it was low risk for me, in terms of jeprodisring my personal life. I just made sure I had enough savings to last me up to 6 months (if things went south!), and needed to be 100% committed to my business. 

5 Things You’ll Need to Set Up Your Own Business | UK Lifestyle Blog

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This isn’t the case for everybody though, for example, if you’re setting up a hairdressing business. In this scenario, you’d need quite a lot of equipment to get started, even if you only plan on running a mobile hairdressing business. Of course, there are ways to save money on the things you need. Choosing suppliers, such as Capital Hair & Beauty, which offer bulk supplies at discounted prices, is a great way to cut the cost of setting up. 

Invest in a good website

It sounds obvious, but it’s so important to get a website up and running as this will be used to market the business. Every business is expected to have a website these days, so make it one of the first things you do. 

5 Things You’ll Need to Set Up Your Own Business | UK Lifestyle Blog

You don’t have to spend a fortune on a website as there’s plenty of great cheap templates out there available for platforms such as Shopify and WordPress. Once you’re up and running and making a good profit, then you can consider investing in a bespoke website using a freelancer web designer or agency. 

The above is just a very small number of things you’re going to need to set up a new business. If you follow each of these tips, you’ll be well on your way to becoming your own boss. Trust me, you’ll never look back. 

Author: Sam Charles

Meet Sam, the creator behind UK lifestyle blog, Strawberry Squeeze 🍓 Sam is a newlywed living in Cornwall studying her PgDip in Strategic Direction and Leadership with the Chartered Management Institute 🍕🐰 She's also the Founder + Director of multi-award-winning SEO & PPC agency, Float Digital ✨