After the events of the lockdowns due to COVID, in order to gain extra income, a lot of people decided to set up their own business. The years that have followed have seen a massive resurgence in people doing just that, deciding not to conform to the typical ‘9-5’ and venturing out to set up shop on their own, sometimes literally. During lockdown we saw a lot of people setting up businesses that baked and delivered cakes and other sweet goodies, or providing a service like gardening, or professional cleaning etc. Post lockdown, have seen the merits and possibilities of working from home, having been forced to, and are fearlessly taking that step. But what kind of things do you need to think about before you can start that step? Here is a list of things to consider when starting a business:

Think of a Niche Idea

When setting up a business, the idea is typically the first thing to think about. Think about what it is you want to provide and ask yourself: “Who is currently doing this?” “Is there any way I could do it better, or differently?” If it’s something that requires a physical presence, like a shop, think about your area, if there are any local businesses doing this already, if there is a demand, or a gap in the local market for what you’re trying to provide. Find your niche – what sets you apart from everyone else? If it’s something that people are already doing, that’s fine, but it’s important to find your individual ‘something’, put your twist on it. It’s a good idea for your idea to be something you’re passionate about, something you’re willing to invest real time into.

Set up a Business Account

Having a bank account separate from your personal account is a must, for a plethora of reasons. To name a few:

  1. Makes it easier to apply for business loans and credit
  2. It just looks more professional and trustworthy
  3. Makes working out tax returns easier
  4. Separates business transactions from personal ones
  5. Transaction limits will be a little more lax, as opposed to ones on a personal account

There are so many advantages to using a business account, but in a nutshell, it looks a lot more ‘together’, and you’ll need that in a business. Make sure that you have an EIN (If you’re residing in the USA) as you’ll need one in order to open a business bank account – for more information on applying for an EIN you can try this link.

Get Clued up With The Many Marketing Tools

Whether the business is an online service, or a physical presence, in today’s society, the ever evolving world of social media is a frighteningly powerful marketing tool – try to use as much of it as possible to promote and garner attention, in whatever format you feel suits your needs. Modern society digests information almost exclusively through social media, through tweets, posts, short form videos, and other forms, so it’s important you take full advantage of this, especially as for the most part, Social Media platforms are free to use.

Ensure You’re Insured

Making sure that you and your assets are covered, is just as important as the idea itself. You will want to feel safe and secure, after all, you’ve invested time and money into your business. If you purchased a set of expensive ornaments, you’d probably want to purchase a cabinet you can safely marvel at, without risk of the pets or children breaking it, wouldn’t you? Insurance works in the same way. It’s a good idea to look into a Business Owners Policy, and companies such as Coterie, that focus primarily on helping small businesses ensure that they have the best coverage possible.

Legal Assistance

Getting the best legal advice in a business environment is priceless, as they can help from the start to the finish, and play a big part in how you start up, sustain, and grow your business. They can help choose the best structure for your business, and are not only pivotal in keeping you in line with compliance and legislation, but also play a key factor in your business model and strategy. It’s quite common for some businesses to try and save costs by attempting to do this role themselves, but it’s far safer and less time consuming to look into a qualified professional or team to do this for you. Think of them as a personal advisor, as their decisions will typically be solely in the interests of the company.