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Tired of the routine 9-5? Fed up of the pen-pushing
and jobsworths, and probably very conscious of an acute and growing boredom
at your place of work? So you've decided you want to go it alone and work
for yourself.
Several
questions you must ask at this point are:
Why?
Where?
Who
will help?
Why
is very important.
If you just don't want the rigours of turning up on time or working to
deadlines, unfortunately your own business may be an even sterner taskmaster
than someone else's. . The customer may now become your biggest "enemy",
instead of your boss, with demands and deadlines for which you, now, must
take responsibility. The taxman will not wait for his returns, nor the
VAT controller. Furthermore, if you don't plan and work to deadlines,
then you can find your business veering madly out of control down all
the wrong avenues. So no, deadlines still figure, and all the more so
because they are deadlines you must set yourself, and justify.
If boredom is the problem, don't assume that a business in go-go dancing
will reduce the boredom factor. Your paperwork still occupies 50% or more
of your work time, made only a little more interesting by the fact that
if you don't complete it, then you, personally, may be breaking the law.
These points are made as just a couple of the many which should be considered
at the start of your own enterprise. Most importantly, don't rely on your
own rosy image of self-employment, but talk to others who have done the
same of similar, and plan how you are going to handle your change in circumstances.
There will be new freedoms, but at the same time, new constraints. If
you can't imagine having to work overtime to meet orders so that you have
the time available and the finance to go on holiday, then maybe self-employment
isn't for you.
Where
will you operate?
Many new businesses operate from home, to keep initial overheads down,
and so that more hours can conveniently be spent on the administration,
which is all new and seemingly endless. This often works well, although
it is most important that someone intending to work in this way has a
clear understanding that this can easily result in a chaotic melange of
domestic and business affairs, and a home which is not very restful because
of the constant reminders of work, those open files, the computer whirring
in the background, possibly email enquiries arriving at any time of the
night or day. Families with young children may find this hard to tolerate.
If you let your premises, this does increase your overheads - rental,
insurance, utilities, etc, however it makes your business work-hours and
expenses easier to delineate, and means it is easier to claim back tax
and VAT (if your are VAT registered).
Who
can help?
There are a number of ways in which you can obtain help - financial or
otherwise, to get your business off the ground. Business advice is a growth
industry, and you can get quite a lot for free, from agencies such as
Business Link . There are
a wide range of grants available for new or expanding businesses, most
involve match funding, where you have to put up a proportion of the capital,
so if you're planning to spend on your business, make sure you have completed
and obtained any such grants before you actually spend any money - most
grants will not be available in retrospect. You really have to make a
calculation based on the financial assets you alrady have, grant sizes,
and business requirements, as towhether you want to delay your business
start-up until all the paperwork is completed. You may find that grant-chasing
occupies so much of your usable income-earning time that it is untenable
as a strategy, and that you just have to get on with the money-making
side of things first, particularly if your business is ready to take off
from the word go, and has an immediately available and accessible market.
Satisfaction
At the end of the day, the satisfaction in your business will come
from your customer response to your product, and the pleasure in building
your business and seeing it grow and thrive, and find its own usefulness
and potency within the market. Hopefully, you will reach a point where
the regular paycheck ceases to have appeal, as your own business reached
maturity and dependability. Many businesses fail in their early years,
but techniques for success are quite quantifiable and well-established,
so the more advice you get at the outset, the smoother your transition
will be.
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