Christmas will soon be upon us and before we know it, we’ll be at the start of a new year, which for many, means making New Year’s resolutions. The beginning of a new year is a great time to reflect on the year past and make plans for the year ahead and January is one of the key points of the year where people think about what they really want to do with their lives. If you have been thinking about starting your own business then it’s a great time to look at the opportunities open to you and where you want to be in a year’s time.
Whether you’re currently working full-time, taking a career break or are retired, the New Year is a chance for a fresh start. Consider the following steps to help you decide what would work best for you to help you fulfil your entrepreneurial ambitions.
Self-reflection
Do you want more time with your family? Do you want to work from an office or from home? These are all questions you need to ask yourself in order to decide what type of business you should to invest in. If you’re looking for a better work-life balance and would prefer working from home then running a shop isn’t going to be the best option for you. Be honest with yourself about the things you want and the things you don’t.
Research the market
Before you dive into starting a business, you need to make sure there is a real market for what it is that you’re selling. It sounds obvious, but for long-term success, you need to identify a product or service for which there is an ongoing and growing need. You don’t want to invest into a business, only to realise that there’s a lot of competition or that it has limited demand.
This was one of the deciding factors when I chose to go into domestic cleaning management. With busy jobs and hectic social lives, people are finding it increasingly difficult to keep on top of the day to day chores so the domestic cleaning market is constantly growing. In addition, cleaning is a regular requirement so our clients require an ongoing service which means there will always be a need for good value, high quality cleaning services.
Choose a business structure
Choosing a business structure is one of the main things you need to consider when starting a company. You might want to start as a ‘sole trader’ which is perfect for freelancers and consultants. The other options are registering as a limited company or a partnership. A franchise is also an attractive option because you can try something totally new, get a proven model for your investment and you will have a team of support behind you to help you succeed. There are several free resources available online outlining the benefits and drawbacks of each structure. Have a chat with an accountant to decide which one would work best for you.
Calculate start-up costs and funding
Regardless of your business structure, many businesses require an injection of funds to get started. You may need to invest into a franchise, buy equipment or develop your own website. This all adds up and costs money so have a look at the different funding options for your business. This could range from personal savings to bank loans to your pension pot. You should also check whether you’re eligible for any business start-up grants.
Making your dream of becoming your own boss come true may seem daunting but spending some time now to put your business goals into place for the New Year can go a long way. After all, Rome wasn’t built in a day! If you’re interested in joining our leading domestic cleaning franchise network contact us today!
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