self employed woman

According to the BBC “the number of self-employed workers has been on the up in the UK since 2001 and now accounts for around 15% of the working population.”

With more and more people hoping to lap up the financial benefits and flexibility that come with working for yourself, the job landscape is changing, and start-ups are popping up all over the UK.   

If you decide to take the plunge and turn a hobby into a full-time profession, then here are some practical tips to help you.  

Funding your business

Once your business plan has been created and your target audience has been addressed, the next step is to think about how you will fund the start-up of your business.

Will there be overheads straight away? Will it be necessary to buy stock? Will you need to pay suppliers in advance?

These are all questions that will need addressing pretty soon into the process.

Finance options include business loans from banks, getting help from friends and family or seeking private investment (or even crowdfunding). You need to evaluate all the options, and which works best, with the least risk, for you and your new business.

Business premises

Depending on the type of business you choose to open, you may or may not need a physical space to operate from.

If you will need an office space to work from, then you will need to look for commercial spaces to rent or even look to purchase a property of your own. If the latter is an option, you will need to consider costs such as office furniture, LED light panels, utility bills, stationery and electronic equipment – which are all vital for a smoothly-run office.

Employees

Even if you are starting small and as a one-man band, it’s useful to think into the future and what additional help you might need going forward.

As your business expands, you may well need to hire people with additional skills or to help cover the growing workload and client base. Therefore, when you select a venue or office space, make sure you consider how extra employees will eventually fit into the equation.

Marketing your business

When all else is considered and finalised, it is vital to put a solid marketing plan into action. You might have the most amazing business in principle, but no money left over to spend on letting people know about it!

The likes of social media marketing allow for cost-effective and widespread advertising platforms, so soak up as much information and advice as you can and make sure your choose marketing methods that fit your business and offerings down to a tee.