Top Tips for Setting Up Your Own Business - MissLJBeauty

Top Tips for Setting Up Your Own Business

If you’re thinking about setting up your own business and you’re unsure where to start, you’re not alone. Lots of us dabble with the idea of becoming our own boss but give up when we realise all of the challenges involved. However, if you persevere, you will learn as you go along, so don’t give up! The following tips should help.


1. Consider Your Branding

Coming up with a name is the easy part; you’ll also need to have a logo and website designed, and you’ll need to think about what values you want your business to represent. If creativity isn’t your strong suit, get someone on board to help you out, even if it’s just a friend. Think about your target audience; what age are they and what are their interests? It might help to do some competitor analysis and identify what other people in the industry are doing. 


2. Register with HMRC


The financial side of your business is crucial, especially if you don’t want to get caught out by the ‘tax man’. When setting up a business, there are various ways you can operate, each with their own pros or cons. For instance, you could register as a sole trader or a limited business. It’s probably worth hiring an accountant to help you with your expenses and tax returns. Keep receipts of everything your buy for the business, like a nice computer and office desk, so that you can claim your tax back on them. 


3. Marketing


Once you’re ready to launch your business, you will need to think about how you are going to advertise. There are lots of options when it comes to marketing, some free and others quite expensive. What works for one company might not work for you, so be sure to weigh up your options and figure out what’s most appropriate. Social media might be a good option, or you could consider branded merchandise or flyers.

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