With the new year just around the corner, now is a good time to think about some of the changes we are going to make in 2021. One thing you could do is to start your own business. Doing so is a good way to learn new skills, as well as bring in a bit of extra income.
The good news is that setting up your own business is far easier than you may think. A lot of the tools you will need are available for free or at a low cost. For example, using Freshbooks invoicing template enables you to create great-looking invoices in just a couple of minutes. Plus, this is much more efficient and easy to organise than if you were doing it all manually. Make life easier for yourself – use the appropriate tools and information available to you.
Two easy ways to set up your business
The government in the UK, and many other countries, want it to be as easy as possible for people to set up and run a business. So, most of them allow people to work as sole traders, at least initially. This kind of structure usually means that you do not have to fill out any forms or register a business with Companies House. Potentially, you could start trading immediately after reading this article. You can find out more about this option, by heading to the UK government’s official website.
But before you go ahead and set yourself up as a sole trader it is wise to do a bit more research. There are tax and financial liability implications related to working in this way that you need to be aware of. In some cases, setting up a limited company is the better option.
Choose a business model that has low start-up costs
Initially, it is a good idea to set up a business that allows you to use the tools that you already own. That way you will not have to tie up too much of your cash in your new venture. Potentially, you can take the money that you earn from running a low start-up cost business and reinvest it at a later date in a new business model.
There are tons of businesses you can start without anything to borrow any money to do so – Small Business Trends lists 50 businesses you could start now, they are mostly online based. Setting up a gardening or painting and decorating business using tools that you already own is worthwhile considering should you prefer not to work online.
This article was created in collaboration with Freshbooks.