How to start a business and Become Self Employed?

Starting your own business is a long and complex process with a lot of elements to think about like employees, properties, lawyers, shareholders, and many more. Doing it right can be an extremely rewarding thing offering you profit, reputation and a chance to be your own boss. On the other hand, it is also extremely easy for a startup to not succeed and to fall before it even gets on its feet. There are a lot of steps to follow and a lot of dos and don'ts when it comes to running a business. However if you have a solid business idea and becoming self-employed sounds too good to pass up then below is some helpful advice on how to do so.

Research your Idea

There are a lot of different products in the market, so producing something new that isn’t out there can be very hard. Yes of course it is fine to have the same idea/ product as another business, but you need to know how to make it your own and do it better to ensure the customer comes to you (There are thousands of soft drinks in the market, but I chose the one that taste the best and has the best price). If you have an idea that is completely unique this is even better, having something new will bring in interest from shareholders/ investors/ customers and even company buyers. So research what is popular but that also has a gap in the market, that will establish a good start for your business.

Test your Idea

Once you have got your idea in mind and feel like it is solid, now is time to test it on a potential customer to get your first review. Like how they do with pilots of shows, where they show a set audience the show to see if it works and if it does they put it out to the masses. The same goes with your product, pick a testing customer within your target audience and see how they feel about your product. Listen to their reviews and take in their comments, if they aren’t happy with certain elements, take constructive criticism and change to fit the targeted customers. It is advisable to re-test your product after the first changes to see if those changes are what the potential customer had in mind, once you and them are happy with this product, it’s time to launch it.

Getting Investors/ Shareholders

Once you have your idea/ product set in stone and you are happy with it becoming successful, it’s time to look into getting investors and or shareholders onboard.

Investors can be:

● Individuals such as family and friends

● Entrepreneurs and angel investors

● Banks

● Corporate executives

Anyone who takes interest in your company with the money to do so can invest in your company and have a share, through your permission of course. Choosing these investors/ shareholders is something you should do wisely. Shareholders will have a say in certain parts of your company, as agreed upon in a shareholder’s agreement. If shareholder send up owning more that 50% of your company through shares, they will have the final word of all decisions and in a sense control the company and its day to day running. Some Investors do not wish to own shares and they invest by a way of a loan. This means they put in money in your company because they see potential and know their investment will bring them profit. They do not have a say in the running as no shares are owned by them, they just invest and let you run your company and hope you all get into profit.

Pick your Location

Picking where to land your site is very important. The closer you are to your target audience the better off your business will be. Being in big cities where the population is much vaster than towns and villages will only boost your profits and popularity in general. From the idea/ product you have, researching your target audience will help you narrow down where to place your site. Of course, warehouses and production sites do not need to be where the customers are, but keeping them close by will only help. You need to be easily accessible for people to find you with clear directions. No one wants to see a product they want to purchase but have a hard time finding the shop.

If your business is run online because you do not need a store then a location is not needed, however, you will have to ensure you have a correct and easily remembered domain name that is trademarked. Like location, making the name and site too long or hard to remember will mean people will get lost trying to find you.

Getting a Lawyer

There will be a lot of areas of law that need covering while running a business:

● Tax

● Intellectual property

● Corporate

● Real estate

● Employment

● Corporate Immigration

● Litigation (dispute)

● Financial

● arbitration

These are all things that might come up while running your business and you should be prepared for all circumstances to avoid fines, lawsuits, closures, or even jail time. Choosing the correct lawyer is extremely important but can be time-consuming and very complex. You can hire a general business lawyer to cover most of the basic day-to-day running of your business. If a situation occurs where they don't have the experience you will need to hire a lawyer that does. You can also use a company like Mishoura which is a company that will help you find a lawyer. Mishoura takes away the hard work of finding a lawyer and places it on them. Once you tell Mishoura exactly what you need they will shortlist law firms for you so you can save time and money.

Getting help

This is only a shortlist of advice to help start a business, a lot goes into running a company and it can become complicated and stressful. Doing your research, hiring the right people, and being confident in your company are key elements to a successful run. Speaking to and hiring a business concierge company like The One World, will help you through the whole process. They will be able to let you know all that is involved with starting a business and will take some of the hard work off of your hands for you, like opening business bank accounts, helping with hiring staff, finding investors, and advertising your business. Getting help from the start is a great step into being successful.