Four Things To Think About If You Want To Set Up Your Own Business

In today’s post-COVID world, for those who were unable to work from home, the world saw a considerable rise of people deciding to set up their own businesses, originally to stay busy (and sane), and continue to earn during the lockdown. Now that we’re all able to return to the work offices, some people went back to their jobs, however others elected to continue on and look to grow their business into something more. Setting up a business may seem easier than it did before, but it still requires a lot of work and dedication, and a LOT of planning. 

In this article we’ll go through some points to think about when setting up your own business, and why they’re so important.

The Idea

When setting up a business, the idea is typically the first thing to think about. Think about what it is you want to provide and ask yourself: “Who is currently doing this?” “Is there any way I could do it better, or differently?” If it’s something that requires a physical presence, like a shop, think about your area, if there are any local businesses doing this already, if there is a demand, or a gap in the local market for what you’re trying to provide. It’s a good idea for your idea to be something you’re passionate about, something you’re willing to invest real time into. It’s easier to succeed and feels less like a ‘job’ to try something that you love and have an actual passion for, rather than trying something for the wrong reasons. It may be a great money earner, but it’s also important to show passion for your service.

‘Ensure You’re Insured’

Making sure that you and your assets are covered, is just as important as the idea itself. You will want to feel safe and secure, after all, you’ve invested time and money into your business. If you purchased a set of expensive ornaments, you’d probably want to purchase a cabinet you can safely marvel at, without risk of the pets or children breaking it, wouldn’t you? Insurance works in the same way. It’s a good idea to look into a Business Owners Policy, and companies such as Coterie, that focus primarily on helping small businesses ensure that they have the best coverage possible.

Know Your Audience

When setting up a business, it’s important to know who the target audience is. Are you targeting a specific age group? Or people with certain hobbies? More importantly, why should they come to you for this service? 

Social Media is Your friend

Whether the business is an online service, or a physical presence, in today’s society, the ever evolving world of social media is a frighteningly powerful marketing tool – try to use as much of it as possible to promote and garner attention, in whatever format you feel suits your needs. Modern society digests information almost exclusively through social media, through tweets, posts, short form videos, and other forms, so it’s important you take full advantage of this, especially as for the most part, Social Media platforms are free to use.