More and more people are choosing to venture out on their own and start a new business. Despite turbulent economic times, this is an exciting era for startup companies. If you’re sick of the daily grind and earning money for others, becoming self-employed may be an ideal choice. Many people assume that it’s easy to launch a new firm. But in reality, there’s a lot of graft involved. If the idea of being your own boss appeals, here’s what you’ll need to succeed.

Sorting the practicalities

Before you embark on a new venture and pack in your day job, think about the practicalities. What kind of business are you setting up? Have you got the finances available to make your vision a reality? Do you need to take out a business loan, and have you got a suitable plan drawn up? Where are you going to work? All these questions need answering before you even start thinking about designing logos or flyers.

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Starting a business requires funds. If you don’t have savings set aside, make sure you have a watertight business plan ready and waiting. You’ll find some useful tips online at sites like Forbes.com. To secure a loan, you’ll need to convince a lender that your idea will work and you aren’t too much of a risk. Once you’ve got your finances in order, you can start thinking about your base. Do you need to hire or buy office or studio space? Or could you work from home? Working from home will save you money. But there may be concerns about space. If you are struggling for room, you could convert a garage or empty loft. You can also investigate space-saving solutions, such as physicaladdress.com. This virtual mailing service forwards virtual copies of mail you receive. This means you can read letters without having to file away reams of paper. It’s also worth looking into renting community spaces. You may get preferential rates from authorities, which are trying to encourage local businesses to come to their town. If you start at home or in a small office unit, you can relocate if sales pick up, and you need more room.

You’ll also need to think about hiring a workforce. Can you run the business single-handedly, or do you need additional members of staff?

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Getting your business out there

You’ve got a brilliant idea, you’ve got an office set up, and you’ve got a team raring to go. The next thing to do is get your business out there. You can use a whole range of techniques to reach out to potential clients and spread the word. Post flyers through the door or send out leaflets in the post. Invest in an SMS marketing bundle or draw up a social media strategy. Using sites like Facebook enables you to target thousands of people. If your profile is a hit, you could enjoy overnight success, such is the power of the Internet. It’s often worth paying for advertising online. SEO is also an incredibly useful tool. When people search online, you want your business to be top of the pile. Draft in some expert help to design a campaign, which will really put you on the map.

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Going it alone is not easy. But it can be hugely rewarding. Take these tips on board, and good luck!