Many young people in their early twenties are ditching the simple day jobs and striving for something more. Millennials seem to have inherited an entrepreneurial spark, and many of us are now starting up our empires in our pyjamas at home.
It can be an impressive and incredibly gratifying thing to start a business of your very own; and the rewards are plenty. First there’s that sense of achievement which you will always hold in your heart, and second is that fact that you are able to fund your family and loved one’s perfect lifestyle with your own hard graft.
Starting your business may be an exciting prospect, but it is also important to remember that running a business is never going to be easy, and there will be some things you need to know before you begin.
Insurance
Insurance for small businesses, like multinational corporations; is a legal requirement. There are a few different types of insurance you will want to explore when beginning your journey in the business world, and companies such as key man insurance will be able to tell you what your options are.
The most important type of insurance you will want to invest in is liability insurance. This is essentially the safety blanket you have in case things go wrong with your product or service. It will protect you against damages if use of your product or service causes bodily harm to the consumer.
Legal Issues
If you are starting your business from scratch, you probably won’t be aware of the legal issues you might face. If you are working online, you’ll know that the internet is constantly changing and evolving- and with this so does the law. Make sure you keep up to date with legislation so you don’t ever get caught out.
Tax
Sorting out your own tax returns will be a new experience when you begin your own business. Now that you are the employer and not the employee, you’ll need to learn what needs to be done to declare your earnings and pay tax. Make sure you do this soon as it could result in a fine if you don’t declare your income.
Renting Premises
While working at home is great because you can walk around in your pjs, there may come a time when you require more manpower and equipment for your business. Looking for the perfect office is a case of thinking about location for commuting, popularity of the area and facilities.
Hiring and Firing
Running a business is great because it gives you the chance to hire employees and give them the working experience you were never afforded in your previous roles. You can be a strict or relaxed as you feel comfortable with and it will be a great atmosphere when you have other people working with you on a project. However, there may come a time you need to fire an employee– so make sure that you are thick skinned enough to not let it get to you, you are only doing what is right for your business.
Want to learn more?
It’s as simple as 1… 2… 3…
- Just starting out? CLICK HERE
- Been working in your business for two years or more? CLICK HERE
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We’re here to help you to take action just like we’ve helped thousands of other entrepreneurs, business owers and creative professionals all around the globe.
Now is the time to let your passion SHINE.
Now is the time to Make Tomorrow Today!
To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches ArtSHINE industries
