How to Set Up Your Own Business: Top Tips

The current job market is encouraging many people, especially working mums, to try self-employed life for the first time. Here Endsleigh Insurance provides its top five tips for people setting up their own businesses..

Benefit from business accounts

It may not seem like a priority if you’re not expecting to make much money initially, but it’s important to separate your personal and business finances – also there are free gifts and other benefits to enjoy.

All the main high street banks will be competing for your business and will offer all manner of perks and gifts to get you to bank with them. When you are starting off on your own, every little helps.

At the same time, get your mobile phone transferred to a business account. Welcome improved customer service and special deals that only apply to business users! Moving your mobile phone to a business account can be a great money saver. You might be able to combine with a broadband package and often benefit from attractive phone upgrades as well as free calls between business users.

Put all “sundries” through the company account

“Working from home” can mean sitting at a computer, or driving around your local community, either way you are going to clock up a lot of payments for small items.
This can mean paying for tea bags, buying a new computer keyboard, or simply stocking up on pens! Make sure you get a VAT receipt for all payments as it all stacks up.

Use your social networks to market yourself as cheaply as possible

Advertising in the local paper, or online, might be necessary to get yourself started, but there’s nothing like using your network of friends, family and former business contacts to find work.

This isn’t the time to be bashful – make sure everyone knows about your new business by updating your LinkedIn profile and sending out messages through Facebook and Twitter.

Join relevant groups & organisations

Is there a union or organisation that covers your particular sector? Joining up can reap huge rewards, by offering you discounted training and advertising opportunities, as well as widening your network of contacts.

As well as official bodies, look out for collectives that work with people like you. There are lots of excellent organisations representing your focus or network, working mums, local business forums for example. Or if you are a blogger you will find a number of groups to join.

Protect yourself

We strongly recommended that sole traders and the self-employed ask an advisor about Public Liability insurance costs and benefits for their sector.




Comments [2]

  • Anonymous says:

    True North Productions are looking for couples and families for a brand new Channel 4 series who want to make changes to their lives and start running their own business.

    We are looking for people who are ready to make these changes but need some expert help to identify the right opportunity. It’s a perfect chance for people who dream of a new life, but until now just haven’t had the expertise or head space to go for it!

    If this sounds like something you might be interested in then please contact:compareyourlife@truenorth.tv with a little bit of information about yourself and your current situation. Ideally you should be in a position to make some big decisions in 2013.

  • Anonymous says:

    True North Productions are looking for couples and families for a brand new Channel 4 series who want to make changes to their lives and start running their own business.

    We are looking for people who are ready to make these changes but need some expert help to identify the right opportunity. It’s a perfect chance for people who dream of a new life, but until now just haven’t had the expertise or head space to go for it!

    If this sounds like something you might be interested in then please contact:compareyourlife@truenorth.tv with a little bit of information about yourself and your current situation. Ideally you should be in a position to make some big decisions in 2013.


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