2022 has seen many people reassess their work/life balance. For some, this means adopting a hybrid approach to work, splitting their time between home and the office. Meanwhile, others are looking to go it alone and start up their own business from home.
Working from home as a start-up is perfect for keeping costs to a minimum, saving a lot of time that usually you spend on transport and so on. But keep in mind that you need to have a proper workplace set up for it. Day after day routine might make you feel tired, and it’s not healthy to stay like that for too long in the place you live. That’s why you should find a nice apartment with a separate study to work at, to separate living-work zones. For sure you will go online for the research. But don’t forget about all the other points you have to keep in mind while looking for an apartment. Visiting Rentola gives you a vast range of outstanding rental properties ideal for home working, with plenty of space to set up a home office and help make your start-up dreams a reality. Space to work is only one consideration budding solopreneurs need to bear in mind, though. This guide will take you through what else you need to turn an idea into a profitable business.
The Legal Side
When setting up a new business, there are several legalities you must go through before trading. The exact requirements will differ slightly depending on which country you’re setting up in.
1. Registering your Company
If you are an EU citizen, you can legally register your country in any member EU state, Norway, Iceland, and Liechtenstein. This includes businesses being established by a sole trader.
2. Meet Local Legal Requirements
The EU encourages all countries to meet targets for establishing new companies. These include:
- Setting the business up in three days
- Start-up costing less than 100 Euros
- Completion of all registration online
- Completion of all requirements through a single administrative body
3. Register for Tax
Depending on the country you’re trading, you will be liable to pay taxes according to that nation’s local laws. Register with that country’s tax authorities, seek advice on how much you’ll be responsible for, whether you need to self-assess and when tax returns are due.
Once your business has been registered, it’s time to begin trading. This will be a hectic time, and you’ll likely need significant expert help to get your business off the ground.
Many tasks will be outside your skillset and area of expertise, so the value of finding expert help is essential to the speed at which you’ll be able to begin finding and onboarding customers.
Hiring freelancers is a brilliant way of helping to get your business up and running. Not only will they bring expertise to building websites, marketing, design, and several other niches, but they are also a promising avenue for networking and finding customers.
Once you’ve built a relationship with a freelancer, going to them for repeat business as you build and scale your business will build trust with them, which could, in turn, lead to new customers for you as they talk to other clients about working for you.
This will cost money since good freelancers will fetch a significant hourly or day rate; however, choosing wisely in the short term can quickly reap longer-term dividends.
When launching your business and beginning to find customers, the temptation is to try to be all things to everyone. However, this approach could see you spread your resources too thinly and become counter-productive.
Instead, concentrate on offering one or two excellent services or products instead of a dozen mediocre ones. Find your niche in the marketplace and work on being able to provide solutions to potential customers that help you stand out from the competition.
This could be through an attractive introductory pricing strategy or by identifying a gap in the market in your local area and providing a service or product that fills a substantial need.
Advertising in the local press is a good starting point, particularly in community newsletters that offer you a vast captive audience. Alternatively, getting out and introducing yourself to potential customers is an excellent way of getting yourself known and planting yourself in their consciousness.
Once you’ve begun to work your way into the marketplace, if you provide an excellent service or product, word will soon spread, and more business will be headed in your direction.
Building on the power of word of mouth, there’s no substitute for attending networking events and speaking to potential clients but also people who might be able to help you out.
Most towns and cities have a Chamber of Commerce, a forum for local businesses to come together and discuss their work and the services they are looking for. Whether through a presentation or an informal conversation, the potential to uncover business opportunities is enormous.
Not only that, conversations you have with somebody will remain in their mind and even if they don’t have any business for you at that stage, if you make a strong impression on them they will bear you in mind and recommend you to their customers or suppliers who might be able to use your solutions.
Trade shows and conferences in your chosen industry are other excellent places to get your face known and start to develop contacts who may turn into customers themselves or provide the link to some lucrative contracts.
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