If you are thinking of going alone and setting up your own company, here are some tips when starting a business.
Tips When Starting A Business – Existing Situation
Check your job contract before you get started on turning your passion project into extra cash.
It’s preferable to be safe rather than sorry. Even if your contract doesn’t mention starting a business, it’s wise to make sure your side gig doesn’t interfere with your full-time job. This is to avoid getting into trouble – and possibly losing your full-time employment – if your contract prohibits you from starting a new business.
First Steps
After that’s taken care of, it’s time to get started on turning your side hustle into a reality!
You must first prepare and investigate your business concept. You can start a side hustle in a variety of sectors, including as teaching or coaching, selling handcrafted things, or affiliate marketing. Toss ideas around with friends and family, or join a Facebook group with other side hustlers. Here you will find some inspiration and ideas.
Now comes the exciting part: deciding on a name. Your name is your brand, therefore it should be significant and distinctive to you. Make sure to look at what other companies in your industry are doing.
After that, you can start writing your company strategy.
Help Is Out There
When it comes to running your side hustle, you may want some digital tools to assist you in planning, managing, and marketing your hobby.
Finance, project management, and social networking all have a plethora of tools available. Many tools will either have a free option or a free trial. It’s usually a good idea to try anything out before investing any money in it.
Finer Details
Figuring out which type of business ownership your company falls under or is best suited to can be difficult. Some of the most common in the UK are:
-
Sole trader
-
Limited company
-
Partnership
-
Freelancer
Tips When Starting A Business – Tax
So you’ve come up with a concept for a side business and are getting started. What about taxes, though?
The amount of tax you pay is determined on your income. Everyone has a £1,000 tax-free trading allowance, so if your income is less than that in a tax year, you don’t have to report it to HMRC.
If you expect to exceed that amount, you must file a Self Assessment tax return.
Starting your own side business may be intimidating at first, but with a little enthusiasm, organisation, and dedication, you can make your ambitions a reality.
