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How to Become Your Own Boss - 5 Steps to Starting your own Business

The prospect of starting your own business whilst juggling family and children can, for the most part, seem incredibly daunting. It all seems even more unreachable with a never ending to do list, constant school runs, work commitments, and that’s not even considering time to relax. So it’s no wonder that mothers all over the place are starting their own business which fits around their schedules. The whole concept can seem foreign but you can become your own CEO just by following these few simple steps.

Step 1 -Finding the perfect business venture for you

This is often the hardest part of the process - coming up with your idea, but don’t feel that because you haven't had a lightbulb moment that all is lost. Firstly, think about the skills you already have and build on what you have. You may be surprised by what you can do with your skills, so use them to fix something which annoys you. Is there anything which would save you time and make your day a bit easier? Do some brainstorming and identify something new and exciting.

Step 2 -Establishing and owning your company name

Once you have your idea, you need to think of a name which emanates what your business provides and why someone might want it. You can use name generators, searching on Google and The Companies House to see what has already been taken. Brainstorm name options for your business and see if they work with what you are selling or not. Narrow down the process by looking at the pros and cons of each name, then slowly whittle it down until you have the name that your instinct tells you to go with.

Step 3 -Registering your company

Now comes the important part: making sure that you own the right to your company name so that no other competitors can swoop in and steal it. Sound daunting? Don’t worry there is a quick, easy and hassle free way of doing this. The Formations Company offers affordable company formation packages, they check your name to make sure it’s not registered to anyone else, then register it for you. Easy!  In addition to this everything is done on your behalf and it's approved by Companies House, meaning that once it's done you don’t have to re-register it anywhere else.

Step 4 -Making sure you are tax savvy

Now you have your name - what’s next? Before you start trading you have to register with HMRC as being self-employed, this means that you will be taxed correctly once your business is up and running. The whole process can be done online in half an hour or so.  A helpful thing to do alongside this would be to write a business plan to set out your goals and expectations. The Formations Company’s incorporation package will also include a business account with Barclays. All you need to do is download their free business plan template and change it to fit in with your goals and ideas.

Step 5 -Bringing it all together

You are almost ready to go - just another couple of pointers. It is a good idea to get insurance for your business, this will just give you some peace of mind before you get going. Also, make sure you have a quick look at gov.uk to make sure your new business complies with the UK standards. And finally, send your kids out to play, grab a cup of coffee, and set up an accounting system. You can either do this manually or invest in an online system  - the choice is yours!

There you go, you are all set! Good luck with your new business!

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