Proper planning is key. It’s not just about working for yourself or working from home. It’s important to consider whether you really understand what’s involved and whether you’re suited to business and self-employment.
Having the necessary skills, industry expertise, financial backing and a long-term growth strategy will go a long way to ensuring your success. Before you leap into the unknown a few basics will set you up for a great start.
Analyse your business idea to work out if it’s feasible. Find out if there is a demand for your products or services, and know who your competitors are.
Prepare a business plan. You will think about your business concept, your goals, objectives and strategies for achieving them, and assistance for your application if you need finance for your business idea.
Deciding on the business structure (or the way you operate your business) that best suits your needs is paramount. Ensure you obtain expert advice tailored to suit your business activity or circumstances by talking to your accountant, tax advisor, solicitor or other business advisor.
The structure you choose will affect the tax you’re liable to pay, asset protection and ongoing costs.
Types of business structures include:

There are numerous resources online that will help you in the planning process and along the way — is a great place to start.
Being in business for yourself can be very rewarding. Setting up the foundations by researching your idea, preparing a business plan, obtaining expert advice on the structure and believing in yourself will provide the best possible start for a successful business. ☐