So many people stuck in 9 to 5 jobs dream of breaking free, becoming their own boss and only taking on projects that they really want to do. Intriguingly, statistics released last year suggest that a growing number of people across the US are now looking to make that dream a reality.
According to figures highlighted by Everlance, around 27 million people are expected to leave their full-time jobs between 2017 and 2020 and that could take the total number of self-employed Americans to a massive 42 million.
While starting your own business or going self-employed can undoubtedly offer a number of benefits, there are, of course, a few key things that people need to bear in mind when taking the leap. Here we examine just a handful of issues you should consider today.
1. Name your company
Finding the right name for a venture can often feel like a breakthrough moment but you need to ensure you protect that identity. As the US Small Business Administration outlines, there are several ways you can register a name, with an entity name providing protection at a state level and a trademark assisting at a federal level.
2. Tax responsibilities
Another vital issue that you must get your head around is tax, as failing to pay the right amount could have significant consequences. Plenty of different accounting software packages are now available to assist with business finances, but you could also seek advice from a professional expert if you require more support.
It is also important to have the right cover in place, as this will ensure you are protected in the event of potential issues linked to your work. The insurance required by companies can differ from industry to industry, with construction insurance, for example, ensuring a building firm is completely protected if something goes wrong on a project or there is a safety incident.
4. Business banking
Having a separate account for your company finances can be useful, as it keeps everything split from your personal accounts right from the very start. Furthermore, many banks offer perks and loyalty schemes for their business members, with American Express, for example, offering a rewards initiative which allows people to use points on purchases, flights or hotel stays.
Once you are meeting your core responsibilities, it is important to think about how you are going to spread the word about your business and ultimately drum up interest in your products and services. Marketing is a vital consideration and a great place for small businesses to start is with online promotions. Set up a website and some associated social media accounts and engage with potential customers today.
Plenty to address
Starting a new business and becoming self-employed can be a hugely exciting step to take, but there are also key issues and challenges that need to be addressed too.
The ideas above should hopefully provide food for thought on how you can get your own venture off to a strong start and get some of the core basics in place right from the beginning.