The benefits of working for yourself and advice for starting your own company

The employment landscape has never felt more uncertain than it does today. From the crippling economic effects of the recent novel coronavirus pandemic to the seemingly endless advances in tech, computing and internet-based systems, the world of work is changing rapidly and appears to offer increasingly less job security.

Where once employees could realistically expect to work for the same firm for their entire career, most recruitment specialists now suggest the modern worker will change job (and even career direction) multiple times during their lives.

The security of being your own boss

While many might argue going it alone presents a higher risk than just working for an established firm, an increasing number of plucky entrepreneurs are opting to take their own path and choosing to start a business on their own. After all, even the biggest of today’s companies were startups at some stage, and while tech is undoubtedly altering the work landscape, it can also offer unprecedented advantages to Small to Medium-sized Enterprises (SMEs) just starting out.

Moreover, working for yourself also offers multiple benefits (of which there are too many to list here) – but, perhaps more importantly, it allows you to feel like the master of your own destiny. Sure, there are risks attached to operating alone by starting a firm, but the truth remains that you will be in more control of your direction – and you will also have the autonomy to make potentially life-changing decisions.

Tips for starting your own firm

If you’re considering starting your own company but aren’t quite sure where to start, below are some tips that may help:

Choose a business idea: It should go without saying that your first decision will be what your business is going to offer. Ideally, you’ll want to choose a market that offers opportunities and isn’t already too saturated.

Write a business plan: Many entrepreneurs dismiss the value of preparing a business plan before they start their companies – only to find they overlooked crucial elements of their business. Taking the time to write a balanced, well-thought-out business plan will help focus your mind on everything else in this list – plus will help you produce a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis.

Ensure you identify production methods and suppliers: As business has evolved, production companies that were previously the preserve of larger firms are increasingly looking to work with smaller companies as a way to increase trade. For example, clothing manufacturers will often offer drop shipping services for third-party suppliers. Alternatively, if you’re looking to make goods yourself, you’ll also find many larger manufacturers will still take on smaller jobs; if you want to start a jewelry company, for example, you could look at partnering with a firm that provides a precious metal melting furnace to make your items.

Work out a business name – and check the availability of the URL: Where once it was enough to only think about choosing a catchy business name, these days it’s essential you also check its availability as a web address. Unless you already have a strong reputation, in most cases, startups rely on generating business online, so be sure to check the URL you want (or at least a variation of it) is definitely available.