Are You Ready To Escape The Rat Race?

Ever thought about escaping the rat race? Perhaps it’s the long commutes, long days and having a boss breathing down your neck that you’re fed up with. Maybe you’re just sick of earning lots of money for a big corporation, and want to build something yourself instead based on your passions. If so creating your own business could be a good way to go. You get to be your own boss instead, and you get to call the shots. However, there are some considerations to think about before jumping straight in.

Are You Ready To Escape The Rat Race?

Can You Afford It?
In business the old adage is true, you need to spend money to make money. You can start up some businesses relatively cheaply, but you’re likely to need funds to get off the ground. Do you have the cash available for premises, equipment, advertising? Do you have enough money to pay your bills while the business gets going- bearing in mind you might not make a profit right away? Having some savings as a buffer here is crucial, you should be prepared to lose some money in the beginning before you start making any.

What Will You Sell?
It’s all very well saying you want to start a business, but what exactly do you want to do? Do you have a business idea? Have you done your market research to work out if people actually want to buy what you’re selling? Do you know how much you will sell for, and what your unique selling point will be? It’s useful to look at what your competitors are doing so you can tailor your business accordingly. You need to have something slightly different to offer customers.

How Many Employees?
Will your company be a small home business where you are a sole trader? Or will it be a little bigger where you hire employees? If so, how many will you hire? You will need to be up to date with employment law, so you ensure that you’re treating everyone fairly and by the book (or you could end up with a lawsuit on your hands) and you will also need to make your company an attractive place to work. Making employees feel happy and valued will mean they’re likely to be more productive and do their best work. You could go to team building events, these days companies have lots of fun things on offer from treasure hunts to ‘olympics’ which can build up and strengthen the bonds in your team. Being a good boss and listening to your employees concerns will also allow them to feel valued in the workplace.

Where Will You Sell?
Another question to ask yourself when it comes to setting up your own business is whether you will be selling from your own website or an online marketplace. If you’re a smaller or home based business, online marketplaces are a good place to start as it allows you to start selling products right away. They do charge you fees for listing as well as every time you sell an item, however it means you don’t have to invest in a website, website designer and maintenance right away. Once you’re more established, you could go it alone on your own site.