Starting a small business: banishing myths
You’ve probably watched The Apprentice and thought I could do that! And you’re likely right. After all, if you can drive a car, mother a child or read maps, you have the skills to run some kind of business. But while that is fact, what about the myths? Can anyone run a business? Is starting a business too much for someone who doesn’t get on well with paperwork and figures?
We’re going to find out.
1) What do I need to do to start a business?
Let’s use the example of Julie. Now, Julie has always been obsessed with jewellery . She loves wearing it, adores making it, and spends weekends traipsing around markets with her stuff, trying to earn some extra income. But when it comes to going official, Julie isn’t so determined or good at following rules..
For many business, a laptop and working internet connection takes care of marketing and selling…
When she goes online, however, she discovers that it’s much easier than she first thought. All she has to do is register with HM Revenue and Customs, create a company name and pay National Insurance. This can all be done with a few clicks, and that really is all that need be done to begin with. After that it’s up to Julie whether or not she gets a business account (many small businesses don’t as they operate mainly online, without much paperwork, or don’t earn enough to be taxed).
2) I’m worried I can’t earn a decent wage per hour.
This is something many people worry about. They believe that they can earn more in a shop. That’s largely not true. Minimum wage is astoundingly low, and most business turn over more per hour. Of course, as with selling rings and necklaces, that doesn’t mean you’ll earn a good amount every day. But what you lack in security you make up for in massive amounts of freedom and job satisfaction.
3) I can’t afford to start a company, isn’t it really expensive?
The good news is…not always! For many business, a laptop and working internet connection takes care of marketing and selling, while a few tools and a spare room – or dining table – are enough to get going. Don’t be put off by a lack of space either – you’d be surprised at how much some people earn in a very limited space!
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