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There has never been a better time to start your own small business. In the past year, many people have lost their job due to the Covid-19 pandemic and the future is paved with uncertainty. Taking control of your own career and starting a small business may be a great solution, and will allow you to be your own boss, and the master of your own career destiny.

Starting a business is not just a great option for those who have lost their job, the flexibility that comes with such a livelihood is appealing to many of us, particularly parents who wish they could spend more time at home and those with chronic health conditions who are not able to sustain a traditional role.

A change in consumer habits recently is good news for small business owners. During the pandemic there has been a marked shift towards supporting local, independent companies rather than the large high street chains we were previously accustomed to. People are now making more ethical decisions when it comes to their purchases, and so you can expect increased support from your local customer base.

With all this being said, how exactly do you set up a small business? The following six steps will help to guide you on your journey and give an insight into what the process will involve.

1.    Business idea – The most crucial step, you will need to decide on an idea for your business. At first it is best to choose only one idea, so as not to over complicate things. If you do not already have an idea, do not worry. Often the best ideas come from everyday life. Think about a product that could make life easier, and then research to see if it already exists. If not, you can bet that somebody else is also wishing it existed, and you are onto a winner! You can also set up your own small business without a unique idea, you could do a number of things such as dog walking, jewellery making, personal training or online consultancy.

2.    Acquire skills – There is much more to setting up a small business than having an idea and expecting things to magically fall into place. You will need to gain knowledge in multiple areas of business management, such as finance, marketing, and strategy. This may seem like an overwhelming prospect, but there are many online courses available such as a HND in Business Entrepreneurship and Small Business Management that will teach you all the essentials you need to know. Study can be undertaken at your own pace, and alongside your current job, so you can seamlessly transition your career once qualified.

3.    Name your product – You may be trying to sell the best service or product in the world, but if the name is not likeable, you need not bother. Spend time brainstorming a catchy and clear name, ideally something with a meaning behind it that will resonate with your audience. Consider the market you would like to sell in and select a name to suit.

4.    Planning stage – All successful businesses require a business plan, and once you have completed your studies you will have an idea of the various areas your plan needs to cover. However, ensure the plan is not so rigid that it cannot be adapted should circumstances change, as flexibility is key, especially in the ever-evolving teething stage of a new business.

5.    Secure funding – Think about how you will finance your new venture, will it be from your own savings, will you take out a loan, will you find a sponsor or investor? Whatever the means, making sure you have considered your start up and day to day running costs will save a lot of heartache in the long run.

6.    Administration – Arguably the least enjoyable part of setting up your small business, the paperwork! You will need to ensure that you have obtained the relevant permission, registered your company, comply with health and safety regulations, acquire suitable business insurance, and more. The specific requirements for you will depend on the nature of your business, so make sure to research what you must do in order to prevent possible repercussions in the future.

Whatever your reasons for wanting to start up a small business, the six steps above will help to guide you on your journey and maximize your chance of success. It is important to invest time and energy in each step, particularly in acquiring skills, as you will now be responsible for all aspects of your business, as opposed to relying on somebody else to have the relevant knowledge. There are many online institutions such as the College of Contract Management who are able to help you on your journey. The start of your small business journey is just the click of a mouse away!