5 Ways to Go About Setting Up Your Own Business

5 Ways to Go About Setting Up Your Own Business

5 Ways to Go About Setting Up Your Own Business

Have you got an entrepreneurial spirit? A ground-breaking business idea? Or perhaps you’re ready to turn your passion into an empire. Whatever it may be, if you’re wondering whether it’s the right time to set up your own business, the answer is yes! Too often great ideas are pushed aside because it’s ‘not the right time’ but realistically, is there ever a right time?

Whilst the idea of quitting your job to pursue your passion is tempting, it may not be the most sensible route to take, but there are plenty of options to consider.

Let’s take a look at those different options…

Save, Save, Save

You could go down the saving route, this is sensible and eliminates taking on any extra debt but it could slow down the process of launching your business. Unless you have a high disposable income you will probably struggle to save a sufficient amount of money to hit the ground running with your brilliant ideas. You also don’t want to find yourself struggling to pay the bills each month and with just 55% of men and 43% of women adding to their savings each month, this could be an unrealistic option.

Borrow from Family

The next option to get your business idea off the ground is to consider any family members who may be able to financially aid your venture. Whilst this could provide you with the money you need, and slash time spent having to save, there is a higher element of risk. Owing money to family could result in fallouts later down the line, especially if not everything goes quite to plan. It also increases the pressure to succeed and could add extra stress. If you decide to go with this option, you will need to draw up an agreement and discuss expectations as to when the money can be paid back.

Take Out a Secured Loan

Another option is to consider taking out a business loan. You can use free online tools to compare bank loans which will enable you to make sure you’re getting the best deal possible. Whilst this does mean taking on a debt, it doesn’t involve family and it does provide almost instant results. Why not begin your journey to business owner by using a comparison tool for a no-obligation quote and consider whether it’s a realistic option and if you can afford the repayments.

Consider Flexible Working

If you’re currently working a day job but you’re not quite ready to leap into self-employment, it might be worth speaking to your boss about various flexible working options to support your business venture. With flexible working becoming a popular option for modern day businesses, it’s definitely a subject worth approaching. In fact, 89% of Brits believe flexible working would boost their productivity and you won’t know the answer unless you ask. You could consider cutting down a day or working from home for part of the week to save time on the commute which you could put into making your business dreams happen!

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