2020 has no doubt been a strange year for businesses and individuals alike. The Covid-19 pandemic has seen us stay home for months on end, before embracing a new normal post-lockdown.
As our fight against Covid-19 is far from over, with new restrictions recently enforced throughout the UK, it would be all too easy to write off the year completely and look ahead to 2021.
But how about making 2020 the year that you took life by the horns and started your very own business?
Some people used lockdown and/or redundancy to start on their own, but should you make your hobby or idea into a business now?
Here we take a closer look at why there’s no time like the present and detail exactly how you can turn that bright idea into a business once and for all…
Why now?
A recent study found that around 20% of adults in the UK have launched their ventures since March and another quarter of those surveyed are planning to do so in the future. We can understand why, launching your own business unlocks several advantages, especially during this uncertain time.
Being your own boss provides flexibility, which will come in handy if you are still juggling childcare.
You’ll also set your own rules, deadlines and selling techniques meaning a more positive way of working for many.
At this time, looking after your mental health has never been so important. Starting your own business can provide the boost you need to get life back on track.
Not exploring your options or realising your dream of becoming a business owner and staying in a job you don’t enjoy can have long term implications too as Talkspace details:
“The impact of hating your job may also follow you later in life. Ohio State University conducted a study that tracked the job satisfaction of people between ages 25-39 and then measured their health once they turned 40 years old.
What the study found was those who had low job satisfaction in their 20s and 30s were more susceptible to mental health issues later on, including higher levels of depression, sleep problems, and excessive worry.”
Starting your own business also means that in the future you’ll have more spare time, meet new people, build a team, create jobs, help people, and become an expert in your field.
How to get started
Starting a business of your own is easier than many think. Easier access to business support and funding also makes becoming your own boss even simpler.
You should consider writing a business plan (even if you are not seeking finance) to detail the steps you have to take to turn your idea into a fully-fledged business.
Doing your research is another important step to setting up a business here in the UK. With the right knowledge and advice, you can decide on the legal structure of your business, register in the right capacity (as a sole trader, partnership, or limited company for example), and choose and register a business name.
It’s all about location
Where possible working from home is a great way to keep costs down and get your business off the ground during those early stages. Take the time to create a productive workspace at home to ensure you stay focused and motivated.
From your home office, you can draw up your grand plans and importantly highlight areas where you want to launch your company. Cambridge is the perfect place to start up, whether you are local to the area or live a little further afield.
This vibrant city is known for its pioneering business background, which means you’ll be in great company as you take those initial steps as an entrepreneur.
Those looking to boost the success of an existing business will also find Cambridge a great place to relocate or expand their company post-lockdown – here’s why.
Want to explore what Cambridge can offer your business? Then do just that in person by booking a serviced apartment for your upcoming business trip.