After the events of the lockdowns due to COVID, in order to gain extra income, a lot of people decided to set up their own business. The years that have followed have seen a massive resurgence in people doing just that, deciding not to conform to the typical ‘9-5’ and venturing out to set up shop on their own, sometimes literally. During lockdown we saw a lot of people setting up businesses that baked and delivered cakes and other sweet goodies, or providing a service like gardening, or professional cleaning etc. Post lockdown, have seen the merits and possibilities of working from home, having been forced to, and are fearlessly taking that step. But what kind of things do you need to think about before you can start that step? Here is a list of things to consider when starting a business:

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Think about the Idea - is it a Niche?

When setting up a business, the idea is typically the first thing to think about. Think about what it is you want to provide and ask yourself: “Who is currently doing this?” “Is there any way I could do it better, or differently?” “Can I carry out this business online, or does it need to have a physical presence?” Let’s say it requires a shop, think about your area, if there are any local businesses doing this already, if there is a demand, or a gap in the local market for what you’re trying to provide. Find your niche. If it’s something that people are already doing, that's fine, but it’s important to find your individual ‘something’, put your twist on it. If your idea is in fact baking goods, great - but what's so different about yours? It’s a good idea for your idea to be something you’re passionate about, something you’re willing to invest real time into.

Set up a Business Account

Having a bank account separate from your personal account is a must, for a plethora of reasons. To name a few:

• Makes it easier to apply for business loans and credit

• It just looks more professional and trustworthy

• Makes working out tax returns easier

• Separates business transactions from personal ones

• Transaction limits will be a little more lax, as opposed to ones on a personal account

There are so many advantages to using a business account, but in a nutshell, it looks a lot more ‘together’, and you’ll need that in a business. Just don't forget, you’ll likely need an Employee Identification Number filing service  in order to open a business bank account.

Get Clued up With The Many Marketing Tools

Whether the business is an online service, or a physical presence, in today’s society, the ever-evolving world of social media is a frighteningly powerful marketing tool - try to use as much of it as possible to promote and garner attention, in whatever format you feel suits your needs. Modern society digests information almost exclusively through social media, through tweets, posts, short form videos, and other forms, so it’s important you take full advantage of this, especially as for the most part, Social Media platforms are free to use.