In fact it’s quite an emotional roller coaster ride. There have been times when I have been overwhelmed with excitement and others when I’m overcome with fear.
It is daunting, but is a heady adventure. The first thing that comes to mind is “its mine”, it is all mine I’m in total control, and I’m my own boss. I make all the decisions; I can buy lots of lovely fabrics and sew what ever I feel like. I must admit it only been the last few weeks since losing my full-time job that I feel happy & contented.
So after I decided to make Sugar Cane into a full-time job and business, I signed up to do five Business link courses Business Link They where all local and free. Covering all aspect of starting a Business, a business plan, cash flow forecast, marketing, managing money, your unique selling point or USP, finding customers and making a profit.
It was a wonderful opportunity, to meet others starting up and to gain a real insight into what I needed do as a business owner (I like that, owner). I must admit that my brain physically hurt after every course.
There is a lot to consideration, like what do you want from your business, what are your goals, skills and qualities, strengths & weakness, your financial position. Have you done any research, looked at your competition, the market place, potential customers, and your pricing.
Blimey I hear you say!
This is just the tip of the iceberg, and the results are different for each business start up.
I found working on the Cash flow Forecast really focused my mind, having to take into account all your potential over heads, insurance, banking fees, Paypal & Etsy fees, Income tax and National Insurance. Also doing a breakdown of all my consumables costs for each bag or pouch that I make to see my potential profit and also price up any new designs I create in the future.
The most daunting has been the accounts or book keeping, I have signed up for a Business Link course but its not until next mouth. I have made start with a few spread sheets and I’m just “keeping” everything business related.
Other things I had to do by law was open a business bank account, get public, products liability and stock insurance, register my business with HM Revenue & Customs, pay Class 2 national insurance, and look into data protection.
There was and is a lot to do other than just creating my bags & purses. I know I will have to manage my time, between sewing, photography, listing, accounts, buying supplies, shipping out order, marketing.
You know it all sound quite exhausting, but I am enjoying every moment of it. I love leaning new stuff, new skills, I feel like I’m really accomplishing something, something for myself where I don’t feel I have to prove myself anymore.
Here are some links & reads I have found very useful
Moo has lots of useful tips for setting up
This I found very helpful, take a look
Lots of super duper tips from Megan Auman
A very useful e-book, a highly recommended read
I wonderful warm & helpful book, love it
I bit more nitty gritty, but very good for dipping in and out off for information.
The best place to start if you’re thinking of setting up a new business.
More helpful information here, and also how to register your business.
I great website with loads of super tips
Marketing helps you design email newsletters
Tell me about your business start up adventure