Have you ever started your own business?

[EstaVino]

I’ve been thinking of turning a skill (through a ‘hobby’) into an consultancy business. Theres a similar well known service already on offer on the British high street but I think to a niche audience it could be improved.

While I’ve never started a business before I believe I have some skills needed: common sense, good customer relations, project management, staff management (if it ever expanded), logistics, advertising etc. As far as general overlays all I’d need to begin with would be WiFi, laptop and a printer which I’ve already got. I’d be working from home 95% and most of it could be done around family commitments. I’ve already got a few family/friends to be guinea pigs to spot any potential flaws/improvements.

The only thing holding me back is if it all went wrong. I know there’s only one way to find out and I don’t have that much to loose.

Does anyone have any words of wisdom/motivation stories/advice?

Sorry if there’s loads of grammar/doesn’t all make sense as I’m essentially typing on a dark-smashed phone screen and I’m bloody tired but got a thousand things going through my head.

You won't know unless your try

*unless you try I should be asleep by now

What's the worst that could happen?

You won't of lost any money as you already have what you need.

Will you be leaving a job to start up your own business?

Would you be a limited company or self employed?

I think I’d start as a sole trader - I’d have to do more research as the pros and cons but as it would be a side piece (can’t imagine it making thousands anytime soon - but what business does?)

I guess it’s just a step into the unknown and there’s always going to be speed bumps - I know how to do my 9-5 inside out, I also know my niche but there’s areas outside that I’ll have to learn.

I started my own marketing agency eleven years ago.

Start as self employed (let HMRC know) and don't overwhelm yourself. Make sure you set up social channels and a website then update the website weekly. If you only have the one competitor on The high street you should rank quickly.

@alwaysfiltered thanks for that advice - I’m working on content before I start social media (no point inviting everyone to an empty page).

I just need to work out how is how to charge clients. They’d be paying for my time/experience therefore I’m thinking of setting myself an hourly wage. Just need to figure out how I’m going to earn money out of this service. I think I’m over complicating this - thinking of branding etc which I guess isn’t a huge issue right now.

If there is any chance of making losses in your first couple of years, start as self employed before incorporating. The losses can be offset against employment income, particularly handy if you are a higher rate tax payer or could otherwise lose child benefit.

Business gateway do a lot of free workshops and have loads of helpful advice. If you have kindle unlimited there are lots of free books too: I am currently reading words that changed minds by Charvet, that is useful for many lines of work. It does take longer than most people think to get going. But you only regret the things you never tried, so go for it!