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Striking the Balance – Steps to Becoming an Entrepreneur

iStock_000016658196Medium (2)For many people, the idea of forging their own path in the business world is what drives them. Creating a product, establishing a brand-new service, starting off a recognisable brand name of your very own… the list of possibilities is extensive, but it all boils down to basically being your own boss. However, whilst this idea is hugely attractive, making the jump without any preparation is likely to leave you numbering among the ranks of failed business start-ups. Needless to say, that’s not what you want, so here are some steps to ensure that your entrepreneurial life gets off to a good start…

Before You Take the Plunge

Before you go it alone, it pays to bear a number of things in mind. Here are some essentials…

  • Develop the right mindset. You’re not going to be an employee any longer, you’ll be the one with control. Therefore, you need to identify your skill set and learn how to use it to your advantage. You must also come to terms with the idea of taking risks. Minimise risks, yes, but don’t fear them. The path to success often requires that you navigate uncertain times.
  • Take the time to get acquainted with some financial practices. You don’t have to be an expert, as you can easily get help in this area, but going in completely unaware isn’t advised.
  • Utilise whatever is at your disposal. Don’t hold fast to an approach if there’s obviously a better way of doing something. The adoption of technology is one great example. Sure, you may be able to limp by on a low-tech approach, but it won’t work well, or be sustainable.

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Making the Most of Your Career

Once you’re up and running, you still need to show some staying power. These tips will help…

  • Remember, you’re the boss. It might be tempting to neglect your sleep, work through all your ‘usual’ holiday time, or possibly give yourself too much holiday time, but such habits won’t lend themselves to a long-standing career. Find your work-life balance, then stick to it.
  • As we’ve mentioned, you’ll be able to get help with concerns that you may not be an expert in. We’ve already mentioned finances, because this is one of our own specialist areas, but there’ll be others too. Don’t be afraid to accept assistance. Everyone needs a helping hand.

Of course, many entrepreneurs tend to favour a self-employed or freelance path, and the current self-employment boom is an ongoing talking point that keeps on breaking records. However, once such professionals become firmly established in their trade, they usually begin looking for ways to operate at more optimal efficiency, and this is where company structure must be decided upon.

The limited company route is a popular one to take, and this is definitely where ICS can be of help, as our contractor limited company service is a fantastic way to make sure your freelance career is as profitable as it can be. What’s more, our team can help to assuage accounting or administration concerns too, so we really can help to ease your stress and ensure that you take home as high a proportion of your earnings as possible. To find out more, call 0800 195 3750 or chat to us online.

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