The four stages any entrepreneur goes through   

The four stages any entrepreneur goes through   

Running a business is not something easy to do and while some people manage to succeed although they do not have a lot of experience, others may fail even if they are More »

Steps to starting a small business

Steps to starting a small business

If you are interested in setting up your own business, then there are a few important steps to follow in the process. Because the business world is highly competitive, it is more More »

Keeping your social media fans engaged – how to attract new followers

Keeping your social media fans engaged – how to attract new followers

Considering that social media marketing is more popular than ever and can have a very important influence on the success of a company, managers will need to always be careful with their More »

 

Questions you should ask yourself before starting your own company

In the past years, the freelancing field has not only grown considerably, but also gained a positive reputation for being a good alternative to cog-in-the-machine types of office jobs. The many success stories of freelancers who started out as independent providers have even led to a trend where freelancers end up being so successful and having such a large workload that they start their own small companies. But while the idea of being your own boss and creating a work culture that reflects your goals sounds like a great idea, there are several practical factors you should look at first.

 

What is the risk to rewards ratio?

 

When starting a business of any kind, you need to be aware that it’s impossible to succeed without taking certain risks. Perhaps you will not have all the funds you need at first, you may be understaffed for the first couple of months or you may find it hard to carve your own path next to your competitors. Risks are necessary, but at the end of the day, you need to assess whether or not those risks are worth it. If you will not be getting any reward from them, then perhaps it’s best to wait until a better time comes. Evaluate your long-term goals and existing resources and draft a realistic business plan to help you measure your evolution.

 

What type of company is best for your business model?

 

Not all businesses are the same. Depending on who and how will manage your company, you can choose between several business entities. For example, if you choose to Starte AS, you will need to file documents and registration forms that are different from an individual company or a limited liability company. Keep in mind that every country has its own specific legislation and regulatory environment for business entities, so ideally you should talk to an expert in corporate law before you Starte enkeltpersonsforetak, a limited partnership company or a statutory company. If you’ll start your business with a partner, it’s a good idea to have a transparent conversation from the very beginning and establish who will be in charge of what within your organization.

 

Are you a good manager or a good worker?

 

Starting your own business after working as a freelancer for many years implies a difficult transition, because you will be facing unique responsibilities that may not necessarily be related to your field of activity. For example, you may be a brilliant web designer, but if you start your own web design company you need to be ready to hire and manage employees, do your taxes, find work and do customer support. Until you have a large enough company to establish different departments for all these tasks, you might have to be the one to do them, so ask yourself if you are ready for this or you’re more comfortable working as an employee as opposed to working as a manager.