{"id":234,"date":"2020-01-15T14:42:00","date_gmt":"2020-01-15T14:42:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/top-tips-for-going-it-alone\/"},"modified":"2025-12-17T15:11:44","modified_gmt":"2025-12-17T15:11:44","slug":"top-tips-for-going-it-alone","status":"publish","type":"page","link":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/top-tips-for-going-it-alone\/","title":{"rendered":"Six top tips for going it alone and ensuring your new business reigns supreme"},"content":{"rendered":"\n
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Six top tips for going it alone and ensuring your new business reigns supreme<\/h1>\n<\/div>\n\n\n\n

6 top tips for going it alone and ensuring your new business reigns supreme<\/h2>\n\n\n\n

Bea Montoya, Chief Operating Officer at Simply Business<\/strong><\/p>\n\n\n\n

Harry and Meghan are about to follow their big dream, go it alone, and become financially independent \u2013 just three of the reasons why some people decide to start their own business.<\/p>\n\n\n\n

As they begin to break away from the royal family for a new life in Canada, Simply Business Chief Operating Officer, Bea Montoya, gives her top tips for starting up and reigning supreme \u2013 whatever your new business.<\/p>\n\n\n\n

1. Thinking of taking the leap?<\/strong><\/p>\n\n\n\n

If you\u2019re thinking of starting a business, it won\u2019t just be Harry and Meghan\u2019s footsteps you\u2019ll be walking in. A huge number of people are feeling inspired to translate their passions into livelihoods, and in 2018 alone we saw a staggering 31% rise in people looking to go freelance.<\/p>\n\n\n\n

But going it alone can be daunting, and there are a number of challenges that come with running a business \u2013 from income tax to insurance \u2013 which may be outside of your comfort zone. There\u2019s plenty of help out there and the first step is often the most difficult.<\/p>\n\n\n\n

2. Give your business the royal treatment: The big idea and knowing your customer<\/strong><\/p>\n\n\n\n

Once you have your big idea you\u2019ll need to get to know your audience. Testing your product and iterating based on feedback is a great way to ensure you\u2019re building what\u2019s right for your customer. Doing this early, before investing too heavily, can help to validate your business idea and save a lot of money in the process.<\/p>\n\n\n\n

3. Staying regal: Her Majesty\u2019s (aka. Grandma\u2019s) Revenue & Customs, insurance and ensuring you remain legal<\/strong><\/p>\n\n\n\n

It\u2019s not the most exciting part of starting a business but making sure you\u2019re on the right side of any rules, regulations, and legalities is essential. Registering your business with HMRC should be a priority and it will inform how much tax you need to pay. You can do this online at gov.uk. You\u2019ll also need to decide on the structure of your company (sole trader, limited company or a partnership).<\/p>\n\n\n\n

Depending on your trade or profession, you may need a certain certification or follow specific rules and requirements. This can vary across sectors so be sure to know your obligations.<\/p>\n\n\n\n

Legally you may also require business insurance, such as public or employers\u2019 liability insurance. A public liability policy protects against damage to third party property or individuals, whereas employers\u2019 liability is a necessity if you have staff. It\u2019s vital to do your research and protect yourself financially should the worst happen.<\/p>\n\n\n\n

4. Don\u2019t make a monarchy of your marketing plan<\/strong><\/p>\n\n\n\n

The phrase \u2018marketing plan\u2019 can be intimidating but it needn\u2019t be. You don\u2019t need an MBA or heaps of cash to effectively bring in new customers.<\/p>\n\n\n\n

After your website, social media should be front of mind. Consider what platforms work for your business and go from there. You don\u2019t need a presence on all of them. Have you got a beautiful, visual product? Instagram could be the ticket. A local service? Make the most of Facebook\u2019s suite of tools.<\/p>\n\n\n\n

But don\u2019t ignore the power of flyers, local PR, and good old word of mouth. Try to source testimonials from happy customers and shout about them loud and often.<\/p>\n\n\n\n

5. Give yourself a period of transition and reflection<\/strong><\/p>\n\n\n\n

It\u2019s easy to get caught up in the pace of starting up, but it\u2019s important to dedicate time for reflection and analysis. What\u2019s worked well? What could have gone better? Where are your sales coming from? How are your profit margins looking? Once you\u2019re through month one, block out some time to look through your sales or billing, check your biggest source of income, and investigate any stumbles or spikes in business.Then you\u2019ll be set to plan goals or objectives for the months ahead.<\/p>\n\n\n\n

6. Power couple: A life and business partner<\/strong><\/p>\n\n\n\n

While Harry and Meghan may not end up working together, there are advantages to going into business with a partner or spouse.<\/p>\n\n\n\n

For example, being able to make the most of shared resources and complementary talents is a big bonus. And you never know, If your business is successful you may one day want to pass it on to your children as the next in line (we\u2019re looking at you, Archie)\u2026<\/p>\n\n\n\n

-ENDS-<\/p>\n\n\n\n

For further information, please contact:<\/h2>\n\n\n\n

Frank PR<\/p>\n\n\n\n

+44 20 7693 7433<\/p>\n\n\n\n

SimplyBusiness@welcometofrank.com<\/a><\/p>\n\n\n\n

About Simply Business<\/h2>\n\n\n\n

Simply Business<\/a>\u202fis one of the UK\u2019s biggest business insurance providers, specialising in public liability insurance for small and midsize enterprises. Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements.<\/p>\n\n\n\n

Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 1,200 people across offices in London and Northampton, UK; and in Boston, Massachusetts; and Atlanta, Georgia, in the U.S. Owing to the insurance provider\u2019s internal underwriting capability and expert panel of insurers, Simply Business can cover over 1,200 trade types \u2013 ranging from plumbers to accountants to dog walkers.\u202fIts UK brand campaign \u2013 \u2018Simply The Best<\/a>\u2019 \u2013 aims to help UK small businesses feel \u2018the best\u2019 about their business insurance.<\/p>\n\n\n\n

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We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer<\/a><\/p>\n<\/div>\n\n\n\n