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The key things to think about when starting your own business

Category: Tips and Advice

The key things to think about when starting your own business The prospect of owning your own business and being your own boss is often an aspiration for those embarking on a second career. However, it’s important that you conduct plenty of research before committing to anything. You’ll need to know where your funding will come from, understand how to build a customer-base and know what qualities and skills you’ll need in order to succeed.

Here are some key things for you to think about

Researching your business proposition myPlan provides you with access to the COBRA database, which is full of useful information and advice for those thinking of starting their own business.

Plus, CTP offer our own Self-Employment Awareness workshop for those seeking to work for themselves, with additional vocational training courses that support this pathway also available. Please follow this link to find out more: Self-Employment.

Use LinkedIn to support your business Creating a LinkedIn company page is a crucial step for any business owner. By properly utilising the platform, you’ll be able to easily connect with customers, network with like-minded professionals and Service leavers who you can learn from, and even find suitable candidates for when you choose to expand your business.

If you’d like to familiarise yourself with LinkedIn and other social media platforms, login to the myPlan section of the website and search in COBRA for Social Media Marketing tips and advice.

Financing your business Another key consideration is how to ensure you have sufficient finance in place to fund the set-up and ongoing operation of your business. Where will you source the funds? How will investing this capital affect your lifestyle? What financial support is available to you?

To better understand your own financial situation and how best to support yourself, consider attending a Financial Aspects of Resettlement briefing to understand your financial position and options. And remember, some military charities offer start-up loans as well.

The skills you have and the skills you need It’s important that you take stock of your career and skillset when starting your own company. Managing every aspect of a business is challenging, and so you’ll need to identify your key strengths as well as the areas you’ll need to develop in, in order to succeed.

Remember, if you need help understanding your strengths and weaknesses, myPlan has everything you need to help you enhance your self-awareness.

Starting your own business isn’t easy, but with the right preparation and support you can take the necessary next steps to kick-start your second career outside of the military. Contact your local Resettlement Centre to find out more.