Turn your dream into reality
Do you have a dream project? Life coach Claire Pedrick sets some questions to help you make it a reality
What’s your attitude to risk?
Know what your plan B is. When I set up my business, I knew that, if all else failed, I could stack shelves in Tesco overnight.
Who are your first five customers?
Do some research – if you don’t know the answer to this before you start, be careful.
How quickly do you need to start making money?
Perhaps you have savings to cover your living and business expenses in the interim, but work out exactly when and how much revenue you need.
Are you in a full-time job and thinking about a big change?
Giving up a regular salary is hard and if you need your customers in order to pay for breakfast it will show.
Are you coming back to work after a career break?
In this case, every pound from the business will be new money. Research and remember to price your goods/services realistically.
Do you want to downsize and earn an income at the same time?
Factor in unpaid time to develop your business as this will affect your prices. If you want to work for one day a week for 40 weeks and earn £10,000 before tax and expenses, you’ll need to charge more than 10,000/40 = £250 a day for your goods or services.
Work out your annual income before tax.
Include salary, employer’s pension contributions and other employee benefits.
Is there any other household income that can be included in your budget?
This might be your partner’s income, working tax credits or child benefit.
Now work out your annual or monthly expenditure.
Account for bills, food, entertainment and childcare.
Contact businesslink.gov.uk to find out about your position on tax and National Insurance.
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