Set Up a Tiny Business (and keep it small)
It’s good to launch a small business that gives you income, if you prefer to work for yourself. But likely your quality of life will be better, if you launch a tiny business, and keep it small. As long as you have enough money to support yourself (and donate a little to favourite causes), a tiny business will likely you better quality of life.
You can work less hours and have a better life-work balance, and have far lower overheads, especially if you work from home. Read The Magic of Tiny Business, by a Canadian who runs a tiny eco-friendly bag company. She runs a successful enterprise, yet still has time to visit her children’s sports days!
When you wanted to do something your parents or teachers didn’t like, you may have heard the question: ‘If everyone else jumped off a bridge, would you?’ Then you grow up and people start expecting you to behave as they do. It’s almost as if they are asking ‘Hey, everyone else is jumping off the bridge. Why aren’t you?’ Chris Guillebeau
Simple living blogger Courtney Carver downsized her life when diagnosed with MS, and has earned a good living online for years writing books and courses, while keeping her business small. She writes that ‘busy work’ (checking emails, attending meetings) is very different from ‘good work’ (doing something useful, to help others).
Pick the Right Idea for Your Tiny Business
What do you enjoy doing? It’s important to do something on a tiny level, or else you may not enjoy it anymore. Say you like cooking – if you then work for a big restaurant, you’ll be so stressed, you may lose the love for it. But creating a tiny home vegan baking business, you likely will retain your love for your passion.
Whether it’s dog-walking or graphic design, choose a profession you love, but keep it small to keep it ‘relaxed’, rather than making it a source of stress.
As an example, a home chef may sell produce at weekend markets. She can take pre-orders online to avoid baking too many items, to keep costs and stress low. Then spend weekday afternoons with her children, after school.
100 Things Successful People Do is a great little read of ‘dip-in’ advice, divided into short chapters to put advice into practical action tips. Stay focused and honest, live mindfully, seek simplicity, say goodbye to toxic people, spend time outside in nature, help the planet and leave a legacy.
Set Clear Goals to Guide You
Goals give direction and save time. Short-term goals cover the next one to three months. Long-term goals cover six to twelve months. Keep both in view. The short term creates momentum. The long term sets the path.
Good Tuesday goal planners are beautifully designed, printed on recycled paper, and sent in plastic-free packaging. Goals also help you to manage your funds well. List income sources and fixed costs, and set aside money for savings (and taxes).
Set up a Simple Small Business Account
Like personal current accounts, good business accounts will be covered by the Financial Services Compensation Scheme up to a certain amount (check before opening an account). In most cases, you can use each bank’s easy switching service.
You’ll have to verify your identity (a full passport (read photo rules) – post offices can take your photo on a smartphone if you don’t have one, and send it all off on your behalf. A full birth certificate and full driving licence are also good to help acceptance. Other options are Citizen Card and Post Office Pass Card.
Most simple business bank accounts these days are app-based:
- Starling offers a free digital business account, used by over 500,000 UK businesses.
- Monzo again has over 500,000 customers. 92% of accounts are opened the same day.
- Tide lets you open a free business current account in minutes.
- Anna lets you open a UK business account with sort code in minutes, if you have ID to hand.
If you prefer a more ‘traditional’ bank account, Reliance Bank gives up to 75% of profits to the Salvation Army (to help homeless people). And Unity Trust Bank offers current and savings accounts to help businesses that help communities.
It’s not good to get loans if you don’t need them. But Co-operative & Community Finance offer help for people setting up co-ops and social enterprises (community pubs, charities and community energy)
