Setting Up Your Own Business

What do you know about being self-employed before you take the leap yourself? Most people probably don’t know much about what everyday life will be like, whether you’ll be good at getting jobs or even how to start a business. We will help you with the last part here. Get our take on 10 small steps to get you on the road to solo self-employment.

1. Come up with a name for your business

It sounds easy, but it can be really challenging. Take some time to think about it. Should the name reflect what you want to sell? What sounds good? What is easy to spell? Can you use your own name as part of the business name? You should also check if the web domain is available if you want a website. 

Why is the name important? One of the reasons is that you need to know the name of your business before you can set it up.

2. Set up your business

It’s easier than you might think. The hardest part is navigating the different business formats so that you make the right choice for your business. Many solopreneurs choose to set up a sole proprietorship, which is the most straightforward business format. You set up your business on Virk.dk, which is a site under the Danish Business Authority. It takes about five minutes – and voila! You’re a business owner!

3. Buy a domain

If you’re planning to get a website (now or later), buying the web domain right away is a good idea. You can do this at one.com or dandomain.dk, for example. You can buy one or more domains for your business, and they usually cost around DKK 50-200.

4. Get a bank account and a payment card for your business

We recommend that you get this started as soon as possible because it can actually take some time. Order it from your bank or contact other banks for a quote. Prices vary quite a bit from bank to bank when it comes to business accounts and payment cards.

5. Do you need a business email?

It can be a good idea to set up a business email to have your work emails in one place. The email address also has an impact on how professional you appear. If you have bought a domain and plan to create a website, creating an email with the same name as the website, such as yourname@soloceo.dk, makes sense. You can do this with the provider that hosts your website. If you only have a minor need, you can create a Gmail with your business name, such as soloceo@gmail.com.

6. Do you need to be covered if you get the flu?

Yawn, that’s boring! But still consider whether you need one or more insurance policies. You may lose some employer-paid insurance if you come from a full-time job. So take some time to check how you are already covered by your private insurance policies. Is anything missing? Most solopreneurs can benefit from sick pay insurance and critical illness insurance. For example, the latter can be taken out with a pension plan through your bank.

7. Design a logo

You might need a logo – for example, if you want business cards or a website. Unless you’re highly creative or have a graphic design degree, getting professional help here is a good idea. A professional logo looks better!

Buy work equipment

Consider what work equipment you need to get your business up and running. Most people need at least a computer and a phone. You may also need faster internet at home or other materials and equipment. Find what you need and buy it through your business!

9. Make a website

Whether you need a website for your business depends 100% on your needs. Some need a web shop or a showcase for their services. Others need a business card-like website that shows potential customers that your business exists and that you work with it professionally. Some solopreneurs, especially consultants, opt out of a website altogether because they use LinkedIn or other platforms to promote themselves instead. 

Plenty of solutions on the market make it possible to build most of the website yourself. But the technical part can still be tricky for most people – unless you’re an IT consultant or code for fun in your spare time, of course.

10. Get help from professionals

Questions big and small may arise along the way. For example, what can you deduct in your business and should you take out special insurance? Finding an accountant early on who can answer some of your questions when you’re starting up may be a good idea.