There are a few points to consider before starting your own business. Balanced against the positives are the stresses and potential strains related to your health, finances and personal relationships.
As many business start-up owners will tell you however, the hard work at the beginning is worth it in the long run.
Why start a new business?
The dream of a new lifestyle as your own boss is an attractive proposition for many people stuck in the rut of a 9-5 job. In the long term you have greater control over your lifestyle and can make time for your family and friends. When you’re the boss, flexible working hours are one of the perks.
Also, financially you stand to gain much more than as a rank and file employee. As the boss and founder of a company a successful venture will mean you stand at the top of the tree, but with the benefits come huge responsibilities.
Start a Business You Love but Be Prepared
Think long and hard about what type of business you want to run. There is no need or benefit to rushing head first into the first idea you have if it turns out to be impractical or unlikely to sell as a product or service. Develop your ideas over a period of time, be thorough and ensure that not only is the business a viable one, but one you will enjoy running.
The best businesses are those that have passionate owners, people who genuinely love what they do – the love shines through into the quality of product and service. With the right support network around you, you can ensure your passion is focused in the areas it needs to be.
Short Term Financial Instability for Long Term Gain
At the very beginning of your start-up business, funding will come in to play. You will need the capital in order to set-up and begin trading, open premises and hire any staff if required. If successful you could stand to earn more money in the long term than if you stay as an employee working for someone else, but at this stage of a new business there is the short term instability associated with using your personal savings or having to take out a business loan.
In tandem with this you should expect lower wages than you are used to during the initial growth period of a start-up business. This could have an effect on your living situation if others are dependent on you. Of course, financial adviceand support for small businesses is available and can give you peace of mind to move forward with your plans.
Forego Employed Entitlements
If you are leaving behind a 9-5, regular job you’ll be used to such entitlements as sick pay, annual leave for holidays and a pension to take care of your future. When starting up your own business you’ll have to think again about these perks and plan meticulously for your personal financial future as well as your business.
Responsibility and Hard Work
Being the boss isn’t easy but it can be extremely rewarding. There are a lot of things to consider such as the administrative and financial tasks associated with the running of a small business. You must ensure that you have a smooth running operation and there are companies and services that can help you with this side of the business, providing personal assistant and telephone answering services, leaving you to concentrate on your key skills – the skills that will make or break the business.
Next Steps to Start-Up Your Own Business
Starting your own business is hard work, but should you get it right you can expect to reap the rewards in years to come. Be thorough in your plans; ensure you have the support network in place and a passion for what you do.
Take the time to read through our guides for start-up businesses. There is plenty of advice and help available so don’t be frightened to take the plunge.
Our Free Download section is also full of templates which will help you get started.
You can also join our Google+ Community “Startup in Britain” which is packed with help, resources and articles to get you started. Use it to get tips, advice and start building your network!