Sounds great – right?! But there are some disadvantages of running your own business:
Running the business (not just the bits that you enjoy) In no time at all you will be knee deep in VAT returns, book-keeping, health and safety matters and countless other tasks that are all part and parcel of running a business. These are all someone else’s problem when you work for an employer, now they’re yours.
Financial risk
With the chance of great reward comes the danger of great risk. Giving up a steady predictable income in the hope of making a venture succeed is not for everyone and is the major barrier for most people starting their own business.
Very difficult to leave work ‘at work’ For most people, running your own business is all-consuming - there is no escape. The regular predictable schedule of standard employment works better for a lot of people.
How do you know if you are the right type of person and have the right idea to run your own business?
Thankfully, you don’t need any formal qualifications required to run a business and the opportunity is open to everyone. The truth is only the most determined and hard-working survive. If you love what you are doing or if you have a hobby that can be turned into a business, you stand a much better chance of success. With regard to the business itself, the most important requirement is that it solves a problem or adds value to enough people who are prepared to pay a price that makes it possible for you to make enough profit to survive/thrive.
The good news is that you don’t have to go into this ‘blind’ or alone. There is plenty of help available and much of it is free. One great source is the Start Your Own Business website,
www.syob.net where you will find details of local support organisations and also be able to download a free step-by-step guide to starting a business and free start-up pack. These will enable you to identify if you have what it takes and whether your idea is sound enough to explore further.
Make The Future Yours! Issue 3 27
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