Starting up in business - Key Considerations when starting your business
Ask yourself these questions before you start your own business
There are a number of aspects involved in running a business, which should be thought through before you even start.
If any one of these factors gives you cause for concern our advice is NOT to take this route forward.
In any job there are a number of things you need to know or to have considered before you take this important step. Running your own business means that many things covered by colleagues previously now need to be done by you or at an expense if you ask someone else to do them for you.
What exactly is the product or service you hope to provide?
How much capital will you require to start the business?
Can you estimate your likely income in 6 months, 1 year, 3 years?
Will you be a sole trader - a limited company - a partnership?
Are you prepared to dedicate yourself to your business - really above all else to make it work? Running your own business is a full-time occupation. It will take over your life since there are always extra tasks that you can do. If you are unwilling to make this sort of commitment then it is better to work for someone else.
A number of people whom we have counselled were already running a small business in addition to their main job. Our experience is that those people had a much better chance of success than those who had not run their own before.
There are a number of advantages in self-employment.
MCC Business Solutions can support you as you consider starting your business through one-to-one advice, workshops and seminars. Please contact us on 020 8947 0055 or email firstname.lastname@example.org