Running your own business has a great many perks. I started my own business over eight years ago, and have had a very interesting life as a result. I would concede however that new company formations aren't without the downsides. There is the stress and responsibility. The hours can sometimes be horrendous, leaving you little social time or time for the family. However with all my UK company formations, I've found a many positives to be had- here are just a few of them.
Let's be realistic, most budding entrepreneurs start in business because of the lure of lots of cash! OK, so there are the so-called lifestyle businesses where work is a labour of love. Even if your business is one of love, you don't turn the money down! You do run the risk of losing all your money when running a business. Yes, it is possible to invest every working hour, your life savings and re-mortgage your house, only to watch your business crumble. You could even end up owing money. However, before you give up out of fear, remember the very opposite is also possible. If you carefully plan your business (after all if you fail to plan, you plan to fail), and you run it well, there is every chance you will make a huge success of it. A good entrepreneur will sell their business at the right time, or sit back and let it run itself.
If you are twenty now, picture retiring at forty. A profitable company can be a lifestyle business that works for you, not the other way around. You can live the kind of life you simply never would be able to in a 9-5 job. Worse case scenario you will get very little sleep when you start a new company. I once managed an ISP which had me on call 24/7. I didn't learn how to delegate, and I was a slave to support! Business always came first, and this effected my personal life. This is exactly how a business should not work. When you setup a new company, make the company work without you. You are not the builder, or maintenance man- you are the architect! Your business should free up your time. I often enjoy an afternoon off or early finish. My latest business works for me, not the other way round.
Running a business can you give you real sense of achievement. There's nothing like building a client base. To top it all off, you have both the above, time and money to enjoy life. It is all do-able. The rat race really isn't much fun.
OK, so we have identified that there are some bad parts to running a business- but just look at all the good stuff above. You don't have to go in head first at the deep end either. Most businesses start as hobbies- so what are you waiting for?
Let's be realistic, most budding entrepreneurs start in business because of the lure of lots of cash! OK, so there are the so-called lifestyle businesses where work is a labour of love. Even if your business is one of love, you don't turn the money down! You do run the risk of losing all your money when running a business. Yes, it is possible to invest every working hour, your life savings and re-mortgage your house, only to watch your business crumble. You could even end up owing money. However, before you give up out of fear, remember the very opposite is also possible. If you carefully plan your business (after all if you fail to plan, you plan to fail), and you run it well, there is every chance you will make a huge success of it. A good entrepreneur will sell their business at the right time, or sit back and let it run itself.
If you are twenty now, picture retiring at forty. A profitable company can be a lifestyle business that works for you, not the other way around. You can live the kind of life you simply never would be able to in a 9-5 job. Worse case scenario you will get very little sleep when you start a new company. I once managed an ISP which had me on call 24/7. I didn't learn how to delegate, and I was a slave to support! Business always came first, and this effected my personal life. This is exactly how a business should not work. When you setup a new company, make the company work without you. You are not the builder, or maintenance man- you are the architect! Your business should free up your time. I often enjoy an afternoon off or early finish. My latest business works for me, not the other way round.
Running a business can you give you real sense of achievement. There's nothing like building a client base. To top it all off, you have both the above, time and money to enjoy life. It is all do-able. The rat race really isn't much fun.
OK, so we have identified that there are some bad parts to running a business- but just look at all the good stuff above. You don't have to go in head first at the deep end either. Most businesses start as hobbies- so what are you waiting for?
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If you do choose to get into company formation, talk to Optimum Formations, who specialise in UK company formations.
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