HHave you been thinking about starting your own business for a while? What’s holding you back?
Perhaps you feel it’s not the ‘right time’, or you’re not sure if going it alone is the path for you.
Could this be the year you finally take the plunge?
A lot to consider
There is a lot to consider before starting your own business, but again, don’t let thinking about it stop you from doing it. Some argue that the current ‘recovering’ economy is a great time for startups, providing myriad opportunities for innovative products and skilled people. There are so many different ways of working in this climate, offering flexibility and possibility to the creative entrepreneur. Remember you don’t have to give up your day job immediately – you can start your own business alongside it.
Two of the most important things to consider are your passion and enthusiasm for your idea and your attitude to risk. Believe completely in your concept and think about what is important to you. Stick to your values. Understand your reaction to risk. Starting your own business is not for the risk adverse and if the thought of losing all your money or failing in business causes anxiety then this might not be the path for you! Make sure you are clear on the inherent risks before you embark on this heroic journey.
When is the right time to start a business?
We're biased when it comes to answering this question. We say there is no time like the present. Let's face it- most new ventures struggle for their first few years of life so getting started sooner means those tough days will be over before too long. Having said that let's consider some of the facts:
- More and more people are setting up on their own and this has been a trend over the last decade or more so if it works for others it can work for you too.
- Interest rates are at an all time low so borrowing money is more affordable than it has been for previous generations
- Brexit means change and with change comes opportunity
- New technolgoies and lifestyle pressures present new business opportunities
- Consumer are growing wary of large corporations who dont seem to value them as customers
- UK corporation tax is reaosnably low
- Environmental pressures and limited global resource mean that we need to find new, more efficient ways of serving the needs of communitiies- local businesses offerng a localised but personlised service are likely to gain traction.
- The barriers to entry are minimal, red-tape has been reduced and setting up a new business in the 21st century is a pretty straight-forward process.
Be confident in your decision-making abilities. You will need to make and stand by many decisions about your enterprise and it’s important that you are comfortable with the process. Flexibility and creativity will help you overcome the obstacles that will inevitably arise. Stay committed and keep focusing on your key principles.
If your business is a solo enterprise are you ready to take on all the roles that may be required: cleaner, salesperson, marketing expert, bookkeeper, secretary? You may find yourself sacrificing your work-life balance and this could impact on your life and relationships. Think about ways you can minimise the impact of starting a business on your family and social life. Check out our business startup courses online
The journey may be hard but it will also be exhilarating, exciting and fulfilling. As Richard Branson says: “An entrepreneur is an innovator, a job creator, a game-changer, a business leader, a disruptor, an adventurer.” Go for it!