If you are thinking of starting a new business, then you may wish to read this beforehand. I won't claim there aren't good reasons to be your own boss. I would claim that people don't always talk about the downsides. I have been running various brands for over 8 years now, and have seen many of the ups and downs of being a company director. This is a very honest account of how running a new company can be. Are you ready to learn why running your own company isn't always such a good idea?
Firstly, say goodbye to your social life. Some products or services can give you plenty of time. Normally the first 3 years of running any new business is immensely hard work. Even after that, if your business grows, you better get used to the idea of working very long hours. So before looking at a company formation, you really need to think long and hard about how the commitment will effect you. Not just you -how will your wife or husband take to you not being around? Do you want a normal home life, or a business? What is the point of trying to earn lots of money if you do not have time to spend it? I worked weekends for a long time, and know how it feels. If you don't want that, stick to the day job!
If your career is easy and convenient, make the most of the time you have left! If you run your own company you will be lumbered with immense responsibility. Everything from making sure the company is making enough money to pay bills and staff, to sorting the problem out when the brown stuff hits the fan. When it all goes wrong, it will be you with the responsibility of fixing the situation. Still thinking of quitting that cushy job?
Some companies are profitable from the start. Business-minded people posses the ability to make money easily. For the majority of us, we invest everything we have into a company and hope we one day might make a return. New businesses will take all your money and more. Even investing your money, time and effort doesn't guarantee a return. Worse case you can end up in serious debt.
Dealing with difficult customers has to be one of the most difficult parts of running a company. Don't get me wrong, most customers are a joy to look after. The loud minority however, are a pain. Problematic customers can display all sorts of horrible character traits. First there is the customer that finds every opportunity to be rude and impolite. There is the customer that never pays their bill on time. There is the customer that wants everything now and has no patience whatsoever. The know it all customer is my personal favourite.
When running a business there are many factors that are out of your control. How well you do will be decided on how you leap over hurdles that are put in your path. And don't listen to everything I have to say- there are a hundred and one reasons for being a business owner. There is the potential to make yourself rich, and independent. However as a final reminder, do consider most businesses do fail.
Firstly, say goodbye to your social life. Some products or services can give you plenty of time. Normally the first 3 years of running any new business is immensely hard work. Even after that, if your business grows, you better get used to the idea of working very long hours. So before looking at a company formation, you really need to think long and hard about how the commitment will effect you. Not just you -how will your wife or husband take to you not being around? Do you want a normal home life, or a business? What is the point of trying to earn lots of money if you do not have time to spend it? I worked weekends for a long time, and know how it feels. If you don't want that, stick to the day job!
If your career is easy and convenient, make the most of the time you have left! If you run your own company you will be lumbered with immense responsibility. Everything from making sure the company is making enough money to pay bills and staff, to sorting the problem out when the brown stuff hits the fan. When it all goes wrong, it will be you with the responsibility of fixing the situation. Still thinking of quitting that cushy job?
Some companies are profitable from the start. Business-minded people posses the ability to make money easily. For the majority of us, we invest everything we have into a company and hope we one day might make a return. New businesses will take all your money and more. Even investing your money, time and effort doesn't guarantee a return. Worse case you can end up in serious debt.
Dealing with difficult customers has to be one of the most difficult parts of running a company. Don't get me wrong, most customers are a joy to look after. The loud minority however, are a pain. Problematic customers can display all sorts of horrible character traits. First there is the customer that finds every opportunity to be rude and impolite. There is the customer that never pays their bill on time. There is the customer that wants everything now and has no patience whatsoever. The know it all customer is my personal favourite.
When running a business there are many factors that are out of your control. How well you do will be decided on how you leap over hurdles that are put in your path. And don't listen to everything I have to say- there are a hundred and one reasons for being a business owner. There is the potential to make yourself rich, and independent. However as a final reminder, do consider most businesses do fail.
About the Author:
Should you need help with new company formations, why not speak to Optimum Formations. They expertise in UK company formations.
