Setting up your own business requires your full commitment. Here are some of the challenges you need to think about. Another valuable way to find out about the day-to-day realities of running a business is to talk to people who are in business already.
The physical and emotional demands of starting up in business should not be underestimated. Starting a business is a life-changing event and will require hard work and long hours, especially in the early stages.
There can be times of financial uncertainty and this may have a knock-on effect for both you and your family. For example, you may have to forgo holidays. You may have invested personal savings or used your family home as security and in the worst case scenario you risk losing your investment or even your home.
Loss of company perks
Setting up your own business means that you will no longer be able to take advantage of the usual benefits associated with a permanent job. This includes the loss of “safety net” benefits such as pension rights, sick pay, paid holiday and other company perks.
Pressure on close relationships
You will need the support of your family and friends. They should be aware from the outset of the effect starting up a business will have on your life and it is crucial that they are right behind you. Their emotional backing may also need to be complemented by a practical “hands on” approach. Discussing these issues before they arise will help.
Being your own boss can be a satisfying experience. However, shouldering all the responsibility for the success of the business can prove lonely. Unless you develop a network of contacts, there will be no one there to bounce ideas off.
By Business Link