Living the dream or in a living nightmare?

Many, many people say they’d love to set up their own business.  But will you be living the dream or in a living nightmare?

The first question is what do you have to lose?  Yes you’ll be quitting your job and the regular income that goes with it.  But if it doesn’t work out you should be able to get a new one.  Think clearly about the down side, its probably not so bad, when you think about how you can mitigate the risk.  It’s also important not to be reckless.

Does your personality suite self employment?  For some people it means being an indulgent boss and a poor employee, it’s not for those without self discipline.  Some people’s skills are great in a corporate environment but do not transfer well.  There definitely is more uncertainty you have to handle it. So why would you work for yourself?

  • You have the freedom and flexibility to have no one telling you what to do.
  • Your earnings are not fixed, that means they are not limited, you can fully profit from your efforts.
  • You can build an asset that in the future you can sell or pass down the family.
  • You can through you own efforts build a business to be proud of.

How do you go about it?  You have to have a clear idea about what you want to do.  I have chosen to open an accountancy practice.  This is a great business because:

  • There is a proven demand for accountancy services.
  • With increasing numbers of self employed the market is growing.
  • Cloud based accountancy allows me to differentiate my service.
  • It’s hard to do and I know how to do it!  It suits my personality.

Think about your business idea?  Can you earn a good living from it and will you be good at it?  Remember just because you want to provide a service does not mean people want to give you a living wage to provide it to them.

I love talking to people about their business ideas.  If you want to talk to me give me a call. 0161 303 0610.