Setting Up Your Business
What are the benefits of starting my own business?
The benefits of starting your own business can be absolutely massive, but there can also be lots of pitfalls as well - it depends. Anyone who says “ I was a great success in business ” will say there were lots of benefits, and of course if they had trouble, then they would say there were fewer. The main ones are freedom, independence, being able to do what you do, and have a great deal of satisfaction when you get a result.
What risks are involved in starting up my own business?
There are a lot of risks in starting, and there are a lot of risks when you are actually running the thing as well. Money is clearly a problem. You need enough to get going with, and if that runs out before you generate enough customers, then that is clearly a big risk. Another big risk that people have is where they choose to do business with other people - partnerships, in other words. If they haven't discussed that properly beforehand, what it involves and how they can get out of things if they're not enjoying it, then that can be a massive risk because you can lose everything.
What are the chances of my business going under?
There are a lot of surveys that tell you whether your business could go under or not, and they range from 1 to 99 percent. It really depends on what sector you are in, and how good you are, so it's nearly an unanswerable question. There is a very strong chance that if you're not very good, you'll go under very rapidly, and a very high chance that if you are very good, that you'll be a success straight away.
What is the impact of my business going under?
If it is just you, and you have no partner and no dependents, then you could just about get away with it, dust yourself down, and set up doing something else. Or, get a job back with the company. But if you've got a husband, wife, children, or indeed, a partner of any kind, such as business partners, then the impact could be apalling, because you find that you're incapable of paying for anything else that they need to sustain them.
