Before you start a business, you might want to read this. I cannot say there aren't good reasons to be your own boss. However, what people don't talk about, is the downsides. Having been my own boss for over 8 years, I've seen the good and bad sides to running your own company. This is an honest view of running a company. Are you ready to find out why running a company is hard work?
For starters say goodbye to your social life. Some products or services can give you plenty of time.However with most businesses, the first three years are usually immensely hard work. Even if you make a success, you could find yourself committing even more hours. Before considering company formation, do consider the effect long hours will have on your life. It isn't just you that will be effected- what about your family? Is it worth risking a marriage for 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 in doubt, stay with your career!
If you are used to sitting in the corner of an office anonymously, forget it. Being a business owner brings loads of responsibility. Expect to deal with everything from cash flow, to fixing everything when the brown stuff hits the fan! When things do go wrong, expect a heap load of stress where you cannot walk away until the problem is resolved. Still sick of that easy job you have now?
Some companies are profitable from the start. A few entrepreneurs have the natural ability to make lots of money from the start. For the majority of us, we invest everything we have into a company and hope we one day might make a return. New companies haemorrhage money. Even then, you can invest your life savings, re-mortgage your house, and work 18 hours a day. Worse case you can end up in serious debt.
Customer complaints has to be the hardest part of running your own business. Don't get me wrong, most customers are a joy to look after. Some customers, quite frankly, should be locked away. The problem customer comes in many forms. There is the customer that is incredibly rude. There is the customer that never pays their bill on time. The impatient customers. The know it all customer is my personal favourite.
Do consider there are many circumstances beyond 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 me- there are still many reasons why forming a company is a good idea. You can become very rich and successful. However as a final word of caution, do work out before hand whether you have got what it takes to be successful in business.
For starters say goodbye to your social life. Some products or services can give you plenty of time.However with most businesses, the first three years are usually immensely hard work. Even if you make a success, you could find yourself committing even more hours. Before considering company formation, do consider the effect long hours will have on your life. It isn't just you that will be effected- what about your family? Is it worth risking a marriage for 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 in doubt, stay with your career!
If you are used to sitting in the corner of an office anonymously, forget it. Being a business owner brings loads of responsibility. Expect to deal with everything from cash flow, to fixing everything when the brown stuff hits the fan! When things do go wrong, expect a heap load of stress where you cannot walk away until the problem is resolved. Still sick of that easy job you have now?
Some companies are profitable from the start. A few entrepreneurs have the natural ability to make lots of money from the start. For the majority of us, we invest everything we have into a company and hope we one day might make a return. New companies haemorrhage money. Even then, you can invest your life savings, re-mortgage your house, and work 18 hours a day. Worse case you can end up in serious debt.
Customer complaints has to be the hardest part of running your own business. Don't get me wrong, most customers are a joy to look after. Some customers, quite frankly, should be locked away. The problem customer comes in many forms. There is the customer that is incredibly rude. There is the customer that never pays their bill on time. The impatient customers. The know it all customer is my personal favourite.
Do consider there are many circumstances beyond 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 me- there are still many reasons why forming a company is a good idea. You can become very rich and successful. However as a final word of caution, do work out before hand whether you have got what it takes to be successful in business.
About the Author:
Should you require help with new company formation, why not speak to Optimum Formations. They specialise in UK company formation.
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