There are a number of good things to come out of running your own company. I started my first business nine years ago, and have for the most part, enjoyed the experience. New company formations aren't without the negatives though. There is the stress and responsibility. Depending on what you do, you might find yourself on 24/7 call always, which has a big effect on your friends and family. However with all my UK company formations, I've found a many positives to be had- here are just a few of them.
Let's be realistic, most budding entrepreneurs start in business because of the lure of lots of cash! Equally, there are many businesses that are run out of love. Even if you are doing something you love, you don't turn the money down! You do run the risk of losing all your money when running a business. Even if you invest all your time and money, there is the risk the business can go under. You could even end up owing money. Remember though, just the opposite is possible. You have every chance of succeeding if you plan well. A good entrepreneur will sell their business at the right time, or sit back and let it run itself.
Are you forty now? Imagine retiring early at fifty! You can have a company that works for you, not the other way round. You can live a rich and wonderful life. Worse case, when you start a new company you aren't going to get much sleep. I once managed an ISP which had me on call 24/7. I didn't learn how to delegate, and I was a slave to support! Business always came first, and this effected my personal life. This is exactly how a business should not work. When you start a new business, get that company working for you. Think of yourself as the architect, not the builder or maintenance man. When planned right, a business can free up your time. I often enjoy taking an impromptu afternoon or day off, because I need to and it doesn't harm doing so. My business works for me, not me working for the business all the time!
Running a business can you give you real sense of achievement. There's nothing like building a client base. To top it all off, you have both the above, time and money to enjoy life. Believe me, it is all do-able! The rate race is very much overrated.
Granted, there are many bad sides to running a business, but just look at the three positives identified above. If you are still not convinced, don't jump in head first- find a hobby you love doing and start part time.
Let's be realistic, most budding entrepreneurs start in business because of the lure of lots of cash! Equally, there are many businesses that are run out of love. Even if you are doing something you love, you don't turn the money down! You do run the risk of losing all your money when running a business. Even if you invest all your time and money, there is the risk the business can go under. You could even end up owing money. Remember though, just the opposite is possible. You have every chance of succeeding if you plan well. A good entrepreneur will sell their business at the right time, or sit back and let it run itself.
Are you forty now? Imagine retiring early at fifty! You can have a company that works for you, not the other way round. You can live a rich and wonderful life. Worse case, when you start a new company you aren't going to get much sleep. I once managed an ISP which had me on call 24/7. I didn't learn how to delegate, and I was a slave to support! Business always came first, and this effected my personal life. This is exactly how a business should not work. When you start a new business, get that company working for you. Think of yourself as the architect, not the builder or maintenance man. When planned right, a business can free up your time. I often enjoy taking an impromptu afternoon or day off, because I need to and it doesn't harm doing so. My business works for me, not me working for the business all the time!
Running a business can you give you real sense of achievement. There's nothing like building a client base. To top it all off, you have both the above, time and money to enjoy life. Believe me, it is all do-able! The rate race is very much overrated.
Granted, there are many bad sides to running a business, but just look at the three positives identified above. If you are still not convinced, don't jump in head first- find a hobby you love doing and start part time.
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If you do decide to get into company formations, talk to Optimum Formations, who specialise in UK company formation.
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