As well as being viable from a busine per ective, its also crucial that setting up a company
As well as being viable from a busine per ective, its also crucial
that setting up a company is a ropriate for your personal needs. Its
a huge commitment that will require a lot of hard work, so you need to
be sure that youre up to it and that your lifestyle can su ort it.
You also need to examine your skills, experience and attitudes, for
example, can you lead a team or manage accounts, do you know the
industry, and how do you feel about taking risks?
To help you explore whether its the right thing for you, its
important to understand your objectives thoroughly both personal and
company goals. Are they achievable and are they compatible with each
other? Co ider these objectives in terms of working hours, career
a iratio , personal progre ion, risk, money and flexibility.
Below are some of the pros and co of being self-employed:
Pros
Independence your work can be much more flexible so you can
achieve a balance between your job and your home life much more easily.
Of course the busine needs will always be a priority, but if these are met
then you can take time off whenever you want.
Control youre the bo so youre the decision maker.
You can work according to your own pla and goals and youll of course
have a much greater feeling of re o ibility, which many of us crave in our jo .
Satisfaction you always get a greater se e of pride and achievement when youve done something for
yourself. And there cant be a much greater achievement than making a
succe of a busine its not an easy thing to do. It can be a great
way of moving your career up a notch or two and giving yourself a new
challenge Many people find that they arrive a certain point in their
careers where progre ion seems to level off and their jo no longer
provide a challenge or allow them to perform to their potential.
Fun all of the above factors can contribute to making the
ru ing a company a fun and exciting job.
You chose the company busine model, objectives and pla and created
your own job role, so in theory it should be just right for you! We all
dream of having the perfect job, but it can be a reality for those who
are self-employed.
Money if all goes to plan and your busine becomes a
profit-making succe , theres almost no limit to how much money
you could make compared to your earnings potential if you were
employed by someone else.
Co
Ru ing a busine i t all a bed of roses, of course. Not everyone
can make it succeed and even if they do it will always take a great
deal of hard work and persistence.
Longer hours although it might seem as if your working week will be more flexible, you will
always be co trained by the needs of the busine , which must always
come first. And youre the one whos in charge so it all falls on your
shoulders to make it work which can mean working all the hours
nece ary, often evenings and weekends. Dont kid yourself that it will
be an easy life you will inevitably be working more hours than if you
were an employee of a company. Another dow ide of working long hours
is that it wont just curtail your personal life, but it could also
lead to a confusion between work and home as many small busine owners
find themselves working whenever and wherever it is nece ary. This can
often cause te ion with partners or families.
How much power do you have? most people have to borrow money in some
way or another to allow them to set up their busine , which mea they
will have re o ibilities to their lenders or investors who will no
doubt want to see the busine pla and may want to be co ulted on
major decisio to e ure that their financial interests are being
taken care of effectively and efficiently.
Stre factor you have a lot of re o ibilities as a
small busine owner, and as youre ultimately in charge you may
sometimes find yourself feeling under a lot of pre ure,
which can affect both your performance in your job and your
home life. People who are self employed are more likely to take their
worries home with them as they feel a co tant pre ure.
Failure we all make mistakes from time to time.
Its just a natural part of the learning proce and
even the most succe ful busine owners wouldnt have got where they
did without the odd slip-up or misjudgement here and there. Some of us
are better at dealing with failure than others, though, and your
attitude will have a great impact on the succe of your busine . If
you take it in your stride when something doe t go to plan, and just
fix it, get on with it and put it down to experience, youre more
likely to make a succe of your busine . You must be able to cope
with challenges and failure if you want to become self employed.
Juggling tasks when youre setting up your busine you
may not be able to afford to employ other people to help you
so youll have to do a lot of different jo yourself.
If youre not confident in dealing with areas such as
bookkeeping, admin, selling and promotion you may find your busine
struggling to survive. You must a e your skills and experience
honestly and think about whether you really will be able to do it.
No more perks people working for employers,
e ecially large companies, tend to receive a great deal
of perks and benefits which can often be taken for granted. If youre
co idering setting up your own busine , think carefully about exactly
what benefits you would be giving up and whether you can afford to, or
are prepared to, make such sacrifices. For a start, youll lose job
security, and you may also have to give up private health i urance,
pe ion plan, company car and perha company discounts and vouchers.
So theres a lot to think about. You need to e ure that your both
busine needs and your personal needs can be met by setting up in
busine and that they are not in conflict with each other. You must be
a olutely certain that this is the right decision for you
if youre not fully committed to the idea, you wont have the drive and
motivation to make it work. It may be po ible to start off your
busine as a trial first, part-time only, while keeping your main job,
in order to a e whether you want to go the whole hog. This will
depend on the needs of your busine and the finances needed to start
up.
that setting up a company is a ropriate for your personal needs. Its
a huge commitment that will require a lot of hard work, so you need to
be sure that youre up to it and that your lifestyle can su ort it.
You also need to examine your skills, experience and attitudes, for
example, can you lead a team or manage accounts, do you know the
industry, and how do you feel about taking risks?
To help you explore whether its the right thing for you, its
important to understand your objectives thoroughly both personal and
company goals. Are they achievable and are they compatible with each
other? Co ider these objectives in terms of working hours, career
a iratio , personal progre ion, risk, money and flexibility.
Below are some of the pros and co of being self-employed:
Pros
Independence your work can be much more flexible so you can
achieve a balance between your job and your home life much more easily.
Of course the busine needs will always be a priority, but if these are met
then you can take time off whenever you want.
Control youre the bo so youre the decision maker.
You can work according to your own pla and goals and youll of course
have a much greater feeling of re o ibility, which many of us crave in our jo .
Satisfaction you always get a greater se e of pride and achievement when youve done something for
yourself. And there cant be a much greater achievement than making a
succe of a busine its not an easy thing to do. It can be a great
way of moving your career up a notch or two and giving yourself a new
challenge Many people find that they arrive a certain point in their
careers where progre ion seems to level off and their jo no longer
provide a challenge or allow them to perform to their potential.
Fun all of the above factors can contribute to making the
ru ing a company a fun and exciting job.
You chose the company busine model, objectives and pla and created
your own job role, so in theory it should be just right for you! We all
dream of having the perfect job, but it can be a reality for those who
are self-employed.
Money if all goes to plan and your busine becomes a
profit-making succe , theres almost no limit to how much money
you could make compared to your earnings potential if you were
employed by someone else.
Co
Ru ing a busine i t all a bed of roses, of course. Not everyone
can make it succeed and even if they do it will always take a great
deal of hard work and persistence.
Longer hours although it might seem as if your working week will be more flexible, you will
always be co trained by the needs of the busine , which must always
come first. And youre the one whos in charge so it all falls on your
shoulders to make it work which can mean working all the hours
nece ary, often evenings and weekends. Dont kid yourself that it will
be an easy life you will inevitably be working more hours than if you
were an employee of a company. Another dow ide of working long hours
is that it wont just curtail your personal life, but it could also
lead to a confusion between work and home as many small busine owners
find themselves working whenever and wherever it is nece ary. This can
often cause te ion with partners or families.
How much power do you have? most people have to borrow money in some
way or another to allow them to set up their busine , which mea they
will have re o ibilities to their lenders or investors who will no
doubt want to see the busine pla and may want to be co ulted on
major decisio to e ure that their financial interests are being
taken care of effectively and efficiently.
Stre factor you have a lot of re o ibilities as a
small busine owner, and as youre ultimately in charge you may
sometimes find yourself feeling under a lot of pre ure,
which can affect both your performance in your job and your
home life. People who are self employed are more likely to take their
worries home with them as they feel a co tant pre ure.
Failure we all make mistakes from time to time.
Its just a natural part of the learning proce and
even the most succe ful busine owners wouldnt have got where they
did without the odd slip-up or misjudgement here and there. Some of us
are better at dealing with failure than others, though, and your
attitude will have a great impact on the succe of your busine . If
you take it in your stride when something doe t go to plan, and just
fix it, get on with it and put it down to experience, youre more
likely to make a succe of your busine . You must be able to cope
with challenges and failure if you want to become self employed.
Juggling tasks when youre setting up your busine you
may not be able to afford to employ other people to help you
so youll have to do a lot of different jo yourself.
If youre not confident in dealing with areas such as
bookkeeping, admin, selling and promotion you may find your busine
struggling to survive. You must a e your skills and experience
honestly and think about whether you really will be able to do it.
No more perks people working for employers,
e ecially large companies, tend to receive a great deal
of perks and benefits which can often be taken for granted. If youre
co idering setting up your own busine , think carefully about exactly
what benefits you would be giving up and whether you can afford to, or
are prepared to, make such sacrifices. For a start, youll lose job
security, and you may also have to give up private health i urance,
pe ion plan, company car and perha company discounts and vouchers.
So theres a lot to think about. You need to e ure that your both
busine needs and your personal needs can be met by setting up in
busine and that they are not in conflict with each other. You must be
a olutely certain that this is the right decision for you
if youre not fully committed to the idea, you wont have the drive and
motivation to make it work. It may be po ible to start off your
busine as a trial first, part-time only, while keeping your main job,
in order to a e whether you want to go the whole hog. This will
depend on the needs of your busine and the finances needed to start
up.
