| Running my own busines is certainly the best thing i ever did work wise, but be prepared for a lot of hard work for very little reward at first, and some grief and long hours along the way along the way to get it going.
Preparation, cold hearted objective research before you start are crucial. Then seriously consider cashflow, proper funding and don't be over optimistic. Always preapre an optimistic, realistic and doomsday/pessimistic set of projections and budgets and consider 'what if'
I was once told that for the first year you keep the business, in the second year it begins to keep itself, and in the third year it starts to keep you, and these words were very apt in my experience.
Get good advice from an accountant and a solicitor if invloved in any sort of partnership. Also consider the long term implications of long term leases and things like the bank wanting say your house as security.
Employing staff can be interesting as well.
I've also been told that something like only 1 in 10 new start ups survive to reach the 5 year mark. Sorry if that sounds depressing, but business failure can bring massive grief.
Having said all that negative stuff, if everything is right, it'll be the best thing you've ever done, rather than a nightmare.
I've only concentrated on the negative stuff to try and help you avoid some of the pitfalls.
GOOD LUCK.  |