Business start-up basics
The UK is a great place to start your own business, says Sean Taylor, MD of Lockforce Ltd, and with so many new business start-ups waving the entrepreneurial flag, you’re not alone in your thinking. But could it become a reality?
To make your dreams a reality is a risk because so many new businesses fail in their first year. The good news is that there is a way to start your own business that significantly reduces the risk of failure …
Buying a franchise provides you with so many of the benefits of running your own business and is proven to reduce the risk of failure. So, if you are thinking, or dreaming, of running your own business (franchise or not) here are three key things to factor in to your considerations:
1. your love and passion – if you don’t love the business you are in then it will be like a prison sentence hanging over you
2. your income/earnings – when it comes to numbers, understand what you need to earn; that’s your starting point when it comes to business planning and will help in your assessment of your new business
3. your time – running your own business provides flexibility and choice, but if you are serious about being successful it is likely to consume a lot of time, particularly in the early days.
Running your own business is not for everyone and not without risks. Speak to anyone who has done it and they’ll tell you the highs and lows – it’s like a business rollercoaster … but they will also tell you they will never go back to being an employee.
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