Being in business
Running your own business is very different from being employed. Before embarking on a new business venture, you should ensure that you have researched the market, and that you are comfortable that you can earn a living operating within it. You need to be sure that being self-employed and possibly an employer, is right for you.
The advantages include:
Being your own boss, which allows you to choose when and where to work;
Being in charge of your own destiny, which means higher rewards if your business is
Less tax – With professional advice you can greatly reduce the amount of tax you have to
The disadvantages include:
Less security / business and personal uncertainty:
- There are no guarantees that your business will be successful, and even if you become successful, there are no guarantees that you will remain successful.
- How will you fulfil your personal financial commitments if things do not go a planned?
- What happens if you are injured, ill or die? When do you retire? You have to make your own plans for your future; re pensions, financial cover in case of death, sickness or injury.
The possibility of not being paid if you are injured, ill or even when you go on holiday.
As you will be running your own business, there will be forms to fill in, rules to obey and accounts to keep.
Once you are sure that starting up your own business is right for you, then you need to do a very detailed market analysis.
Ensure you are aware of all the regulations that will affect your business, and complete a thorough market research. Don't make any financial commitment until you have completed all your research.