As industries change, shift, and even collapse, many of us are turning to the idea of starting our own businesses.
So much so, in fact, that the UK is in somewhat of a ‘startup revolution’. And, when you consider the 660,000 people started a business in 2016 alone, it’s easy to see why.
The argument becomes especially prevalent when you consider it next to the 608,000 of the year before it. Anyone would agree that’s a substantial increase in no time at all.
So, if you’re thinking about going down this path, you aren’t alone. But, just because a lot of people are doing it, doesn’t mean it’s easy. In fact, you could argue that starting a business in a saturated market makes things harder than ever.
Not so long ago, small companies had the benefit of being exclusive and having heart behind them. But, those factors aren’t half as valuable anymore. After all, there’s a multitude of companies which could claim the same.
So, rest easy that you’ll be in for some stress. All the more reason to take your time when considering going down this path. In fact, it may not be worth even starting until you can honestly answer yes to the following questions.
Are you willing to work long hours?
No matter how perfect starting a business might sound, it will involve working longer hours than ever before. As it stands, you may think that a nine or ten hour day is a bit too much. But, if you’re a business owner, hours like those would seem like half days.
Especially in the beginning, you’ll need to work pretty continually to get things off the ground. After all, when it’s only you on the team, the whole workload of the company will fall on your shoulders. If you don’t think you’re ready for that, you should definitely put your ideas to the side.
Are you okay with being in debt?
Unless you’re lucky enough to have a fortune behind you, it’s likely that you’ll need to take out unsecured business loans, and turn to governments for small business support. And, there’s no getting past the fact that means debt.
This can be a hard pill to swallow for someone who’s kept their record clean. Bear in mind, too, that this could impact your personal life. Your credit rating will undoubtedly change. If all goes well, though, this will be a temporary measure.
Do you have a plan b?
If you intend to make this work, it’s crucial you accept that 50% of UK startups fail. The market may be saturated, but only half of businesses make it through. With that in mind, you should always have a plan b in place.
This is like not putting all your eggs in one basket. In truth, most entrepreneurs have to try two of three ideas before hitting on the right one. So, embarking on the business world with only one plan to offer could be a huge mistake.
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