There are a great many reasons why you should form your own company. I started my own business over eight years ago, and have had a very interesting life as a result. I would concede however that new company formations aren't without the downsides. You have the added stress and responsibility by the truck load. Depending on what you do, you might find yourself on 24/7 call always, which has a big effect on your friends and family. However with all my UK company formations, I've found a many positives to be had- here are just a few of them.
Let's face it, most if not all people start companies to make money. Equally, there are many businesses that are run out of love. Even if a business is motivated out of love, we don't turn the money down! You do have the hazard that you could lose all your money when running a business. Yes, it is possible to invest every working hour, your life savings and re-mortgage your house, only to watch your business crumble. You could even end up owing money. Before you run to the hills, it is worth bearing in mind the very opposite is possible. If you plan every aspect of your business carefully, there is every chance you will succeed. Good businessmen and women know when the time is right to sell, and can also setup a company that runs itself.
If you are thirty now, imagine retiring at forty! You can have a company that works for you, not the other way round. It can enrich your life and enjoy all the wonderful things there are to do. Worse case scenario you will get very little sleep when you start a new company. I was once on 24/7 call for an ISP I ran. Because I didn't delegate properly, I was chained to my company. Business would always come first before family and friends, and most importantly myself! This is a bad situation where a business is running your life. When setting up a new company, it's vitally important from the start to work out just how the business will run without you. You are not the builder, or maintenance man- you are the architect! When planned right, a business can free up your time. I often enjoy taking an impromptu afternoon or day off, because I need to and it doesn't harm doing so. My business works for me, not vice versa.
Running a business can you give you real sense of achievement. There is nothing quite like building your own big client base. You will also have time to enjoy the fruits of that success. Believe me, it is all do-able! The rate race is very much overrated.
OK, so we have identified that there are some bad parts to running a business- but just look at all the good stuff above. You don't have to go in head first at the deep end either. Most businesses start as hobbies- so what are you waiting for?
Let's face it, most if not all people start companies to make money. Equally, there are many businesses that are run out of love. Even if a business is motivated out of love, we don't turn the money down! You do have the hazard that you could lose all your money when running a business. Yes, it is possible to invest every working hour, your life savings and re-mortgage your house, only to watch your business crumble. You could even end up owing money. Before you run to the hills, it is worth bearing in mind the very opposite is possible. If you plan every aspect of your business carefully, there is every chance you will succeed. Good businessmen and women know when the time is right to sell, and can also setup a company that runs itself.
If you are thirty now, imagine retiring at forty! You can have a company that works for you, not the other way round. It can enrich your life and enjoy all the wonderful things there are to do. Worse case scenario you will get very little sleep when you start a new company. I was once on 24/7 call for an ISP I ran. Because I didn't delegate properly, I was chained to my company. Business would always come first before family and friends, and most importantly myself! This is a bad situation where a business is running your life. When setting up a new company, it's vitally important from the start to work out just how the business will run without you. You are not the builder, or maintenance man- you are the architect! When planned right, a business can free up your time. I often enjoy taking an impromptu afternoon or day off, because I need to and it doesn't harm doing so. My business works for me, not vice versa.
Running a business can you give you real sense of achievement. There is nothing quite like building your own big client base. You will also have time to enjoy the fruits of that success. Believe me, it is all do-able! The rate race is very much overrated.
OK, so we have identified that there are some bad parts to running a business- but just look at all the good stuff above. You don't have to go in head first at the deep end either. Most businesses start as hobbies- so what are you waiting for?
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If you do decide to get into company formation, talk to Optimum Formations, who specialise in UK company formation.
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