When Should I Start My Own Business?
In recent weeks I’ve heard the saying “I would not set up in business now” from a number of people. These people were not the doom mongers whose role in society appears to be to make everyone else feel bad (or sell their newspapers – whichever may apply). No, this was being said by people who have successfully started a business some years ago, established themselves within their respective industries, are employing a number of people and are making strong positive contributions to our economy.
So why would they not start a new company now when so many of the business gurus would tell us that this is the best time to start a business. Surely if you can successfully start a new business in these tough times then things will only be better for your business when the economy improves. You are likely to have a strong company poised to capitalise on the increased expenditure that will accompany or drive economic growth.
For some it was that with hindsight they feel they have had to fight too hard to get to where they now are. Setting up in business was far harder than they had anticipated. They no longer have the desire, drive and stomach to make the necessary sacrifices to succeed.
For others it was that legislation in their particular industry has changed so much that they no longer feel that they could succeed if they had to start again from scratch. The red tape is too constricting and the bureaucracy prohibitive to such an extent that no one could start from scratch and compete on a level playing field with the established companies.
Some felt that the rewards they now get from being self-employed are still not enough to start out again.
So do they all regret setting up in business? To a one – absolutely not. They completely thought it was the right thing to do and did not regret it at all.
So is it the right time to set up in business? Almost definitely - so long as you have the necessary desire, drive and stomach to make it a success.
Peter Wood, Business Loans Manager for Essex