Is starting a business safer than looking for job?

[Xander]

Very true Mark!
I used to work my hind off for a company, didn't earn as much, now I work freelance and earn twice as much (when it comes in).
But don't get me wrong, I cover a lot more areas now.
Being satisfied, is when im out in Mallorca, enjoying sun and speaking to some laid back people..

[oddjobz]

Starting your own business is "different" .. and whether you "should" depends partly on your point of view and partly on your circumstances. I wouldn't for example try it without a little capital .. or with personal responsibilities like a family ...

[paul]

In my opinion, unless you've sound financial background or you've good bank balance or other source of income don't leave a regular jobs, use your skills in your existing job and you can do much better in your current job or look for a change for better emolument & perks if you've that much talent and skills.

However after attaining certain age you'll find you've released most of the responsibility and it would be possibly right time for you to start your own business, I am not suggesting to start your business after 60 retire at the age of 45 max, it would be less risky, for anyone those acquired good knowledge and skills can utilize their experience to develop their own business, the web has lot of opportunity because the job goes where there is an internet.

[oddjobz]

Looking at the current fuel strikes, if you can earn between £31k and £40k driving a petrol tanker (before the current 13% pay rise) it sort of pays to get a HGV license instead ... (!)

[paul]

Originally Posted by oddjobz

Looking at the current fuel strikes, if you can earn between £31k and £40k driving a petrol tanker (before the current 13% pay rise) it sort of pays to get a HGV license instead ... (!)

The fuel price wil go on increasing, I think bicycles is good to protest against global car and other vehicle dependency it is environmental friendly and good for health & fitness

[Jacqdar]

As previously mentioned in some posts, for some people, it's not really the financial benefit, it's the feeling of satisfaction of running your own company you know you have started from scratch, and you can see it growing (a bit like a baby) - you see it growing, you see how it develops and where it leads. The amount of satisfaction you get from it is endless.

Yes you put in a lot of over-time, and miss out a lot of your own time - but in the end, it's well worth it!

P.S: This is not saying that starting a business is for everyone!

[oddjobz]

Mmm, worth noting that current figures show 2/3's of new businesses fail within the first three years and 80%+ within the first five ... it's a risky business, if you'll pardon the recursion.

[paul]

Such report backed up with research not necessarily correct, the author, document need to be verified, I think most of the business fail due to lack of fund, lack of time & involvement, partnership issue or a business plan that have absolutely no direction..

[eUKhost.com]

I think following reasons are the main reasons behind failure of a Business :-

1. Lack of Commitment.
2. poor vision and poor planning for future.
3. spending more money on yourself than what you earn from your Business.
4. poor technical skills.
5. frequent health problems

[Scothorse]

Employed people dream about being self-employed.
Self-employed people dream about being employed.


Being your own boss has got many advantages, you don't get taxed at source and if you re-invest, you hardly pay taxes.

Get your business Incorporated as a Limited Company, that way if it fails, you still have a roof over your head, use the house equity (if you own one) to finance the business.

A solid business plan is essential. Good book keeping is vital to keep tab on your debitors/creditors. (ie pay your suppliers as late as possible and get paid as quickly as you can) make suer that if you go over the minimum vat threshold over a 3 month period you must register for vat or you maybe in trouble.

Alas a good accountant is also a unwanted but vital expense.

Liability cover is also recommended but not essential (if you are a solicitor you don't need to ) oh and put all expenses through the business to only draw a below taxable levels salary, which in turn give your the added benefit of tax credit! thanks Tony and Gordon!

You will have no social life for as long as you work to make ends meet.

But, yes, it is nice sometimes to just say, I am off and ride in the sunset on a weekday when no-ones around to bother you...

[DPS Computing]

Originally Posted by Scothorse

Employed people dream about being self-employed.
Self-employed people dream about being employed.

I can echo that statement. Being both employed and self employed, when at my employment I think "God I wish this was self employment as well" and vice versa - its a no win situation!