Starting up on your own at what age?

[Seany88]

Following on from a thread recently about this, for those of you who own a business at what age did you decide to take the plunge? A number of replies from the previous thread said that they wished they'd done it sooner...but how soon?

Me personally I'm considering setting up a business, partly because I crave financial security and don't want to have to worry about money when i'm older, but conversely am a bit apprehensive about the commitment needed and the whole thing about these being the best years of my life! (24).

At the moment i'm contracting and am perfectly happy with that as it has enough flexibility and time off to enjoy myself while earning a decent wage. But i want more! Just seem to feel though that maybe I'm trying to go against the flow but its too hard...

[pgilc1]

Seany88 said:

Following on from a thread recently about this, for those of you who own a business at what age did you decide to take the plunge? A number of replies from the previous thread said that they wished they'd done it sooner...but how soon?

Me personally I'm considering setting up a business, partly because I crave financial security and don't want to have to worry about money when i'm older, but conversely am a bit apprehensive about the commitment needed and the whole thing about these being the best years of my life! (24).

At the moment i'm contracting and am perfectly happy with that as it has enough flexibility and time off to enjoy myself while earning a decent wage. But i want more! Just seem to feel though that maybe I'm trying to go against the flow but its too hard...

"i'm considering setting up a business... because i crave financial security"

50% of new businesses go under in the first two years, usually having cost the owners tens of thousands of their own hard earned.

Owning your own business does not necessarily mean you earn lots of money.

New businesses generally demand long hours and a lot of stress.

Personally, if you have a skill that allows you to contract (presumably at a strong rate), i'd stick with that - its a good halfway house - particularly in the current economic climate.

[JustinP1]

Financial security and running your own business are not two things which go together.

Even when you expand and get more turnover, to get that you need to make a larger and larger financial risk. Indeed as you grow, the risk of losing more is often more worrying than when you had little or nothing to lose!

[Steve H]

I think the financial security he craves may be one at a later age. Like most on here, I started my own business and beleive me I was not financialy secure for at least the first 5 years! However, with a lot of hard work and long hours I am now and am not answerable to anyone and this is one of the reasons I took the plunge
Steve

[Seany88]

Steve H is right, sorry I should have clarified that. Its a long term goal, to not have to pull crazy hours when i'm older with kids etc.

I do understand the risks, and on its own I'm prepared to take it knowing that currently no-one depends on me and that i've got time for a second chance.

Wasn't really a specific question to be about me, but I find a lot of older people (parents and their friends) tell me to enjoy it while i'm young, travel more etc but i'm not a backpacking kinda guy. Sure I want to see the world, but I am happy to spread it out over my lifetime and in holiday-sized chunks instead of taking off for a year or 2.

So I guess what i'm asking is at what age do people generally feel they are ready to take on all that risk and stress? Do you feel like you've already become a very rounded individual and got the 'play' out of your system?

Edited by Seany88 on Saturday 27th September 11:52

[V8mate]

The right age to start a business is when you've got a great idea and the skills (and funding, if necessary) to make a good go of it.

Age, therefore, is irrelevant.

[pgilc1]

V8mate said:

The right age to start a business is when you've got a great idea and the skills (and funding, if necessary) to make a good go of it.

Age, therefore, is irrelevant.

+1

Also, its not the be all and end all of your career. Doesnt suit a lot of people, and theres a lot of money to be made NOT running your own business.

[groomi]

I started my business when I was 22. The downside was that although I had the basic skills required (to do the job, not necessarily to run a company), I had very little experience and almost no contacts to build from. The upside however was that I had zero liabilties. No mortgage, no children, no wife, no car loan etc. etc.

In terms of making a successful business, I think starting young is doing it the hard way. However, in terms of risking minimal damage to you life should it all go wrong, then it is the ideal time of life.

You takes your choice...

[drjazz]

I am in a similar position to yourself. i.e. wanting to get away from contract work and start something up myself. For starters, before making any big decisions I'd recommend reading a few biographies/autobiographies of entreprenial types; Dragons Den people - (Bannatyne's is my favourite), but also Felix Dennis - How To Get Rich, Tim Waterstone - Swimming Against the Stream, James Dyson -Against The Odds. These demonstrate the determination and risks involved in going it alone. Also read up on the general aspects of marketing/advertising/recruitment/finance etc before going into battle with the banks etc. Best of luck.

[JustinP1]

groomi said:

...In terms of making a successful business, I think starting young is doing it the hard way. However, in terms of risking minimal damage to you life should it all go wrong, then it is the ideal time of life.

You takes your choice...

Indeed.

That is why a less than average amount of entrepreneurs are degree educated. Even less are educated and graduated with a 'made' career at the end like a doctor or lawyer.

There is always an 'opportunity cost' in taking the risk. If you have nothing to lose it makes it easier. If you have a career where you earn a safe £50k a year, you have a lot to lose my taking 3 years out of it to start a business.

I started full time the day I graduated - in fact my company started when I was still at uni. I had nothing to lose, and a whole load of debt anyway, started my company just added to it a bit!

I could never be an employee now.

[jamesuk28]

Started own business at 21, sold it to a local Estate Agents 18 months later and went to work for them

Started second business at 24 sold again due to family tragedy.

Started latest business at 29 (6 years ago), expanded to 4 companies, all doing well.

Firm believer in the fact that you are born too either work for yourself or work for others. I personally would rather have, if needed, a lower income and be my own boss, than a higher income and work for somebody.

Self employed = bloody hard work (7 days a week for me) massive risk but I would not have it any other way

[Seany88]

drjazz said:

I am in a similar position to yourself. i.e. wanting to get away from contract work and start something up myself. For starters, before making any big decisions I'd recommend reading a few biographies/autobiographies of entreprenial types; Dragons Den people - (Bannatyne's is my favourite), but also Felix Dennis - How To Get Rich, Tim Waterstone - Swimming Against the Stream, James Dyson -Against The Odds. These demonstrate the determination and risks involved in going it alone. Also read up on the general aspects of marketing/advertising/recruitment/finance etc before going into battle with the banks etc. Best of luck.

Thanks for the recommendations, the titles themselves sound like what I need to renew my motivation!

In my case, the risks are not massive as I intend to buy over an existing business with most of the necessaries already in place, I think its more the commitment required that i'm re-considering at the moment...guess its more of a life choice right now rather than a business decision.

[anonymous-user]

I started my own business in the year i got my first property! This wasn't planned, i quit a job i hated and decided to try on my own. Massive risk and it's paid off. It's bloody hard work, i've not had a holiday since 2002 but in a way it's different, i know everything i do now is for me & my family-not lining someone elses pockets. Every business will be different but i am sure in the beginning the ones that fail are the ones where people do not commit 100%. If someone phones you up Friday night for a pint do you go or do you do that job that needs doing? That is the difference..........