Am I mad to want to start a business?
Discussion
I've wanted to start my own business as long as I can remember, my chose my education to support this by studying Business related subjects at A Level and then Business Management at degree level.
However, despite some good ideas (and some really bad ones, with hindsight!) i've always put it off - it has always 'been the wrong time', usually because I've been too busy with Uni work or more recently being a wage slave and having a nice fixed amount transferred to my bank account at the end of each month.
Finally I have got myself into a position to do it - I'm in a stable relationship and my partners salary can cover all of our expenses, resulting in there being no massive pressure for me to earn in the early months. Even if my partner does lose her job, we have savings to last us approx 18 months (or much longer if we moved back in with my parents - a possibility if everything went tits up. My partner is fully supportive. My current job is not well paid and is not part of a career path - it was taken purely to get experience the field.
The plan was always to give starting a business six months to take off, and if this didn't work I could always find a basic job to earn a bit of money, although it now seems there are hardly any jobs advertised, and those that are are attracting huge amount of applicants.
People I've talked to for advice seem to fall into two catagories
A. Just do it, you only live once and what is the point of doing something you don't enjoy. At the end of the day, even if it fails you can just pick yourself back up and carry on where you left off, just with a bit more life experience and a bit less money in the bank.
or
B. Bad move, stick with a job that is providing a fixed income. Even if you hate it you can justify it by spending some of the money doing things you otherwise couldn't do, which you might not be able to do being self employed. Plus, with the economy in the state it is, if you have any job at all, no matter how low paid, you'd be mad to give it up.
Wondering what the general consensus from those who have actually done it was?
However, despite some good ideas (and some really bad ones, with hindsight!) i've always put it off - it has always 'been the wrong time', usually because I've been too busy with Uni work or more recently being a wage slave and having a nice fixed amount transferred to my bank account at the end of each month.
Finally I have got myself into a position to do it - I'm in a stable relationship and my partners salary can cover all of our expenses, resulting in there being no massive pressure for me to earn in the early months. Even if my partner does lose her job, we have savings to last us approx 18 months (or much longer if we moved back in with my parents - a possibility if everything went tits up. My partner is fully supportive. My current job is not well paid and is not part of a career path - it was taken purely to get experience the field.
The plan was always to give starting a business six months to take off, and if this didn't work I could always find a basic job to earn a bit of money, although it now seems there are hardly any jobs advertised, and those that are are attracting huge amount of applicants.
People I've talked to for advice seem to fall into two catagories
A. Just do it, you only live once and what is the point of doing something you don't enjoy. At the end of the day, even if it fails you can just pick yourself back up and carry on where you left off, just with a bit more life experience and a bit less money in the bank.
or
B. Bad move, stick with a job that is providing a fixed income. Even if you hate it you can justify it by spending some of the money doing things you otherwise couldn't do, which you might not be able to do being self employed. Plus, with the economy in the state it is, if you have any job at all, no matter how low paid, you'd be mad to give it up.
Wondering what the general consensus from those who have actually done it was?
Do it do it do it. In a few years your personal circumstances might be very different. Don't waste your life in a pointless job, get out there and see life from a different angle. Not necessarily a better one - not to start with, don't expect an easy life - but take your time and do your research, get your sums right and you'll never look back.
john_p said:
Do it do it do it. In a few years your personal circumstances might be very different. Don't waste your life in a pointless job, get out there and see life from a different angle. Not necessarily a better one - not to start with, don't expect an easy life - but take your time and do your research, get your sums right and you'll never look back.
First year/two years can be bloody hard work, but keep at it and it soon comes together if you get the mix right!
I took a very similar education path and you have a great base of knowledge which is better than 90% of people who start businesses.
I found that the basic knowledge meant I was on the right foot from day one, it was just picking up the practical ins and outs like customer service and tax.
If you can do it, do it. Whatever your plan is, keep looking at it until you can cut your initial outlay and overheads as small as possible. This will keep the pressure off you so you can concentrate on making money. I started my business on literally a couple of grand and built it from there.
I found that the basic knowledge meant I was on the right foot from day one, it was just picking up the practical ins and outs like customer service and tax.
If you can do it, do it. Whatever your plan is, keep looking at it until you can cut your initial outlay and overheads as small as possible. This will keep the pressure off you so you can concentrate on making money. I started my business on literally a couple of grand and built it from there.
Muzzlehatch said:
Stop fannying about with internet threads, just get on and do it. It's the only way.
Sound advice, & if you wait for the right time you'll never do it. I was in a job paying well, i moved to a new company paying more, i lasted 3 days when i thought "this is a crock of s
t". I quit. I started on my own, that was 2002, i've not looked back since.I can't see any reason not to from the details you have given.
Have a read of this thread which might be of interest.
(The general consensus seems to be "My only regret is not doing it sooner".)
Good luck, and keep us posted with how you get on.
Have a read of this thread which might be of interest.
(The general consensus seems to be "My only regret is not doing it sooner".)
Good luck, and keep us posted with how you get on.
Professional Cycnic Alert!
All depends on whether you have a sound business plan. If you think it's a go-er, and other people whose views on business you respect think it has legs, you have the support of those around you and it is something that you really want to do, then you should absolutely run with it, and I wish you all the very best.
On the other hand, if you are starting your own business for the sake of it, don't have a sound business plan, or don't have the support of your friends and family (remember that this will affect your other half), then you should take advantage of the fixed salary and security you have at the moment and spend some time to perfect your business plan and get that support. You have said yourself that some of your other business plans have been half-baked. Make sure that this isn't one of them!
Don't get me wrong, I am all in favour of the giant leap into the unknown, and this country needs entrepreneurs like yourself - but unfortunately I see a lot of people who take that leap unprepared, and end up falling flat on their face. New start-ups are inherently risky, so you need to do everything you can to minimise the risk. Yes, there are plenty of people on here glad they took that leap, but I imagine there are also many people in the world who wish they hadn't.
Do it, but do it properly.
And then tell us all what you did and how you did it.
All depends on whether you have a sound business plan. If you think it's a go-er, and other people whose views on business you respect think it has legs, you have the support of those around you and it is something that you really want to do, then you should absolutely run with it, and I wish you all the very best.
On the other hand, if you are starting your own business for the sake of it, don't have a sound business plan, or don't have the support of your friends and family (remember that this will affect your other half), then you should take advantage of the fixed salary and security you have at the moment and spend some time to perfect your business plan and get that support. You have said yourself that some of your other business plans have been half-baked. Make sure that this isn't one of them!
Don't get me wrong, I am all in favour of the giant leap into the unknown, and this country needs entrepreneurs like yourself - but unfortunately I see a lot of people who take that leap unprepared, and end up falling flat on their face. New start-ups are inherently risky, so you need to do everything you can to minimise the risk. Yes, there are plenty of people on here glad they took that leap, but I imagine there are also many people in the world who wish they hadn't.
Do it, but do it properly.
And then tell us all what you did and how you did it.
I'm in the same boat as you except I can't give up my job (other half back to uni!!).
Anyways, I despise my job and this has given me the incentive to get off my behind and do something about it.
I have an idea and have started the ball rolling with samples having arrived today from China and phase 2 of my plan coming from France soonish.
I have packaging companies etc. in mind and have samples sent from them.
The next phase is to get some prototypes made up and sell, sell & sell. Luckily my other half comes from a sales background and is happy to help in her down time. If an order comes in then I am in a position to deliver without giving up my regular income. If the orders are large enough then I can leave my job and focus solely on the business (won't be any time soon but I have a goal).
My advice is ask yourself how much you can do prior to jacking in your job. Will it require 100% of your time from the off or can you fully prepare and test the market prior to making the jump?
Anyways, I despise my job and this has given me the incentive to get off my behind and do something about it.
I have an idea and have started the ball rolling with samples having arrived today from China and phase 2 of my plan coming from France soonish.
I have packaging companies etc. in mind and have samples sent from them.
The next phase is to get some prototypes made up and sell, sell & sell. Luckily my other half comes from a sales background and is happy to help in her down time. If an order comes in then I am in a position to deliver without giving up my regular income. If the orders are large enough then I can leave my job and focus solely on the business (won't be any time soon but I have a goal).
My advice is ask yourself how much you can do prior to jacking in your job. Will it require 100% of your time from the off or can you fully prepare and test the market prior to making the jump?
Gassing Station | Business | Top of Page | What's New | My Stuff