Is This The Year You Start A Business?
Set yourself up for a win ...
POSTED BY JONATHAN VOWLES ON 22/01/2019 @ 8:00AM
When is a good time to start a business? This year? Next year? Before you have kids? After you have kids? When you are young, in your 30's, 40's or older? Are you feeling … well, just confused?
If you want to start a business in 2019 then maybe I can help?
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The best time to start is obviously when you are ready, but that is a bit of a cop-out answer. So, let's refine that answer a bit. Firstly by breaking down the sort of business you are going to start in terms of risk.
"You want to set yourself up for a win, not a fail!"
There is a difference between starting a side hustle (something you do at the same time as having a main job) and starting a business that is going to be your bread-winning activity. Obviously, the financial risk of a side hustle is potentially a lot less. If you are thinking of starting a side hustle then just go for it!
Conversely, if you are starting a business that needs to pay your mortgage, then you need to take greater care to make sure you are starting it off properly. You need to do your research to make sure your business is going to work, to get your finances organised and give yourself the best chance of success by having a mentor.
However, there will probably never be an ideal time to start. There will always be something that suggests greater caution. It could be the political situation (Brexit in 2019 for example!), the economic situation (the 2008 recession), or things that are closer to home.
Your personal circumstances obviously affect your ability to do stuff, and especially to start a business. However, starting a family or having spent the last 25 years working for others shouldn't put you off.
Every entrepreneur needs to have a passion for their business idea and confidence in themselves to achieve, as well as not be overly fazed by the nay-sayers and negativity of others. Of course, you need to listen to constructive criticism, and you need to critically evaluate your business idea to make sure it has legs.
"But you also need to distinguish between those who are just negative and those who are trying to help!"
Lots of entrepreneurs start at what appear to be inconvenient times. Some start young, some in their 40s and some older. I know someone who very successfully started an Estate Agency just as the 2008 property recession began. I'm also aware of people who started their business as teenagers and some who started after retiring from employment in their 60's ... and at every age in between.
"Would you like to know more?"
If you'd like to start a business this year then do give me a call on 01234 752 566 or click here to ping me an email and let's see how I can help you.
Until next time ...
If you're looking for a new accountant to help grow your business, do visit www.jvca.co.uk and discover how Jonathan Vowles Chartered Accountants can help you!
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.