Setting up your Own Company
Setting up your own business can be both exciting and rewarding, but it is also full of challenges. The level of time and effort required getting it off the ground and fully operational should not be underestimated.
The success of your business will depend on many factors. Being honest with yourself about a range of issues such as your skill set, financial status, commitment and drive, will pay dividends in the long term. There are several key questions you should consider before setting up your own company:
- Do I have sufficient financial security to go it alone
- Can I manage without my current employment benefits (sick pay, paid holidays, pension etc)
- Do I have the skills and network to market and sell my business ideas
- Do I offer something to the market that is not currently available
- Will I be able to manage and recruit a team of staff as the business grows
- Do I have a strong support network to bounce ideas off
Clearly, this is not an exhaustive list but, they do represent common reasons why many businesses fail early. As a contractor, even if you have only one major customer, you should ask yourself these questions on a regular basis.