Is this the right time to start your business?

Posted 9 February 2017

Starting your own business can seem like an overwhelming idea. Many people are afraid to turn their dreams into reality feeling like they lack motivation, discipline, knowledge, and guidance to succeed. Running your own business comes with a number of responsibilities you will need to fulfil, and risks that need to be managed.

One of the great things about running an accountancy practice is when we get to see a client succeed. Sometimes this can lead to a fundamental change of lifestyle – but usually it is more modest.

Not everyone turns into a serial entrepreneur overnight or is able to establish national distribution for their products / services at huge profit margins. That doesn’t matter as success is not just about the money (although of course, that is a very useful measure) – sometimes it’s about being able to share ideas you are passionate about, or taking greater control of your own diary / destiny. You can choose where and when you want to work, and decide on how to develop your own projects / ideas.

So, it’s not always about entrepreneurship. But we don’t want to rule that out. Passion is not enough on its own. You have to know where to start, and what ideas are worth pursuing?

Some businesses spring from hobbies, or things that people start in front of their computer, on their dining room table or in the shed. This can allow you to work full or part time in a regular day job while developing ideas. If you can, this can be a low risk way of testing to see if there is a market for your ideas / services / products – but of course you don’t want to give away any intellectual property before you are ready.

The internet is one of the greatest markets available today, and it makes running your company simpler and cheaper than ever – but it also comes with risks – not just over theft, security of personal and customer data, but also tax compliance gets complicated quickly, and some of the rules are very technical. It is important to get the right advice at the right time to avoid any pitfalls.

Before you decide on the business model that best suits your needs, why not contact our team at IQ Business Consulting to discuss your options. We can help you define a business strategy based on your individual needs, aims and hopes. We can also assist you manage your business by offering accounting services including bookkeeping and tax compliance.