Newspaper article The Journal (Newcastle, England)

Are You Ready to Start Up? Business Link

Newspaper article The Journal (Newcastle, England)

Are You Ready to Start Up? Business Link

Article excerpt

STARTING a new business is both exciting and rewarding, but it is also full of challenges. The level of commitment that you will need should not be underestimated.

The success of your business will partly depend on your attitude and skills. This means being honest about a range of issues - your knowledge, your financial status and the personal qualities that you can bring to your new business.

Commitment, drive, perseverance and support from family and friends will go a long way towards transforming your business idea into reality and will be especially important during the early days.

This guide will help you decide whether you have what it takes to set up a new business. It also provides a look at the day-to-day reality of starting a business and outlines the skills and qualities that you will need.

The day-to-day reality check

Setting up your own business requires your full commitment. Here are some of the challenges you need to think about. Another valuable way to find out about the day-to-day realities of running a business is to talk to people who are in business already.

Personal sacrifice

The physical and emotional demands of starting up in business should not be underestimated.

Starting a business is a life-changing event and will require hard work and long hours, especially in the early stages.

Financial insecurity

There can be times of financial uncertainty and this may have a knock-on effect for both you and your family. For example, you may have to forgo holidays. You may have invested personal savings or used your family home as security and in the worst case scenario you risk losing your investment or even your home.

Loss of company perks

Setting up your own business means that you will no longer be able to take advantage of the usual benefits associated with a permanent job. This includes the loss of 'safety net' benefits such as pension rights, sick pay, paid holiday and other company perks. …

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