Being your own boss is something lots of people dream about doing. Being able to pick your work hours and set your own pricing structure are some of the many benefits that attract people to set up their own business.
Although there are many perks there are also some obstacles that you may have to get over and at times the stress and responsibility can take its toll. It may be risky if you are having to buy stock using your savings or obtain credit from suppliers meaning that if everything goes wrong, you will lose a lot of money. You really need to do your research to establish if there is a gap in the market for the products or services that you are going to be offering and check that you can compete. You need to work out the prices that you need to charge to be able to compete with other businesses whilst still making a profit. Larger companies will often be able to buy in bulk and usual receive a hefty discount.
Keeping your accounts up to date is vital when running a business as it will help when it comes to yearend tax returns but also to ensure that your business is profitable.