Starting up your own business

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Following on from the recession, where may people found themselves made redundant and unable to get another job, decided to start up their own business. This is a huge step to take if you have been used to being employed for most of your working career. There are pros and cons to being both employed and self employed that you carefully consider before making your decision.

The main downside for being self employed or owning your own business is that there is often little income security to start with and this can be enough to stop people following this route.

You need to work out what money you need to live on and therefore how much business you require each month to stay afloat. You may have managed to save some money to see you through the first few months without having to take much of a wage, but this is only a short term solution.

There are also set up costs of the business that will need to be covered, if you can start your business without having to invest thousands in to it to start with then this can eliminate a lot of the risks involved and mean that there is not really going to be many implications if the business does not succeed. If in doubt you could always talk to a business mentor that should be able to talk through your options with you in greater details.