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REVIEW of Money 10
Your Own Business
setting up and keeping going

Many people have a hankering to be their own boss. It's an exciting prospect and can be a worthwhile, profitable one. Running your own business, however, may be far more complicated than at first thought. Employees who have worked in the same industry for a number of years, perhaps as a manager, will be fairly sure they know all the ins and outs. It should be remembered, however, that most will only have seen it from a limited perspective. They may have no experience of accounts, purchasing, advertising, or the hiring of staff, etcetera. Only when the business is actually theirs will they discover that the water is a lot deeper than they realised. This article covers a few instances and consequences that a prospective business owner might like to consider before jumping in.

For example: taking over an existing business is no guarantee that it will continue to be the success it always seemed to be. Customers may not like the change in ownership and could go elsewhere. Getting them back, or replacing them with new ones might be a problem. If trade does start dropping off, is sufficient cash available to keep going in the meantime? And what about repairs, renewals and a ready supply of any necessary stock - previously, these would have been the responsibility of the old boss; but does the new one have them fully covered?

Having insufficient, rainy-day cash is a common failing of new ventures and take-overs alike; but it won't be the only problem to face. Even with extra operating capital, there are many aspects to consider that vary depending on the type of business. The full article lists some of the more popular industries such as: hospitality, manufacturing, franchises, sub-contract and repair services. Knowing the pitfalls before taking the final leap will at least ensure it isn't one of faith alone.

To read the complete article or download the PDF of Money 10 click here

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