Who would not want to have all the control and people following his orders? It sounds like a dream come true, right? Yes, that is the boss’s post. You sit and tell the others what to do without having to lift a finger, just giving instructions. Anyhow, all that glitters isn’t gold, and even to reach that position, you have to work a lot and well, nothing is served to you on a silver plate just that if you are lucky enough to be born with a silver spoon in your mouth is a different story.
Although starting a business is not easy, sure the idea is fun, but in reality, you have to start from scratch. It is even tougher when you do not have any idea on how to go about it. Sure, you have a great idea, and you have planned it all out but you do realize just drafting something on the paper and executing it are two different things. You may have the basics covered, manager, accountants, employees, and all that but if you plan on starting your own business and have experience working only under a manager, you need to do some serious soul-searching and self-assessment.
Being the boss totally changes the dynamics, and there are no rooms for errors. So, before you step into that zone our accountants want to ask you the following questions:
Can You Survive the Money and Psychological Challenges Thrown Your Way?
Between 2019 and 2020, the total business population grew by 113,000 (1.9%) in the UK. You can do the mathematics and guess how many businesses start in one month and then have an idea of the competitive market you are getting in. You need to understand, you are not the only one with a great idea there are many out there with just as brilliant and unique ideas. Many businesses shut down than start-ups in a month. You are in for a risky ride.
The question arises, are you ready to face the loss? As in the beginning, it is more about investment than profit. Will you be able to handle the pressure mentally and financially? If you are on the fence about this then you definitely need to reconsider.
Can You Survive Alone?
It is possible you have to start from your basement with no help, just some savings that you have scraped up for this new venture of yours. Will you be able to keep a balance between your professional and personal life? You do not want to be someone who is always working and has nothing else in his life. Be passionate about your work but don’t be a workaholic as life has so much more to offer.
People are also not very kind in the beginning, will you be okay with listening to the taunts, sarcasm, and no word of encouragement? It might just be you against the world, are you strong enough for that? Certainly, you get the chance to control your timetable and work for yourself. In any case, you likewise need to work longer hours, for the most part in detachment, and possibly not make as much as your full-time friends.
Do You Want to Learn Marketing, Accounting, Etc?
You cannot possibly have all the skills and honestly, that is okay. All-rounders even can’t do all the jobs perfectly. So, it is better to know your strength and stick to it, especially when you can get others on board to do the other tasks for you. However, it comes in handy if you learn:
- Sales: So, you don’t starve
- Advertising: So, you can sell more
- Management: So, you won’t be separated from everyone else
- Arranging: So, you can scale and remain competitive
- Flexibility: In the event that your arrangement doesn’t work out
- Accounting: So, you have all your records in one place and don’t miss out on deadlines
Can You Communicate?
This one here may seem easy but many businesses face a lot of hurdles because of this one factor; communication. For some communication comes easy hence it is no problem for them to get their message across and in such a way that the listener understands. Then come others who have it a hard time to get their message across because of their communication skills.
So, ask yourself, can you delegate? Once you become the boss you have to communicate with your customers, your accountants, and all the other employees working under you. Even if you are a freelancer you need to have the skill to talk. Without healthy communication, you can get nowhere. Also, not just talk but even have the patience to listen to the other person.
Will You Be a Good Mentor?
This venture is your baby and you want it to succeed. Nothing in this business will go the right way till the time you don’t take responsibility for guiding yourself as well as your team towards the path of success. Be a leader for those who are working for you and set good examples. Will you be able to take out time to resolve the little issues before they become big?
After reading these points, our chartered accountants in London just have one question for you; Are you still willing to get on with this ride?
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