Thereâ€™s nothing more exciting than getting an idea in your head and eventually seeing it working for real. Have you ever been unable to sleep at night because your mind is running at high-speed revs rather than in idle? Itâ€™s frustrating as well as causing sleep deprivation.
Andy, thatâ€™s me
Hi, my nameâ€™s Andy McGowan. I turn 40 this year and I am so happy that I was able to create a business of my own before that magic birthday. If Iâ€™d spent another 12 months in that dreary job, I would have gone bonkers, honestly. Anyway, a little about me before I go into a rant about my work.
Iâ€™m married to a lovely young lady, Bronwyn, and we have an 8-year-old daughter, Felicity. We live in Richmond, a few streets away from the Thames but far enough away from busy London to consider a day there as a day out J. My wife has returned to work because like everyone else in this country, paying the mortgage and keeping on top of the bills, plus schooling for Fliss is a drain on resources. Richmond Green is nearby so we walk and jog there if there isnâ€™t a cricket match being played.
My Work â€“ Business Consultant
As a business consultant and owning my own business, I just wanted to share some ideas with you because I like to write and maybe somebody out there reading this might get inspired. When I was working for a company and I advised people on business planning, the cost of setting up and the money they would need, I was always a bit jealous of them. Here I was, apparently a know-all expert telling people how to start a business and I was working for someone else! Yeah, kind of stupid.
Your Own Business
But to make that decision to venture out on your own is a darn big step and depending on your circumstances it can be a step many are not prepared to take. I think if youâ€™re single, have a few quid saved and have a good idea and itâ€™s not going to cost you every penny you have, then you would be more inclined to make that move to business owner.
Risks to Consider
If youâ€™re married, have a mortgage, maybe a kid or two, comfortable, not struggling, then to risk that lifestyle will take a lot more personal convincing. We read about these young entrepreneurs who suddenly find themselves millionaires because of a business venture they undertook. But for every one of those stories, there are 90 others you wonâ€™t read about that failed. Itâ€™s true, unfortunately. 90% of business fail within the first 3 â€“ 4 years.
Prepare â€“ The Facts
The secret is preparation and contingency. I used the same principles setting up my own company as the one I kept telling others to do. Of course, the first step is to have a good idea. Have a service or a product that fills a niche. Then do a business plan. How much will it all cost, including company registration and all the legals and bank set ups and how long can you survive without a steady income? That last one is the killer. If having your own business means losing 15 kgs because you canâ€™t afford to eat regularly, then itâ€™s possible you made an error of judgement. Haha, just kidding. Iâ€™m sure youâ€™re smarter than that.
Work at Home
The funny thing about working for yourself is that itâ€™s actually becoming a trend being used by big firms as well. How often do you see companies asking if the employee can work remotely, from home? Online businesses are ALL run from home unless they are into packaging and transporting.
Employees â€“ The Cost
The quickest way to go broke in business is having to employ a few people. Nobody else in the world has the same passion for your business as you do. You can train people to do a good job but teaching them to â€˜careâ€™ is a whole new ball game in human motivation. The cost of an employee will be 50% of your running costs! Remember that.
Well, I just wanted to introduce myself and pass on a few business ideas that you might like to think about and some plans I will go into more detail in the future. I hope you follow my blogs and I will be more than happy to answer any questions you might have as we progress to getting you started in your own business.