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Be the Big Boss

It is easy when working from home to dream of running your own business. No more annoying emails or calls from your manager. Being your own boss is challenging, however, you can enjoy the perks of being the owner. Does running a business float your boat?

Big boss

Lift-off

The government reckons that there are between 500,000-700,000 new start-up businesses each year. Sadly, in an average year there are roughly 500,000 companies dissolved (many failed small business). A quarter of start-ups fail in their first year. If you make it, then you will join the other 5.8m small businesses (0 to 49 employees).

Advantages:

  • Be Your Own Boss: Answering to no-one except the customer and overseeing the decision-making.
  • Creativity: The freedom to set the strategy, set the name and the services offered.
  • Sink or Swim: Grow the experience and the satisfaction of achieving success.
  • Flexibility: Start the weekend at Friday lunchtime.
  • Financial Windfall: You keep the profits, as you took the risk.

Disadvantages:

  • Start-Up Costs: Means borrowing (loans & interest), often from a bank; they can control you.
  • Longer Hours: The business is in your head and does not stop at 5pm on a Friday.
  • Uncertainty: Covid-19 demonstrates how uncertainty is a business killer.
  • Distractions: Operates in many forms, if working from home. Need discipline and self-control.

Before you tell your manager that you are quitting to run your own business, remember that about 20% of small businesses fail in their first year and around 60% will go bust within three years. That is sobering for any new Boss. However, the majarity of small businesses thrive, as shown by the number of Couriers, Coffee Shops and Car Washes. Others have proved it – can you? Good luck.

ChildMax pays your take home salary while you are on unpaid leave caring for a sick child. The NHS provides world class medical care, but parents are the care team; this can reduce earnings. ChildMax starts from £49.50.

Visit at www.insurewithmax.com  or call the UK call centre 0333 323 0098 for more information.

Sources:

https://www.accesstraininguk.co.uk/news/post/2019/07/12/pros-and-cons-of-having-your-own-business

https://fundsquire.co.uk/startup-statistics/

 

Date: 07 June 2021 by max robinson