I set up several businesses between late 80s and 2018 when I sold out what was left and retired. Some failed, most did OK and a couple did very well. There were some horrible times of great stress but mostly pretty good with a handful of brilliant experiences too.
Key lessons:
Don't offer credit. If your chosen market demands it try another.
Don't hold significand stock, ideally none. Soaks up money.
Employ as few people as possible. Employees are horrible... except the odd good ones you should treat like royalty.
Running your own business is more to do with lifestyle and pride than money.
Success is little to do with intelligence, though a bit is handy, more to do with attitude and self-belief.
It truly is not for everyone. There's no shame in not being an entrepreneur.
I believe being a Bluenose helped me a lot! The number of disappoints I've had in over 65 years couple with eternal optimism (mostly) has given me the positivity needed to keep right on in the face of adversity. KRO
TonyB
One possible way to start is start up part time whilst you are still in paid employment. You will soon decide if it is for you or not. If it is go for it 100% if not then you haven't lost much.
Madeira BlueOne possible way to start is start up part time whilst you are still in paid employment. You will soon decide if it is for you or not. If it is go for it 100% if not then you haven't lost much.
Absolutely:
[www.yourcompanyformations.co.uk]
I agree with some of the the things you say, but you are the second person who has said don’t employ people because people are too difficult.
What I would say to that is that you have to recognise if you do that people you employ are unlikely to share the same motives as a business owner and to expect anything like the same commitment is unrealistic. Treat people fairly and try to ensure the pay they get is reasonable too. After all, if you do employ someone they are making money for you, which is why you employed them in the first place presumably.
If you can’t deal faulty with people don’t employ people. There’s enough ruining if people’s lives goes on. Those who say like they say that you can’t get to the top without being a decent person and treating people decently are wrong in my view.
MiguelagennI manage a business (not mine, the owners are Glasgow based) and the only advice I'd give is don't start a business where you're looking to employ people. It's the people that make everything so tough.
I concur, employees are a pain in the arse
Employ as few people as possible. Employees are horrible... except the odd good ones you should treat like royalty.
Retain the best and turnover the rest. Burnt out employees will drag your staff morale right down to the floor. If you're a soft touch and want to be everybodies friend, then people will start to take advantage.
A lot of employees are a pain in arse, but some are good. There is definitley a generational difference in attitude to work, but as newblue says you have to get over that no-one will value your business as much as you.
I was hoping Barking P would respond so that I could retread the George Bush story (probably untrue) where he said: 'The French are rubbish at business, they don't even have a word for entrepreneur.'
All the best businesses are built with great people. 'Good to Great' by Collins is excellent. There are many important attributes a great company needs, but getting the right people on the bus is the most important of all.
There’s some great advice on here.
Personally I don’t have any employees, which works better for me. People use my service because they want to contract me, not someone who works for me. But it also means that when I go away then the business stops and so does the income.
Someone earlier described being self-employed as a lifestyle. So true. Expect to work hard in the beginning to establish the business. But eventually you can ease off and let the business work for you.
Robert HopkinsA lot of employees are a pain in arse, but some are good. There is definitley a generational difference in attitude to work, but as newblue says you have to get over that no-one will value your business as much as you.
That's why your very best people need to be invested as shareholders.
Robert HopkinsA lot of employees are a pain in arse, but some are good. There is definitley a generational difference in attitude to work, but as newblue says you have to get over that no-one will value your business as much as you.
It was mostly in jest but, they are the one thing that wound me up the most out of all issues of running a business.
Worst business month of my life, was having to make 3 people redundant
Robert HopkinsA lot of employees are a pain in arse, but some are good.
Some of them will even be setting up there own business.