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If you are looking to run your own business, it is worth looking at what is required to succeed.
What are the attributes that successful business owners have? A little self analysis may be time well spent. If you are starting, or have recently started a business in the Northampton and Rugby area we, at J R Watson & Co Accountants, can help you start and develop your business.
Many people wonder deep down if they could really make a go of running their own business. It is not for everyone but the following is a list of attributes that successful business owners have. You do not need all of these characteristics but ‘go–getters’ have the majority of the qualities.
To help you decide whether or not you are cut out for the enterprise culture, do you see in yourself any of the following? Are you:
You must appreciate that in becoming self–employed you will lose the comfort of having a regular income. There will be times when you will have very positive cash flow but also times when money is short. Therefore during times of shortage you must be prepared to do without some luxuries for both yourself, your family and your business.
Starting a business is not easy and your family must both be on your side and also lend you support. Initially, especially in the early days, you could often find yourself away from your family for long, unsocial hours. Their understanding can be invaluable.
It can help to get your family involved in aspects of the business. There may be many jobs that can be easily delegated to them. It may also help on the financial side that they understand why there may be a tight control of the family finances.
You may be considering self–employment to exploit your talents. Running a business needs many skills. You should identify those things you are good at and those with which you will need help. You may wish to employ people with the necessary skills or, alternatively, consider contracting out certain tasks.
You must research as much as possible about the marketplace, your potential customers and competitors. It is vital to have knowledge of these areas when considering whether you have a potentially successful business proposition. You may wish to use published material or ask people who are likely to buy from you, either directly or by market survey.
You will need to find out about:
You will need to consider all the above very seriously to answer the question 'could I really make a go of it'.
If you are starting, or have recently started a business in the Northampton and Rugby area we, at J R Watson & Co Accountants, can help you to plan and answer any questions you may have.
06 Oct 2021
The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year.
From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases.
HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October.
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