Have You Ever Pondered The Negative Experience Of Forming A New Company?

Have You Ever Pondered The Negative Experience Of Forming A New Company

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If you are thinking of starting a new business, then you may wish to read this beforehand. Don't get me wrong, there are many benefits to being your own boss. I would claim that people don't always talk about the downsides. I have been running various brands for over 8 years now, and have seen many of the ups and downs of being a company director. This is a very honest account of how running a new company can be. Are you ready to find out why running a company is hard work? Firstly, say goodbye to your social life. There are very few companies that will give you time. However with most businesses, the first three years are usually immensely hard work. Even should your business grow, you should get used to very long unsociable hours. Before signing your life away with company formations, do think about what you are doing. It isn't just you that will be effected- what about your family? Is it worth risking a marriage for a business. What is the point of trying to earn lots of money if you do not have time to spend it? You will find yourself working evenings, and for many years I worked both a Saturday and Sunday. If in doubt, stay with your career! If you are used to sitting in the corner of an office anonymously, forget it. Running your own company will lumber you with immense responsibility. Expect to deal with everything from cash flow, to fixing everything when the brown stuff hits the fan! When things do go wrong, expect a heap load of stress where you cannot walk away until the problem is resolved. Do you still think your current job is bad? Some companies are profitable from the start. A few entrepreneurs have the natural ability to make lots of money from the start. However for the less gifted of us, expect to invest your own money, and then wait a long time for a return. New companies haemorrhage money. Even investing your money, time and effort doesn't guarantee a return. Worse still, you could end up walking away owing money. For me, the most difficult part of running a company has always been dealing with difficult customers. Many customers are grateful, understanding and appreciate value for money. The difficult minority however, count for 90% of your problems. Problematic customers can display all sorts of horrible character traits. There is the rude customer. There is the customer that never pays their bill on time. There is the customer that wants everything now and has no patience whatsoever. The know it all customer is my personal favourite. Do consider there are many circumstances beyond your control. How well you do will be decided on how you leap over hurdles that are put in your path. And don't listen to everything I have to say- there are a hundred and one reasons for being a business owner. You can become very rich and successful. However, as is the way in this cruel world- it is a minority of businesses that are truly successful.

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