who's started their own business?

Question

I am thinking of leaving my job and starting my own business. I am 27 and would like to be my own boss.

has anyone else done anything similar? what advice would you give me? Is it a good decision

Answer 1

Depends on what kind of business you are thinking of, have you got a business plan made out. My son started his own taxi business, he created a business plan, took it to the bank, convinced them to lend him the money to buy a car and plate and has never looked back.

Answer 2

I started my wholesaling business 2 years ago when i was 26, what i did was work from home for the 1st few months to get going, then i already had a viable business when i went to the bank to ask for a loan to expand and get premises stock etc, rather than just some ideas and a business plan.

We're just starting our third year now and we should turnover over a million this year and make a very nice profit... but be warned..... i lost nearly 20 grand in the first year so you may need to make sacrifices early on, i only paid myself 8 grand a year until recently! also being your own boss isn't easy.. I work 70-80 hours per week, haven't taken a days holiday for 2 years and it can be unbeleivably stressful!

I'm not trying to put you off, quite the opposite in fact, its the best thing i've ever done, i'm just trying to make you aware of how hard the early days were for me. I've now got a very successful business and i'm earning my old salary several times over, but its the fact that i get up every day excited about whats in front rather than dreading going to another boring day at work that means the most to me.

Good luck if you decide to go for it.... put the hours in, stick it out when times are hard, and make it happen!

Answer 3

I did that just over three years ago. Yes, the business has grown and is still running but it has never been easy.

First you need to work out what you want to do, will you be competetive in a field already established? Or do you have something unique to offer? Also you need funds to start any type of business, no matter what it is. Advertising is the key to getting yourslef a client base and to getting established.

Please don't think starting your own business is an easy option; it isn't. There is a lot to be said for knowing where your next pound coin is coming from as opposed to wishing the 'phone to ring!

All the same, good luck with whatever you decide.

Answer 4

i started my own business almost 2 years ago when i was 25, and it's the best thing i've ever done!
i would recommend that anyone give it a try if they are in a position to do so - i was lucky that if i didn't make any money from it i'd still be better off (due to working tax credits) but i would think it's very hard to stop a full time job (and full time wage) to go it alone.
i'd seriously suggesting trialling your ideas on a part-time basis around your job, then if it looks like a winner perhaps reduce your hours as an employee to half to begin with - if the business starts to make enough money for you to live on then give up the job and go for it.
don't think it's all great being your own boss though - it will be very hard work, and you have to take responsibility for all the big decisions!
i can tell you that all the effort and hard work is worth it though!

my 2 best bits of advice are to...
1) whatever your business idea is get a copy of the cobweb business opportunity profile for it (BOP) businesslink can provide them for free or see http://www.scavenger.net/home.php for details. the BOP will tell you everything you need to know about that business!
2) make use of any free business advice or mentoring schemes in your area, they are good for bouncing ideas off and give you a viewpoint from another angle

good luck with your ideas! x

Answer 5

I agree with people who say that you should ease into it: start small, part-time and build it up. If you give up your job and borrow loads and hope it grows fast enough to support you you might get into trouble later. But I also think you should analyse what a business is. It should be seen as one or preferaly more money-earning systems. Look at a local mechanic's garage: they usually do several things: repairs, MOTs , change tyres/exhausts/brakes etc. So if one is a bit slow, the others carry the 'business' along. A business is not a magic money-getting system: people only part with their money because they believe its a good idea to do so. So you have to provide very good reasons: better price, more convenience, better quality etc. (One other thing: in the Uk you can claim tax credits - that can help a lot in the early years).

Answer 6

I started my own business at your age :) I enjoy the flexibility and challenges of being a own boss. Like many others, I started off with limited capital and resources and so, I do everything myself, including accounts, web design and programming, business development, sales & marketing etc. It's really tough but it paid off for me as i have my own office now with a few good colleagues :)

Starting a business can be a good or a bad decision depending on how ready you are. You need to have a good vision and business plan for your company. Some business requires capital and so, you need to work out your finance and check on the resources you have to get started. Do what you're good at, follow your heart and you'll seldom go wrong.

Answer 7

Don't quit your day job! So many people make the jump with both feet and then have a hard time financially. Ease into it, don't go full time till you actually see how your business is doing. You'll have far less problems that way.

Answer 8

It depends on what you want to do, but i will advise you to stay in your job and do your business on a part-time basis, until you are very confident and convinced that you can survive on your own business, cos u don't want to leave your job, and then realised you shouldn't have left, think about it.

Answer 9

Think hard all the ideas you have, in every detail and then pick the best one. Business plan is a must. It´s your constitution!
Start doing it while still at work. Leave it only when you run out of time for work.
For the past 15 years we are manufacturing good quality, cheep gold and silver jewellery. And we are always looking for a distributors/sellers. 100% mark up is normal.
Good luck.

Answer 10

well I'm 23 and have my own green grocer business with a thriving wholesale side. you need to do a lot of research to make sure that the business you wish to open will work in the area of your choice. but yeah go for it being your own boss definitely has its advantages. good luck