Becoming a business owner can be extremely rewarding. Having the courage to take a risk and start a venture is part of any entrepreneur’s dream. Success brings with it many advantages but setting up on your own can be hard at first. Although there can be hurdles along the way, with good business support and guidance you can conquer the initial fear of going solo in your career.
‘How do I know I’m making the right decision?’. If this is your first business venture, you may want to consider some of the following;
- Are you in a stable, comfortable place in your life?
- Do you have the cash flow available to support beginning a business?
- Are you ready to tackle the elements of business in its entirety?
- Have you prepared? (You’ll need a business plan in place)
It’s advisable to weigh up the benefits and drawbacks. For example;
Independence: You have the freedom to make your own decisions.
Financial Rewards: There is the potential to create a larger, more steady income for yourself.
Learning Opportunities: There are business support programmes readily available to you in local areas to help you get up and running.
Lifestyle: Dependent on the nature of your business, you could lead a more flexible lifestyle.
Financial Risk: You won’t receive immediate income and will need money in the bank to start your venture.
Stress: More responsibility can lead to more stress.
Time Commitment: You could be working longer hours.
Responsibility: Be prepared to take the lows with the highs.
ScaleUp 360 can help to accelerate the growth and expansion of early stage and established businesses under 3 years of trading with the help of High Growth Advisor Support, Business Mentors & Workshops. If you are a pre-start or early start company, you can also access support from Launchpad or The Sheffield City Region Growth Hub if you are established and have been trading for over 3 years.
Access to funding
Although a bank is the most obvious option, there are plenty of other funding options readily available for start-ups and entrepreneurs. The British Business Bank has a pool of finance experts from across the industry that can guide you in the right direction. Finance for Enterprise is another organisation that can help you to apply for start-up & Enterprise loans.
If you are a start-up working from home and looking to branch out of your humble abode, there are several managed office spaces, incubation spaces and hot desking facilities in the Sheffield City Region. Check out options and availability (link to incubation space page>) here.