Why Did You Start Your Own Business?

[Rob]

In my blog today (http://www.smallbusinesssuccess.biz/forum/blog.php?b=11) I have a brief overview of first quarter new business start ups report released by Barclays Bank.

Despite a slowdown in start ups it’s estimated that approximately 100,000 new businesses started in the first quarter of this year. In my blog I just wondered how many of these new business owners were ‘forced’ to start out on their own because of reduncancy.

I thought it would be interesting to ask the question here – did you start your business because you found a potential unfulfilled niche, you had a burning desire inside or you needed to generate much needed income?

[C.A.B.s]

HI all

I started my own business for several reasons.

1) i have alway been good with numbers so i deicided to take on a practical bookkeeping course to become a bookkeeper (they were few and far between then)
2) i could work from home and fit it around my family
3)i found a potential unfulfilled niche
4) To generate and bring in some extra family income.

C.A.B.s
www.carolinesadminbookkeepingservices.co.uk

[lady macbeth]

My partner worked for a company and the owner basically offered half of it to us as he was spending too much time on the road and not enough with his family.

We bought the half that was more hard work lol There are lots of things I should have looked into before doing this and would honestly not recommend working with a partner but we saw it as a way of making money and being able to retire to somewhere sunny.

Yeah - stupid or what!!!

Basically I would say we bought the business for all the wrong reasons duh !! I will do it differently in my next life !!

Samantha

[Rob]

Samantha,

Thanks for being so honest. I guess it underlines the need to thoroughly research the business but at the end of the day it's an emotional decision to go into a new venture - it felt right at the time.

Having identified the problem (which they say is half the battle) the way forward is to proactively decide what has to change within the business to make it work for you.

Perhaps you may want to share some of the challenges and let's see if we can all brainstorm a strategy for you?

[francesca]

In answer to your question, I was made redundant in March of this year, after weighing up all the possibilities of where my life is taking me I came up with a Business Plan and a new niche in the market. I worked out that I have gained much experience in other industries and this is now the time to take the bull by the horn and do it a) for myself and b)for my son and homelife. The credit crunch hasn't stopped me although getting help financially is tough, I am determined to get the money to move forward!
Francesca

[Rob]

You sound very determined and focused on what you want, which is of course half the battle!

As you move on don't hestitate to draw on the vast experience which is on this Forum.

[CIDCouriers-dot-com]

As you can probably workout from my username that I am a courier -or if you prefer - a "white van man" - damn that Sarah Kennedy for coining that phrase :)

I've been in this business for about 10 years or so now but always employed by other companies (2 each lasting 4 years) or temping agencies. About two years ago I had a major row with my employer and this led to a bit of tension between us. Leading on from that I stayed at the job for a while longer but not being really happy and looking for a way out.

Just under 18 months ago I was having a really bad day and I phoned a friend who put me in touch with someone else who needed an extra body for a short contract - I went off and helped out until the contract finished and then off to find something else.

I found another job locally, I wasn't happy there but for the three months I was with them I saved my pennies and put myself a plan together and made the decision that my last day with them would be the final day the company worked before christmas and that my first day on my own would be 2nd Jan 2008

I spent all the chritmas/new year holiday period walking around the local industrial estates and offices posting leaflets from that I got my first customer on the 10th of Jan.

Here I am six months on, spent a fortune on advertising, buying a van, having it signwritten etc, getting a few more customers all the time, money is on the tight side, I do have days with nothing to do but; as I said to someone else I know, "I may not be rich or have the money to throw around anymore but I'm a lot happier and as far as I'm concerned, that's what counts...."

[Dr.Jose Sebastian]

Hi,
Reading it am overwhelmed. We don't find people like you in our state and that's my problem. You find that the trouble is worth it. i think this is the reward of entrepreneurship. in India, the Gujaratis and Marwaris have it. They find lot of satisfaction in being one's own masters ! In our state having money and its comfort that is important. it is not very significant whether you earn it by working for you or for somebody.

Keep this spirit up. You will achieve heights in future not too far.

jose sebastian

[FionaFell]

To do it for myself!

I am living in a rural area of Australia, and not wanting to move to the 'big smoke' and into the over congested cities I decided to 'go online' and get into business for myself.

So there were few opportunities in the IT field with big businesses so promotions and postings were few and far between.

People stay till they die in some instances, so waiting for that to happen to get 'into' a spot was going to take too long.

I set up a small web hosting offer, shared it with a few people and moved onwards and upwards from there.

[nicola76]

I decided to start up on my own asI was made redundant so basically I have been forced. I must say however that it has been an idea of mine that has been in te back of my head for many years now. I only hope it takes off otherwise I could lose my house!!

[Rob]

Nicola,

Given the current economic climate you are clearly not going to be on your own. You often read stories about people who started their own business in these circumstances and have admitted that without being made redundant they probably would not have made the leap.

What line are you in?

[phillips]

Because i personally feel that i have lot of potential that is not being utilized properly.

[hosting]

because i felt i can do more creative if i start my own business.

[Rob]

The previous answer about being able to be more creative is interesting. I guess you're right - as an employee, creativity is usually held back, or put down as 'not right for this business'!

Starting your own business certainly allows you to test your creative ideas.