Britain is a country of small businesses. More than 90% of the workforce in this country is employed in businesses that are rated as ‘small’ or ‘micro’. We are a nation who like to make our own way and carve our own niche. But working for yourself can be extremely difficult – if it succeeds the rewards are great, but if it fails the risks are high.
Some who decide to go down the route of self-employment do so via a franchise as it is generally considered a safe option. Someone else has marketed and tested the product or service and will give you a template for how the business should be run. There are many successful franchises but you should always take expert legal advice to find out whether the franchise you are considering is offering everything you expect. You need to find out what support will be offered and what you will be expected to give in return. You want to know about past profitability and plans for future growth and marketing.
If you decide to go it alone, the risks can be higher but the rewards potentially even larger. Look into your business options carefully and be honest with yourself about the potential market place. Convincing yourself there is a market for your service or product without doing adequate research is very dangerous. There are agencies who will offer free expert advice on business start-up and you should take advantage of all the help you can get. Statistics show that advice at this stage leads to a far lower risk of failure in the future.
What can go wrong
Many businesses fail through no fault of their own. Sometimes market conditions or trading conditions change, sometimes franchisors become bankrupt, and sometimes personal circumstances intervene and prevent you from carrying out your plans. If you have raised investment for your business from your home you may find yourself under threat of repossession. Don’t let this happen – talk to Property Rescue who will buy homes nationwide and can stop repossession in its tracks. They offer a scheme whereby you can remain in your home after selling it to them. This tenancy agreement allows you to continue with your life until you can rebuild your business, gain new employment or start a different venture.
Like everything in life, problems in business don’t go away if they are ignored – they have a habit of getting worse! Talk to advisers, make use of business networks, communicate with your bank and examine all the options. Even if you think your business is dead in the water there may be possibilities worth exploring so don’t put up the ‘closed’ sign until you have studied all avenues. If your home is threatened or you find yourself in serious debt Property Rescue may be able to help. They buy property nationwide so simply give them a call, in complete confidence, and they will be pleased to explain the home buying process to you.