Do any of you successfully run your own business?

[HuwEdwards]

and if you do, what would be your no.1 piece of advice to someone in start-up mode?

getting bored of reading the news then Huw?

make sure its something you like doing for a start.

fed up to the back teeth CD

You know I thought something was wrong
you have been sneering much more lately
also hair looking unkempt and bags under eyes
dh and I were discussing this only last week

be prepared to spend money on it and possibly lose it.. a half hearted approach will mean you never get anywhere

if evidence suggests that there isn't a demand then believe it, if evidnece suggests there is a demand then disbeleive it

very perceptive CD - thought I had it under control, but obviously not...

Think very very carefully before you decide to do it. If you're self employed, or running a small business (few employees) it's really really hard.
In the beginning you think it's going to be great, coming and going when you like, loads of time off etc etc. But, in reality it's nothing like that. Few or no holidays, long working hours, NO maternity leave (as there is no-one who can cover for you) Definately no sick days - unless you really are dying.
Do I need to go on?

agree with MrsBoo....you work harder and longer than anyone else if it is your own..

Mrs Boo - thanks. I am prepared for the hard work - I currently work for a Global company and work well into the evenings most nights and at weekends. Definitely not getting into it for an easy ride, but appreciate your comments.

zippi - am never half-hearted about anything - your 2nd comment was interesting - care to expand?

And really horrrible tax system, so you pay two seemingly huge sums twice a year (and it's based on any profit you may have made) not on actual drawings or take home pay.
Paying tax as you go is definately better IMO

Mrs B - yes, in fact, I remember hearing that on the jeremy Vine show just last week...but the advisor on the prog said it is possible to appeal against it. Seems mightily unfair

It depends how you do your market research,whether the resulkts are "true"..is it a service, consultancy, manufacturing or retail business and is it something for which the demand is easy to measure eg accountancy or dentist or is it more subjective like a tea shop

It takes over your life, totally. It's not the same as the way a job takes over when you're working for an employer, however committed and dedicated you have been - when it's your own you never, ever leave it behind, not at home, not on holiday, not in the bath, never.

Do it because you really want to and not because you think it is going to make you rich.

And what Zippi says about demand is spot on. You can't afford to ignore any tiny niggling doubts. Work out your worst case scenario first year, and then imagine what you will do if it's worse than that. You need a plan B to fall back on.

All that said, dh and I did it a few years ago and while we've had our ups and downs and financially (salary wise anyway) we are not back where we started, it has changed our quality of life so much for the better.

also choose all ypour ancilliuary services very carefully and factor in the costs

eg

bank account
credit card

merchant account

insurance
legal advisor
accountant

type of business ie sole or ltd or partnership

it's quite easy to go with one because it is put in fron t of youand then discover later you are wasting money ie insurance through the bank, lehal advisor who know the accountant etc

can save a couple of thousand paying attention to these