So, you’re a builder thinking of starting your own business? Here’s what you should know.
Advantages for builders
• Because you are your own boss, you don’t need to answer to anyone but yourself.
• You get to choose what you do, and when you do it.
• When your business benefits from all your hard work, you get to keep all the profits.
• You have the opportunity to contribute to job creation.
Disadvantages for builders
• 90% of new businesses don’t last five years.
• As you build your customer base in the first year of your business, you’re likely to have very little income.
• It’s a challenge to secure the finances for starting a business.
• When the pressure to make it starts to rise, you may very well be working seven days a week.
• If you’re starting your new business on your own, you’ll need to take care of sales, accounts, buying, production and admin on your own.
If starting a new business was easy, all builders would be doing it. So give the pros and cons plenty of thought. And if you still want to take the leap, make sure you have (or are willing to acquire) the skills and attributes necessary to be a successful building entrepreneur:
• You are willing to take calculated risks.
• You are prepared to step out of your comfort zone.
• You are able to use logic, intuition and experience to solve problems.
• You are comfortable interacting with lots of people.
• You are self-disciplined and self-motivated.
• You have an understanding of the workings of the business world.
The next step? Builders: Choose your business structure.