Going it alone - starting your own business

[typerob]

Hi all,

I'm after some advice and hopefully some inspiration.

My current scenario:

Recently graduated and currently working in London. I've gone into an industry I have worked in before and the salary is mediocre. However, after a couple of months I dread going to work. I'm in the right industry, just the wrong side of it.

I have been working on a side project of another business and I'm quite passion about it. I'm really considering taking a chance, moving back home and throwing myself into it. I'm only in my early twenties so I believe I have plenty of time to get back on the career ladder if really necessary.

One of my reasons for looking to do this now is that I want to do it before I have too much responsibility and I get too comfortable.

Has anyone here made the leap?

Would anyone advise for or against?

Appreciate the advise

[Eric Mc]

What are the capital commitments required to start up?

How do you intend to fund these commitments?

Do you have savings that you can use to help fund these and to live off whilst the buusines builds up?

[typerob]

Thanks for your reply,

I've already put a small amount of investment into it. its service & online based so start up is relatively low. I have enough in savings to start it.

living at home my costs will be dramatically reduced (specially when compared to London!) I have work as a contractor that only takes up a day or so a week which is enough to keep me ticking over.

Thanks

[Eric Mc]

That sounds fine.

You have that "buffer zone" which takes some of the fright out of the leap in the dark.

Best of luck.

[rog007]

As the PM has said, the private sector and entrepreneurs are what will give us the best chance of surviving this downturn. If you have an idea, can draft up a coherent business plan, have the funding in place and are genuinely looking forward to giving it a go, then good luck; you could be the next Big Thing!

[RemainAllHoof]

From what you've written, I say go for it. Best time of your life to take a risk. And if you've attempted it for the next 3 years and it amounts to nothing, it's not like it was time wasted watching Jeremy Kyle and playing on your Xbox - you will have gained valuable experiences and skills.

[typerob]

Really appreciate the advice chaps.

You've spurred me onto to go for this! I think I will regret not taking a chance

[RemainAllHoof]

typerob said:

I think I will regret not taking a chance

Yep. When you're tied down with a wife, two kids, a dog and a mortgage plus school fees, family holidays etc, if you don't give it a shot, you will be annoyed with yourself.