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There are many valid reasons why people might want to set up their own business. Perhaps you have invented something that you think will make a big difference – maybe it’s really convenient or can solve a common problem. Or perhaps you’ve identified a gap in the market for a particular product or service. You don’t have to have a new idea though – it could be that you enjoy the industry that you’re currently working in but want to take more control by setting up on your own. It can be much easier to start a new business using a tried and tested models and methods and as you know the industry already, you’ll have sound experience and perhaps several contacts as a solid foundation for your company. Some people dream of taking their favourite pastime up a level by using it to start their own business. If you manage to pull this off it can be immensely satisfying to do something that you really enjoy, although it’s not always easy to convert a hobby into a money-making venture. Not all reasons for starting a company are purely financial, however. Some people have a social purpose for their business, perhaps to further a cause that’s important to them or to provide something for the community. Again this can be extremely rewarding, but as with many social enterprises it won’t always be a big money spinner, with much of the profit likely to be ploughed back into supporting the objectives of the organisation. On a completely different level, many people decide to start up in business not because of an idea or purpose that they’ve come up with, but because their personal circumstances have changed and/or they’ve been given an opportunity to do so, for example receiving a large inheritance, becoming unemployed, being made redundant or being offered to buy out an employer or family member from an existing business. Whatever your reason for taking the leap to become self-employed, it’s never wise to enter into such an undertaking with the sole intention of making money and getting out. You’ll need more to motivate you than this, especially in the early years when the going is likely to be tough. You may not turn a profit for a long time so if you have no other objectives or ambitions to keep you going, it may be difficult to see it though. This article is copyright protected and is not for republishing
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