Call our team +44 (0) 207 566 3939

BLOG

Who should not start a business?

Who should not start a business?

Sometimes the question is asked: ‘can anyone start a business?` Well, the truth is that yes, anyone can start a business, but if the question is “can anyone succeed in business?” the answer is no. This may sound a bit negative, but it`s a fact that many people start their business and fail before the end of the first year.

Indeed, statistics will tell you that eight out of ten people who start a business, will fail in the first year. There are many reasons why people fail and here are mentioned some of them.

Among the most common causes are:

• They do not have enough experience in the field of business when they start or that sometimes they fall into a line of business because an uncle or friend is doing well.
• They are advised by people that have knowledge and experience, or rather “bad advice”.
• People rush to start because they panic about leasing premises the selling of their equipment or franchise.
• They have not calculated the money needed to start and sustain the business.
• They have no money to live personally.
• Do not create or have the money for an advertising budget.
• They don`t trust certain sales tactic or are scared of trying them at all, such as door-to-door selling.
• Overestimate sales and underestimate or miscalculate expenses.
• Do not do a real research.
• Do not want to pay accountants, lawyers, business consultants, real tax experts and then end up in trouble.
• No matter if it’s from family or friends, if they have the same values and beliefs, have drawn up a contract between partners, this sooner or later (almost always earlier) starting problems and differences and then comes the “divorce”.

These are some of the reasons why people should NOT start a business. But do not worry, the solution is simple, makes a good business plan. Because someone can make a bad business plan and it will all go wrong nearly every time.

If you are looking to start a business Your Virtual Office London can help you get started. If you are looking to form a Limited company please do get in touch with our team, we have a great deal of experience in handling new clients with starting a company for the first time. What are you waiting for? make the first move.

Related Category Posts

What Is the Right Business Partnership for You?

What Is the Right Business Partnership for You?

What Is the Right Business Partnership for You? When you’re starting a new company, you can either form a business partnership or try growing your business alone by becoming a sole trader.  If it’s not the latter, then it’s vital for you to understand the various...

read more
What Is Companies House?

What Is Companies House?

What Is Companies House? Your business idea has been conceived. A business address has been finalised. And now your business plan is put into practise. Throughout all these stages, the most important, and constant, body/organisation you’ll be dealing with...

read more
Is a Virtual Office Right for Your Business?

Is a Virtual Office Right for Your Business?

Is a Virtual Office Right for Your Business? In this modern digital age, is it time to ditch the idea of a traditional office structure? Many new start-ups are adopting the 'lean' method of operation where they only use the bare bones of a company structure to...

read more

Capital Office Ltd is registered in England and Wales: Registered Address: Kemp House 152 – 160 City Road London EC1V 2NX

Company Number: 06294297 | VAT No: 976201416 | ICO No: ZA084808 | Anti-money laundering registration number: XZML00000125126

© Copyright 2019 Capital Office Ltd - All Rights Reserved

Please click here to view the latest businesses using our address without authorisation.