What are the Pros and Cons of Starting a New Business?

 

Lan Nguyen, Chartered Accountant

Benefits and Risks of Taking Off into a New Business

From the get go, you will be involved in every step of the process. This works to benefit you as you have the freedom and control.

You will have the freedom to choose:

• The business name and location
• The hours you put in
• The overall nature and quality of your business

You will have control over:

• The products and services you want to offer
• How much you charge
• How to advertise
• Developing operating systems that suits you
• Hire and train staff according to your standards
• Costs that can be less expensive than purchasing an existing business or buying a franchise business

But as expected, there are also risks in starting a new business.

You will need to set up and establish:

• Your branding
• Sources of finance (Can you secure it?)
• Equipment (Do you lease or buy?)
• Relationships with suppliers

You will need to take care of upfront expenses:

• It may take some time before your business begins to be profitable.

Written by Lan Nguyen, Chartered Accountant and Wealth Advisor from Success Accounting Group.

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Your Action Plan

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