Start-ups must be aware of time and business costs
Aug 30 2007
Would-be small entrepreneurs must take into account the time and expense that goes into making a successful small business, experts have warned.
Financial advice firm Norwest Consultants, claim that some prospective enterprise owners have a 'very romantic vision' of self employment and need to be aware of the hard work and finance that goes into a small company.
Commenting on the dedication needed to make a business take off, Harry Katz at Norwest Consultants says: 'Some people have this absolutely crazy idea that if you run your own business, you've somehow got an easier time of it. Absolute rubbish.
'However many hours you worked when you were employed, you're going to work at least 30-50 per cent more hours once you're self-employed.'
He adds: 'The important thing when you start up, the vital thing, is watch your costs like a hawk… You have to have financial acumen.'
Meanwhile, figures show that applications for the government's Small Firms Loan Guarantee have dipped from 5,000 in 2005 to 2,700 in 2006.
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