Know why you’re starting one

It is important to understand why you’re starting a company, and what you hope the enterprise to achieve. In most cases this means setting clear business objectives and goals - so you can focus your efforts.

Why start a company?

There could be hundreds of reasons behind wanting to start a company! – For example:

1. You might have a radical business idea – something never seen before! Something you strongly believe has the potential to make a big difference to society - sustainable, scalable, sensational; good enough to make you a profit; and fulfilling enough to reward you for your time and risk-taking!

2. You like the idea and satisfaction of setting something up yourself - and by the very diverse experiences, flexibility, and range of new skills you are likely to gain and learn as a result.

3. You want to start something that is truly your own, and everlasting, - (a company is its own legal entity, so its existence continues on, and on - even after the time of its original visionaries)

4. You’re appealed by some of the legal benefits of working through your own company: Not only do you want to embark on an endeavour, you want to embark on one that has limited liability – so that the most you can lose (in money terms anyway!) is the amount you invest.

5. You like some of the tax benefits, compared to other forms of working: With your own company, and depending on your circumstances, there is the possibility you could keep a lot more of what you earn, by paying much less in tax to the government.

6. You believe, compared to all the alternatives, the best time to start your own company is, really, now!