Resolved Question

Advice on starting your own business?

As a couple with a young family, we are sick and tired of slaving away for ungrateful employers who do not give us any recognition or reward for our efforts at work. Both of us are in our late 20s. Lately, we have been discussing the possibility of re-establishing a family business of my father that I dissolved when he passed away 4 years ago, once the recession eases.

All the foundations are still in place, and I feel we would not really have to do a lot of work to get it up and running. He was an insurance broker selling a wide range of products and services including mortgages, life assurance, pensions, private medical insurance etc. Before my wife had our first baby, she was studying for her CEMAP which she promptly stopped due to maternity leave. As she has a background in finance having worked with numerous banks, I have encouraged her to start studying for the CEMAP again. Although, I have no specific insurance experience, I have worked as a Research Analyst in the property and finance sectors. I have a Masters degree in Business Management, and have a good level of business knowledge.

Are we thinking along the right lines? What else should we be thinking about? Do I need to do any qualifications if I want to sell insurance products? Any tips would be greatly appreciated. Thanks.

Best Answer - Chosen by Asker

Having run two small businesses myself (but not similar to the one you envisage) I'd say that, when the recession is over, go for it. You'll work harder than you'd work for a boss and you'll have more worries but, with a bit of luck, you'll make more. However, I'd advise you to risk as little cash as possible in the first year, till you see how things go. Don't lash out on fancy premises, etc., and if you can keep on your job for a while it would be a safeguard. But do wait till the time is right and encourage your wife to complete her studies in the meantime. If you could expand your knowledge also it would help you put up with life in the meantime. Captivity is never so bad when you can see an open door.
Good luck.

There are currently no comments for this question.

Other Answers (3)

• www.InvestigationsAmerica.com can help you with your business plan. they can do consultancy services for you to avoid is potential fraudulent business or investment opportunities. i hope this can help you. good luck with your business venture.
• It sounds ok to me. Just make sure that you have a sound business plan and have worked out your costings, overheads etc accurately. You're both intelligent people and therefore I see no reason why it won't work - you have the knowledge and ability to run your own business. Just make sure that you have a good Accountant - he'll be worth every penny and will save you far more than you pay him in fees. He'll know every single tax deductable item etc and will spot any potentially bad situations. Good luck.
• If you're in the UK, speak to your local Business Link about starting your business. They offer free help and advice and have knowledge of specialist industries, too. Financial advice is usually regulated so that's something you will need to check.
  
  It is worth your wife completing her studies. Professional qualifications are always helpful.
  
  It isn't always a good thing to wait until the recession eases. If you can think of a way that the services you provide will give answers to people who are uncertain about their financial situation because of the recession, you've a market ready and waiting for you.
  
  The bigger questions for you are whether you can create enough financial stability for your own young family and how you and your wife can commit enough time to your business. Especially in the early days, it will take up a lot of your time while you set the business up and get it known amongst your target markets.
  
  Good luck!

  Source(s):