Setting up your own business in South Tyneside needs your full commitment. One way to find out about the day-to-day realities of running a business is to talk to people who are in business already locally in South Shields, Jarrow, Hebburn or the surrounding villages.
There will be lots of "ups and downs" that you should be prepared for. Here are some of the challenges you need to think about.
The more you put in, the more you are likely to get out. Starting up in business will physically and emotionally affect you and this should not be underestimated. It is life-changing and will require hard work and long hours, especially in the early stages.
There may be times of financial uncertainty and this could have a knock-on effect for both you and your family. For example, being unable to afford family holidays. If you have invested personal savings or used your family home as security, in the worst case scenario you risk losing your investment or even your home.
Loss of company perks
Setting up your own business means that you may not receive the benefits often associated with a permanent job. This includes the loss of 'safety net' benefits such as pension rights, sick pay, paid holiday and other company perks.
Pressure on close relationships
You will need the support of your family and friends. Make them aware of the effect starting up a business will have on your life, and how important it is that they are right behind you. Aswell as their emotional backing you may need practical 'hands on' support. Talking through these issues before they arise will help.
The entrepreneurial quality check