Starting a new business - is it right for you?

Many people reach a point in their working lives where working for someone else no longer gives them what they want - whether that's in terms of money, position, self-esteem, or simple working flexibility.

At that time, their feet get very itchy, and it can often result in them deciding to look for an opportunity to start up a business of their own.

It is, however, a big step and one not to be taken lightly.

Instead of that steady monthly income, your income will now be patchy, unpredictable and, at first, probably zero! If you have a mortgage, a family or debts, you need to think about it very carefully.

Of course, many people take the decision to strike out on their own after a key event, such as being made redundant. Backed with redundancy money, starting your own business can seem a good option.

There are risks, but if you want to get really rich, then owning and running your own business has better possibilities than working for someone else (and making them rich!).

Back to those risks. They are unavoidable when you set up your own business. There's a risk you won't succeed, and lose any investment you make; there's a risk you'll fall out with any business partners; there's a risk that it will take you long enough to fail that getting back into employment will be next to impossible.

So, think carefully before you take the step. But if you do, go onward with your eyes open. Know what you're getting in, and grab the opportunity with both hands.

More in future.