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What does it take to start up your own business?

When I was young my family ran a small jewellery business. The business was started by my grandparents and my parents joined them to expand the business. The trials and tribulations of running an independent retail business became a part of family life, particularly around Christmas where the Christmas trade was so important. Christmas Eve was one of the busiest trading days of the year, but when I was young; I was still convinced my parents were more excited about the arrival of Father Christmas.

Business start-ups come in all shapes and sizes, from those who want to run a business as an alternative to employment, to those who want to take equity investment and grow rapidly. I regularly advise all types of start-ups, being one of the more rewarding parts of our work.

I started the company department at Hegarty Solicitors, which I have been fortunate enough to expand. However, I had the benefit of working within an existing business and the support of the partners to call upon. For most, they do not have the internal resources to cover each role needed for a business, frequently having to cover sales, HR, finance and distribution. Learning and adapting are essential skills.

Starting your own business takes strength and courage and there will be times when things will not always go to plan. However, to paraphrase, Theodore Roosevelt:

“It is not the critic who counts. The credit belongs to the man who is actually in the arena; who strives valiantly. If he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat”.

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