newly formed companies

shafto

In the recession have you noticed more people going out and giving it a go on their own??

Stheno

Not with people who are employed, they are doing their best to keep their jobs.

People who have lost their jobs are making an effort, but the markets are so tough at the minute with price that the couple I know who have tried it are struggling.

seandunne2009

i think you are always bound to struggle your first year arent you?? for some reason i just think that if you could get through this it would set you up for life, and i think companies that set up during the good times dont know whats hit them.

i am going off on a bit of a tangent here but i think its like training, you are comfortable with the way you train, its not too easy, its not too difficult, then all of a sudden you are training really hard, it will be really tough, but if you are at a consistent level of tough training it wont seem as tough

They are my thoughts anyway!

leeroybrown

I'd say that there are quite a few people out there who've got some savings and a nice redundancy payment who are taking a chance on that business idea that the never bothered to follow up before. I suppose that it becomes an awful lot easier to put in the required sweat equity when there isn't a job available for you. Even in better times the majority of new business start-ups ultimately fail but if someone does manage to keep one going through this mess then they might be very well placed in a few years.

patftrears

shafto wrote: »

In the recession have you noticed more people going out and giving it a go on their own??

I know this course had it's highest number of applicants ever for the one that started in March
http://www.dit.ie/hothouse/entrepreneurs/developmentprogrammes/hothouseventureprogramme/

Mrs OBumble

leeroybrown wrote: »

Even in better times the majority of new business start-ups ultimately fail but

Have you got a source for that? And what does "fail" mean? I know it's received wisdom and all, but am sure I've seen references that suggest it's not actually true (just can't remember where!)

leeroybrown

JustMary wrote: »

Have you got a source for that? And what does "fail" mean? I know it's received wisdom and all, but am sure I've seen references that suggest it's not actually true (just can't remember where!)

I can't link a specific source but my understanding is that less than half of real businesses are still trading four to five years after they're set up.

dubdcugirly

Just a point on this - I work in a company that forms company and deals with company compliance. While its really commendable to try to start up your own business there are a lot of people who are trying to make money from new entrepreneurs naivety - some accountants/solicitors/company formations sales dudes are leading people to believe they need a proper limited company which is just waffle!

If you plan to set up a business, which as many will probably struggle in its first year, just register a business name and get a VAT number - much cheaper to set up and will save you so much money on compliance in the future e.g. on annual returns/closing the company. I think the figure is around 100,000 and if you make over that you are advised to set up a limited company!

Go for your business but save as much as you can and this is defo one way to do it!

Good luck!