One of the consequences of recession, such as the present downturn in activity caused by the Coronavirus outbreak, is the likelihood that many will face redundancy as employers try to manage the process.

In the past, this shake out process seems to reawaken dreams of not placing all your income eggs in one basket and instead, dusting-off those long-desired plans to run your own business.

There are sound reasons for doing this. For example, a business with 100 customers has 100 separate sources of income. Employment usually requires that you secure all your income from one source.

However, starting a new business – even in times of buoyant economic activity – is fraught with risk. To mitigate these start-up risks we suggest that you:

• Try and use your past experience and skills.
• Talk to other business owners, especially those that have made a success of their business and that are willing to share about their experience of starting a new venture.
• Take professional advice. There are probably a whole bunch of considerations that you need to work through before you open your business. It is what you do not know that will catch you unawares. Professional advice before you start will mitigate these uncertainties.

Add to these normal considerations the added uncertainties occasioned by the Coronavirus outbreak – and Brexit – and the need for cautious and thorough planning are self-evident.

If you are considering a new business start-up, please get in touch as we can help.