When Should I Start A Business

[TomJamesJohnson3]

Hi,

I am fairly young, I am still in education etc. I am studying Physics, Maths, Economics and Politics. Currently, I have a business called Macaw Marketing (feel free to check out the site) that started positively as I made a lot of money through affiliate marketing. I no longer have a product to sell and as it stands, it is a perfectly nice website but it is collecting dust.

I want to become a trader, I love the whole idea and I am set on it. My maths skills are quite good and I feel that I will do well. I have however, always wanted to run my own business.

The question is, shall I become a trader to earn a good enough amount of money to start a business on the side or should I try to start a business soon with a small amount of funds?

I just want to know what I should focus my time on as as soon as I now what I want to do, I will be set and continue working hard but at the moment, I do not know what to do.

 

[Moneyman]

By trader do you mean someone who just trades currencies or shares etc. If you do. forget it. there are very very few traders who make anything in the long term. It is essentially gambling not work so leave it alone. it is adictive and cannot bring in a regular income.
Look at all the people who sell systems to help traders. As they say: when there is a gold rush dont dig, sell them spades.

 

[darren atkinson]

By trader do you mean someone who just trades currencies or shares etc. If you do. forget it. there are very very few traders who make anything in the long term. It is essentially gambling not work so leave it alone. it is adictive and cannot bring in a regular income.
Look at all the people who sell systems to help traders. As they say: when there is a gold rush dont dig, sell them spades.

It depends if he means becoming a home based trader or working in the city as a trader for a larger financial institution, the city option should be very well paid for the right person.

The problem I see is that going down this route is something that consumes pretty much all your time and energy, I speak with a few traders who end up leaving the city and going back 'home', they often remain trading but with their own money on a smaller scale.

For the OP, both options are risky, some people have a genuine desire to run business and this takes over everything, many others think it would be great but when they sit down and really think about what is needed and how long it will take to get established they get put off.

If you went down the career trader route then you should be able to put enough money to one side so that if you did start something up later on you'd have some funds and a comfort blanket to easy the transition.

 

[Spapro]

My advice would be the following:

1. Put your energy short term into your ongoing studies - sounds like you are part way through A-levels so make sure you get those under your belt !

2. If you are unsure about uni, when an interesting opportunity opens up with a company (have a good look round and apply for stuff ahead of passing your A-levels) grab an opportunity to get out into the workplace which will allow you to have a look round the world of business and see what you enjoy/are good at.

3. Once you get a feel for where you want spend your time/energy and what you want to do/are good at then you can think about getting something off the ground yourself.

In and around all the above I would really try and save a good lump of cash so when you are ready to push the button on your own venture you have some capital as a cushion/to help get things off the ground - if you have any savings now then keep those also for the big launch day in your future ! Having £10k-£20 in the bank will certainly help if possible.

Good luck.

 

[Spapro]

I would add that if you are very unsure about what you want to do (or no opps for work open up for you) then don't rule out university.

I know the costs of going have just ramped up considerably and it may feel like a bit of a debt hanging round your neck but a good, relevant degree can still be a very good foundation for life. Even though my life has turned out well and I am happy (most days) there are odd days when I have a small sense of regret about not having gone to uni - I bailed out of education after A-levels.

 

[bensmoa]

I don't know your skills so i can't suggest you. Rather i would suggest you that you should analyses your skills carefully and write down the things that you can try. Then make some long term and short term plans. Initially go for what is in your reach and put other things aside for the long term plans.

 

[JessH]

You could always go to uni and set something up (low cost / low time involvement) alongside your studies. When you've graduated, you'll have hopefully been able to cover your costs (if you're entrepreneurial with some good ideas) and then are in the position of choosing between trading or going into your business full-time / start up something else.

You will have much more time to test ideas out during uni then you will do with the hours involved trading in the city.

If you equally want both in your gut, there's no reason why you can't try both (just not at the same time - commit to one, set a timeline and give it everything until then and review)

 

[Jet Virtual]

I think you are very smart, very powerful.You have a very profound knowledge, you know how a knowledge of physics, mathematics, as well as financial, you are really terrific, I admire you.I think you just lack of funds it, I think you should venture, and I believe you will be successful.

Gosh I wish my wife said the same to me