This is the question asked to me by my 17 year old son who is wet behind the ears and still thinks he can budget his monthly wage on his own but, is always skint after the first week.
However, it's a bloody good question. Why am I..a 41 year old woman opening a new business in a recession?
I don't have the answer. Therefore, I am going to blog, not blag, my way through the preparations of opening the business in the hope that I will have a Eureka moment before I open the doors in January 2010.
My husband is a self employed market trader. I do his books and other stuff to do with his self employment...to be honest there isn't a lot of 'other stuff' to do for him and his stall.
But my new venture is completely different. I am planning to open an adult education and training centre in Rochdale. I've never done something on this scale before.
It has to be limited I'm told. It needs to be registered at Company's House I'm told. It needs to be VAT registered I'm told. It needs to have public and employer liability insurance I'm told. It needs to have professional indemnity insurance I'm told.
Are you getting the picture? Everybody I know, or meet, has something to tell me that is pivotal to setting up this venture and ensuring it is a success. People have had nothing but praise and think it's a wonderful idea..some have even enrolled on courses already...but I'm confused! Utterly and totally confused.
There seems to be a chicken and egg scenario. I want to lease a premises and the landlord wants a bank reference. OK no problem but I haven't got a bank account yet. I know I'll open a bank account. But, the name isn't registered with Company's House yet as a limited company and it needs to say LTD on the cheque book....everyone knows that...don't they?
Hmmm...I'll have to register the name with Company's House. Oh..but wait... I have no registered address to register at!....chicken and egg....
Am I any nearer to answer the question of why I am opening a business in a recession? I don't think so... in fact, reading back over what I have just written makes me think that child of mine has dried his ears recently.
Maybe the next blog, not blag, will bring me nearer to my Eureka moment.