Running you own company can be extremely stressful. From the point of company formation, you are expected to have an in depth knowledge of all areas of your business, from accounting and marketing to human resources and supply chain management.
That being said, from the feedback we receive from our customers it is clear that once you form your own company and become your own boss, many would find it extremely difficult to go back to working for someone else.
Perhaps this is one of the reasons why many company formation owners are sacrificing their own personal finances to keep their businesses financially solvent. According to a report by Abbey Commercial Banking, many small business owners have taken massive cuts in salary and have stopped paying into a pension scheme, since the downturn began.
Small business owner Sarah Wilson has her own graphic design company, she comments: “Currently, the most important thing is cash flow and ensuring that we don’t have to make any more staff cut backs. I’ll be honest, I haven’t even thought about my pension since the recession hit. I don’t think people should be put off running their own company by the findings of this report, however, they should be mad aware that running your own business can, at some points, come at the cost of your personal finances.”