Martin Lewis shares three key questions to ask yourself before starting a business
19.06.2024 - 01:15
/ manchestereveningnews.co.uk
When it comes to all things money related, there’s nobody better to talk us through the basics than the UK’s very own Money Saving Expert himself, Martin Lewis. From understanding inheritance tax, through to navigating the complex world of benefits, Martin has always been on hand to simplify and break down the biggest changes in financial news to help make it easier to understand.
Yet it isn’t just financial advice that Martin excels in, as he also previously revealed three crucial pieces of advice to anyone hoping to start their own business after he became an “accidental entrepreneur” amid his successful journalism career. Originally written back in 2018, Martin broke down some of the most important things to consider before starting a new business in a blog post, and in a twitter post shared earlier this week he once again doubled down on the advice it contained.
So what exactly are the three pieces of advice to consider before chasing your dreams of becoming an entrepreneur?
READ MORE: Martin Lewis' latest verdict on whether you should fix energy bills now or not
Martin’s first piece of advice may surprise you, but it actually carries a lot of merit as he urged people not to confuse a good idea with a good business. Coming up with an ingenious idea is just one hurdle to cross, but turning that idea into a profitable business can be tricky - and, as Martin warns, all too often people are blinded by their enthusiasm for a concept rather than crunching the numbers to make it feasible.
“If you’re going to run a business, do the numbers,” urged the financial guru. "And do them conservatively. Plus, your mates saying they like the idea does not count as market research. Friends like to please. It’s not the same as a
The website popstar.one is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can
send a complaint on the news if you find it unreliable.