Martin Lewis shares 3 key questions to ask yourself before starting a business

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Money Saving Expert,Money,Your Money

Money Saving Expert Martin Lewis has re-highlighted three key questions budding entrepreneurs need to ask themselves before starting a business if they want to be successful

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.

“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 mass of strangers, from a totally different walk of life, putting their hands in their pockets to pay for something.”

In addition, if all of your finances go on your business, you could face running into arrears on everyday bills such as rent or mortgage payments and utilities. Admitting that in hindsight the idea was flawed, Martin also added that even if he did want to bring it to life, he had no idea how to actually “design it, get it built, or sell it.” This meant that while the concept may have been brilliant, he wasn’t necessarily the right person to make It a reality.

 

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