Thinking about or already running you own business? Working for yourself or running your own business can be a financially and personally rewarding career.  However, with the power of controlling something like a business, comes greater responsibility, risks, stress and financial strain.

Anyone running a business or being self-employed is realistically only one bad business transaction away from financial hardship which could affect their lives dramatically. So how do you plan for the worst?

Although you cannot plan for the unexpected, you can plan for what you know is coming. Ensure money is put aside to pay your fundamentally-essential bills like tax, VAT and so on. Keeping good records of your revenue (with the help of an accountant if necessary) ensures your books are organised and accurate.

If possible, use your revenue streams to fund growth rather than personal funding.  Although this may be a longer process, growing organically is more secure than jumping into a financial situation you cannot fully control. Don’t just buy things like marketing because you think it’s a good deal.

If starting out from scratch, be realistic and keep overheads and other costs to a minimum until you know what you have is viable. When considering every stage of business growth, always review your finances, research the market, analyse the risk and make calculated decisions.

However, realistically, things don’t always go as fully expected. Fortunately, there are government-backed advice services in Scotland that can help.

can help you with everything from business planning, market research and finance.

can assist with everything from creating growth strategies to advice on training, recruitment and employee development.


 The following organisations can also provide advice on starting a business:

 provide free debt advice if you are self-employed and experiencing debt.