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What’s a risky business? / How risky is your business?

How risky a business is, is very subjective as it ultimately depends a personal opinion of risk. What may be risky to me may not be risky to you. It all depends on an individual’s understanding of the business or industry they are venturing into.

I know of a friend who has made a lot of money from owning and operating multiple restaurants. To him, running a restaurant is not risky. I also know of another friend who will never ever consider owning a restaurant as they believe it is one of the most riskiest businesses they know. They can recite to you all the reasons why a restaurant is risky.

Business risk is a funny thing. When you are in the process of investing in a business, you will need to seek professional advice, most probably from an accountant. The reason why I say that business risk is a funny thing is that it also depends on how risky the accountant believes it is.

Lets take my friends example of investing in a restaurant. If his accountant had a bad history of clients failing in restaurant businesses, what do you think he would have advised my friend when he was considering his first restaurant venture?

The biggest risk you can ever make is not fully understanding what type of business you are investing in and not investing in good advice at the start. I have seen on countless occasions where a clients come to their accountant with 2 businesses they are looking to invest in. And the accountant has unwittingly advised the clients not to invest in a safe and less risky business because the accountant himself didn’t know enough about that industry. Not only that, the client eventually invested in the other business (and inherently the more riskier option) which ultimately was the wrong decision.

It just highlights the point that when it comes to obtaining advice, nothing beats getting good advice from someone who knows the industry.

Please call us today if you want to speak to an accountant who understands Licensed Post Offices.

The LPO Advisor

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