Business English: Collocations with Business

In this lesson, we are going to focus on collocations to talk about having your own business. 

HAVE YOU EVER THOUGHT ABOUT GOING INTO BUSINESS? 

Let's consider some major aspects of starting a business and what it takes to run it. 
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One of the reasons why some people decide to go into business for themselves is because they want to have a job that fits into their lifestyle. They can have a more flexible schedule without having to worry about their working hours or sick leave.

Before thinking of setting up a business, you need to brainstorm a good business idea. Remember that you also need to be passionate about it, so that you can stay motivated in the long term. There are different kinds of businesses, so those who want to start a business need to figure out their area of expertise and skills they have.

During the early stages of your business, you will have to work long hours to set everything up as well as learn new skills in order to build and grow your business. Whether it is a product or a service that you want to offer, you need to consider all the different ways to finance your business. In the beginning, it makes more sense to start your business on the side and keep your full-time job, so that you have a source of income to rely on. 

If you want to do business, you need to be aware that this involves considerable risks. Of course, some businesses are riskier than others and there are different factors you should definitely take into account such as money and labour. 

Be optimistic and think about the money you will need to run your business. Often times you will spend more than you can actually make, especially early on. Even though you may have a good idea, bear in mind that there are no guarantees in business. You need to have a point of view about the future. It is also important to keep in mind that in a recession smaller firms often go out of business. 

Running your own business requires hard work and patience. You have to start getting sales and revenue in order to stay in business. 

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VOCABULARY 

• go into business (collocation) - start working in business 
• start a business | set up a business (collocations) 
• figure something <-> out (phrasal verb) - to think about a problem or situation until you find the answer
• set something <-> up (phrasal verb) - (SYN: establish) - to start a company 
• have a business | own a business (collocations)
• build a business | develop a business (collocations) 
• grow a business (collocation) - make it larger 
• finance a business (SYN: fund) - to provide money for it 
• a source of income (phrase) 
• do business (collocation) 
• considerable risk(s) (collocation) - fairly large 
• take something into account - to consider facts or details when making a decision 
• bear in mind that | keep in mind that 
• go out of business (collocation) - stop doing business because of financial problems 
• run a business (collocation) - manage it 
• stay in business (collocation) - continue operating and not go bankrupt 

Other Business English lessons: 
Collocations with Job (Part 1) 
Collocations with Job (Part 2) 
English Lesson: Jobs and Skills 
Business English: Working in an office 
Business English: Prepositions with WORK 
Business English: How to Talk about Money 
Business English: How to Talk about Your Job Responsibilities 

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