So you want to go into business.
Many of us have dreamed about going into business for ourselves. Utilizing our talents, the skills we have honed over the years and the knowledge that we have accumulated. Unfortunately, very few of us will do something about it, only 5%. We are going to explore self-employment to determine if it is right for you.
The reasons people go into their own business vary. Most of us have the desire to be our own boss. We want to get compensated for our efforts instead of getting a stipend while making money for someone else. We are interested controlling our own destiny. We want to grow and develop a business so that we can create wealth and build equity, live the life we want to live and perhaps even leave the business to our children. Whatever the reason, we all seem to have that urge to be our own boss.
So why do only 5% go into business for themselves? Fear is the main factor. They create many reasons (fear) why they shouldn’t go into business but in fact these are reasons they should go into business for themselves.
How often have you heard; there is so much competition in the business I want to start. Well, the good news is that it means there is a lot of interest in that industry and that no one has carved out the market as theirs. When the competition advertises that creates interest in the industry for everyone and will help create awareness for your business. Another reason that there are a lot of competitors is that no one has solved the customer’s needs to the customer’s satisfaction. This allows you to create an opportunity to better fit the customer’s needs, whether it be personalized service or your ability to move quickly to meet their needs without going through a series of steps.
Or you have heard that going into a business is risky. There is always risk in everything you do but you need to remember that if you have a good plan, solid financial resources, have professional and personal support, you are open to ideas, have the willingness to learn, are flexible in your efforts, if you have focus and the desire, drive and discipline to work the business you can be successful.
I am not certain that I am qualified to own a business? None of us are experts in every aspect of the business; that is why there is so much business support available in today’s market. There are business organizations, clubs, coaches, consultants, books, seminars, schools and if you have employees, they have accumulated knowledge to help you with your business.
I am sure you have been told or you knew someone who had failed or it is simply a bad idea. There will always be those who will tell you that it won’t work, but they are one’s who will not try. Thomas Edison had many failures, but he kept going. His innovations have impacted every part of our life. Akio Morita and Masaru Ibuka started a company to make rice cookers, they never sold one-the idea didn’t work. Decided to make tape recorders, then transistor radios, televisions, stereos; the company is Sony. Dick Schultz had an electronics store that was struggling, ready to go out of business, was on credit hold. A tornado destroyed one of the locations which made him change the way he did business. In his home market was the largest consumer electronics firm in the US, Schaak Electronics with over 100 locations nationally, they are out of business. Two other large consumer electronics stores, Highland and Circuit City, came into the market, they are out of business. The name of his company, Best Buy.
There will always be reasons why you can’t, you can live in fear or ignore them and create atmosphere of success.
There are 4 ways to get into your own business.
1) If you are lucky enough you can inherit a business from your relatives or friends.
2) You can purchase an existing business from someone who is getting out of the business.
3) You can start your own business from scratch.
4) Or you can invest in a Franchise.
So how do I start? There are a lot of questions you will need to answer to determine if self-employment is right for you. We will address these as we go along to help you determine your which is best way for you. You may even determine that self-employment is not right for you.
What kind of business should I get into? Should I look at a business type where I am currently employed or should I consider a business where I have an interest or hobby? To answer this question you will need to determine what are your goals, needs and expectations. What is the lifestyle that you wish to live, how much income will I need to support my lifestyle, do I want to build equity and create wealth for my family?