Start Your Own Business – No Excuses!

Valid reasons to not start your own business do exist, however, many commonly used reasons have simple solutions. Not knowing what business to start, not having the money, not knowing the requirements for starting a business, not having a support system or the time are five of the top reasons preventing people from taking charge of their lives. Herein are some solutions to these problems.

Not Knowing What Business to Start

The surest way to success is to find something you are passionate about, then find a way to make money doing it. This should be your first step to starting your own business. First, find something you would enjoy doing for many hours a day, at least five days a week, even if you made no money. Second, look into your choice to find a specialty area. Don’t settle for “making furniture” when “making colonial style furniture for children’s playhouses” would be much easier to market because it very quickly determines your target market.

Don’t have a passion? Try picking up a few business magazines to see some trends and possibly find the spark to inspire you to start your own business.

Not Having Any or Enough Money

If you need to borrow money, do a lot of research. There are many options. It is not recommended to use credit cards to finance your business. Other options include small business or home equity loans through local or large chain banks, the small business association, Prosper.com, and venture capitalists. Borrowing from friends and family may be a viable option for you.

By far, the best way to purchase anything is to save the needed money and pay cash. This is true for business. Set up a monthly budget for your current income and allot as much money as you can afford into your business start-up fund. Focus your time on laying the foundation for your business. This includes writing a business plan, doing market research, reading books to hone or acquire business skills, learning about laws and regulations in your area, etc.

It may take a lot of time, but it will be worth it. If you start your business debt free, you will be miles ahead of the competition. You will be able to take bigger, calculated risks and see profits faster.

Not Knowing the Requirements

This problem is easily solved by asking questions. Start with your local Chamber of Commerce. Oftentimes, they will have a packet of information already made up for would be entrepreneurs. Talk with a tax advisor. Consider talking with an attorney about legal matters, copyrights, licensing, contracts and your business structure.

Not Having a Support System

Great support systems do not just happen, they are created. You can find a mentor through SCORE, a nonprofit organization dedicated to counseling small business owners. The Small Business Association also has a free program, the Small Business Development Center, that offers support to current and prospective small business owners. You can find both of these organizations on the internet.

Join an online forum for people with similar goals. Create a local support group, meet once a month to discuss your goals, challenges and generally encourage each other. Contact the Small Business Association. Search the web for other small business resources.

A great support system starts with you. If you don’t believe in yourself, it will be hard to convince others to believe in you, especially customers. Take the necessary steps to build your self-confidence. Any costs will be offset by the impact a positive attitude will have on your business.

Not Having the Time

You have no less time than anyone else. Everyone has 24 hours a day, 7 days a week. If something is important to you, you will find the time. We all prioritize our lives, either consciously or subconsciously. Become a conscious prioritizer. Eliminate time wasters, streamline necessary chores and delegate responsibilities where possible. If you want to run a successful business, these are tasks you need to master anyways. Start the habit now.

There will always be stumbling blocks on the path to success when you decide to start your own business. The key is to not stay down when you fall. Look at each one as a challenge to be creative. Creativity is, by necessity, the very core of running a successful business.

Business is Not a Social Giveaway

Make a profit and leave social programs to the Government

Being in businesses serves one purpose and one purpose only, and that is to turn a profit for its owners or stake holders. People who begrudge businesses for making a profit don’t fully understand their purpose. In a capitalistic system such as that found in the United States, profit is the soul purpose of any business endeavor. Small businesses are no different, people who go into business for themselves, usually do so for the income. When all is said and done, income is after all, the root of the businesses importance.   

Social endeavors on the other hand are driven by the need to provide a service. Some social businesses are for profit and some are not. Many times the proprietors take a salary while the business itself is self sustaining but does not occur a profit. Even though an  enterprise may be a social directed business, it still operates under the same financial  pressures as a profit driven business. Its aim may be to provide a clear social benefit but it must adhere to more strict rules and regulations than other businesses. The internal structuring may include volunteers and solicited donations. Accounting is strict and reporting to government agencies may be more scrutinized. Any profits occurred are mostly reinvested, or used to support its societal direction, rather than being paid to the owners of the business.

If you are community minded, you may want to start a business that isn’t just for profit but also has a social function. For example, you might want to provide a service for injured war veterans , or help improve conditions for disadvantaged children.

Here are some Advantages of starting a social directed business

  • You get a feeling of self-worth while earning a living.
  • The community and your beneficiaries benefit as your business grows and matures.
  • Customers may be willing to become involved in the business because it supports a good cause.
  • It could be easier to attract and motivate employees and volunteers to share in your social aims.
  • You could possibly qualify for a government or church based grant and raise funds from people or organizations who share your social aspirations.

Here are some Disadvantages of starting a social directed business.

  • Sometimes your social aims may get in the way of making progressive decisions.
  • You may have to make difficult choices as to how much income to make.
  • If there is any surplus,  profits it is expected to be put back into the business or go toward supporting the cause.

 
Why people change careers or start their own business

  • A change in conditions like loss of job or sudden need for more money.
  • A major life event can prompt or even enable you  to start your business.
  • An inheritance or other dramatic personal event may provide the funding to kick-start you into action.  
  • Loss of job or job stagnation could mean that now it is time to take the big step.

 
What are the Advantages of going into business?

  • It just might be an opportunity to start over or do something you’ve always wanted to do.
  • You have a chance to prove yourself.
  • You get to choose your future
  • You can make as much as you are determined to make. .
  • Even though you’re never your own boss you can have the flexibility of working around family commitments.

 
What are the Disadvantages of going into business?

  • You will have to ware many hats, meaning its up to you to take care of all business matters.
  • Going into business is a life-changing event and it can be very stressful.
  • Don’t make decisions that would effect others when you are personally disturbed.
  • It usually takes about three years to start showing a profit from a new business.
  • It is most unlikely that you will see any speedy returns on your investment and you must prepare for a long, and sometimes difficult challenge.
  • In the beginning stages especially, it could mean working long hours for little pay and making sacrifices in your personal life. Make sure those around you are prepared for the challenges ahead.

Should you start a business when you’re unemployed?

If you’re drawing unemployment your composition wages might not be enough to carry you through while starting a business. It may be better to find a job and slowly work into a business on the side. If you already have the tools, like a lawn mower (lawn service), a buffer and vacuum (carpet cleaning) or car (delivery service) then you might solicit people you know for business or references.

Starting your own business is not easy. It takes unusual fortitude to make the transition from wage earner to self reliance. Don’t attempt it unless you have the confidence and determination to succeed.

Happy Trails

The Best Business Education You Can Get – And It’s Free

I’m not talking about SCORE (Service Corps of Retired Executives). While you can get good business information from these retired executives there is a much better way. This article will teach you how to get current business owners to spill their guts to you about the most intimate secrets of their business.

Normally small business owners are pretty closed mouthed about their business and won’t make the time to talk about their business to a stranger but there is one time when the exact opposite is true.

That time is when the owner is selling his or her business.

And that is a great way to learn about various businesses and explore what you might like in the way of a business for yourself.

But is does take practice and time to sift the truth out of the sales pitch the owner is making. Here is a plan you can follow to accomplish this educational goal without getting sidetracked by bad information. Expect to invest a few weeks at this process before you get good enough at it to really get an accurate picture of the businesses you are “interviewing.”

Step 1: Get the classified section of you Sunday newspaper. The section you are interesed in is “Business Opportunities” or “Businesses for Sale.”

Step 2: Read all the ads and circle the ones that do not look they were put in by a broker. At this point, it is much better to talk with the owners directly rather than have the complexity of a business broker in the middle of it. (Once you get educated, you can use a business broker if you are truly shopping for a specific type of business to buy.)

Step 3: Call every business owner and express interest in learning more about the business for potential puchase. Take notes as to what the person says and when the initial pitch is done, set up an appointment to talk more and to look over the business.

Step 4: Go to your appointments, examine the business, look at the books, ask to see the tax records, see what kind of terms the business owner is willing to offer, ask about day to day operations, employees, etc. In other words ask the owner every question you can think of to both prove the earning claims and to give you a good feel for how the business actually works. (And if you really are interested in a particular business, ask if you can work in the store for a day or two to get a good feel for things before making a purchase decision.) Build a checklist of questions you want to ask and bring it with you so you don’t forget to ask anything. And revise the checklist as many times as necessary to add/modify questions. You will eventually end up with your very own business evaluation worksheet.

Step 5: Repeat every week until you develop a sense for what the sellers are saying and not saying about their businesses.

After talking with a few business owners, you will find that most of what they tell you is a stretch of the truth or it is pretty accurate but the numbers just do not make sense for the person purchasing a business. You will also learn a lot about how real people run real businesses. But most of all, you will get an amazing education you just can’t get in any other way and after this exercise, you should be able to size up any business and its true value in minutes.

Oh… a friendly advisory. Leave your checkbook at home while doing this exercise!