By Arthur Orchid
Do you also share the dream of being your own boss? Do you know where to get the money to get started in this new business of your own? Starting their own business is a dream for many people. Whether you're thinking about starting your own consulting business, or you want to own a business franchise, there're many options to make you a small business owner. One of the most common misconceptions among people who want to know how to start their own business is that you need a lot of capital to start up. This is far from true. You need money to start your own business, but you don't need to have that money yourself. There're plenty of small business loans available if you can fill out all the requisite paperwork and make the right connections. When I first decided to start my own business, I barely had a dime. I had a few good ideas, a nice suit, and a government loan. That was all I needed.
You don't need to have money to start out launching small business, but you better make some money if you don't! Otherwise, you can go massively into debt from starting your own business. This is obviously not good for your entrepreneur mindset. IMO, you need to achieve steps by steps goals to feel happy. Falling into debts from the very beginning won't be helpful to keep Faith in your business and also into yourself. Although there're bankruptcy options available, they've gotten much less appealing as the laws have changed. Nowadays, going into debt starting your own business can spell financial ruin for many people. You had best not let this happen. It's always good to have a little bit of money to fall back on just in case. If you're thinking about quitting your day job: save or borrow around 6 months of your previous wage to allow working on your new business without financial pressure.
Nonetheless, I don't want to make you think that starting your own business is all that difficult. It really depends on what kind of business you go into. If you want to start your own restaurant, you had better be used to disappointment. Unless you are starting your own business running a restaurant franchise, you have a huge chance of failure within the first year or two. Most restaurants go under. The only reason that restaurant businesses get financed at all, in fact, is that rich patrons wants to have a place to take their guests to entertain them. Are you going to leave your day job like did Tom Scavo in Desesperate Housewives? Are you going to reach the same success as he does? No one but you can answer those questions.
Deciding to start your own retail business can be a little bit less risky, but it's still tough.
The key to starting your own business is having a niche. A friend of mine, for example, decided to start a retail business selling locally made handicrafts. Although there weren't that many people who wanted to buy his wares, there were some, and they were fanatical. They would come in there every week and buy something. Starting a business can work as long as you have a few regular clients. There's also another aspect we haven't talked about in the creation of your own business: your satisfaction to make - build - create something by yourself!
Related article:
To Your Success!
0 commentaires
Post a Comment