To start your own business has always been a part of the American dream. Being your own boss, setting your own hours, making your mark on the business world.
You’re good at your job, maybe even better at doing it than your current boss. You have great ideas. But should you do it? Should you start your own business?
The answer to that question depends on a lot of factors. How much money you have to invest in a new business venture, how good an idea it really is and whether you have the moxie to tough it out in the beginning.
Good ideas are a dime a dozen, it’s what you do with them, and how you stick with it that matters.
The US Bureau of Labor Statistics says that 56% of small businesses fail in their first year. If you want to be in the winning percentage, planning should be top of your list.
Starting a new business venture can be very expensive. Even the simplest ideas can be very expensive to build a business around when you figure in just the most basic overhead: retail or office space lease; utilities; cost of manufacturing products or procuring the products to be sold; equipment, etc.
Not to mention legal and accounting fees, taxes, licensing fees and labor costs. Then you have to think about what you will live on for that first year or two. You can’t count on making enough to take money out of the business. In fact, if you do, you’re almost doomed to fail. Reinvest your profit into the business to keep it strong.
Also remember that you will need to NOT set your own hours. Starting a business is incredibly time consuming. It will need to be an all consuming passion until it is stable and growing.
If you don’t have enough money to live on for a year or two, and you aren’t willing to put the time in that a new business needs, then don’t do it. If you do, and you can somehow make the financials work and your business idea is just too good, then take a chance at your piece of the American dream.
The American dream of starting your own business may be expensive and time consuming but may well be worth it in the long run.
Want to make your odds of success even better? You don’t have to figure it out all on your own! Give ActionCOACH a call today and we can help walk you through all the steps you need to take to start a SUCCESS business! (727) 786-2900