The Barriers to Starting Your Own Business
April 13th, 2006 by Matt InglotHow often have you had a fabulous idea that you could make a pile of money from? How often have you said to yourself “man, I could definitely do a better job than this company”? How often have you turned these thoughts into thriving businesses?
Forget the 90% of Businesses Fail Statistic - Most Never Even Get Started!
I bet you have come up with some pretty darn good reasons for why those terrific ideas in your head have remained there. Inspired by Steve’s comment to my Top 5 Reasons to be an Entrepreneur article, this post is for everyone unsatisfied with the daily monotony of their job, wishing to run your own business, but unable to make the leap.
Let’s explore the major reasons people don’t start their own business, or to put it more bluntly, here are the reasons people think they can’t start a business:
1) “I don’t have the time because I have a fulltime job, school, family”
Lack of time is a very common excuse but rarely valid. Most of us don’t really use all of our day effectively, so by trimming down on the time spent lying around bored and numb, it’s very possible to squeeze in an extra couple hours a day. If working all day wears you out, try waking up earlier. It’s all about time management, and a book like the excellent Getting Things Done
2) “I can’t afford the RISK at this stage of my life”
Starting a business can involve a lot of risk if you choose to immediately run a capital intensive business fulltime. But it doesn’t have to be done this way! Not every business is suited for every lifestyle and level of involvement, but there are many opportunities that are right for you. It’s typical to equate starting a business with mortgaging the house to obtain $200 000 in funding and having your poorly planned venture (despite the nicely formatted business plan) decide whether you get knocked into bankruptcy. The reality is that if you are willing to start small and build methodically you can begin on a shoestring budget. This also affords you time to learn so that the mistakes you make don’t cost you the farm.
3) “I don’t know anything about business”
I love bringing up my very first real foray into business. It was going to be a computer repairs and sales business, and with no business knowledge or plan it was sure to be an astounding success. I sold one 40GB hard drive and hit revenues of $80. Turns out there’s a little more to this business thing than I thought.
Business is not an obvious or easy subject despite rumours to the contrary. On the other hand it’s not rocket science and is mercifully free of differential equations. After my first failure I picked up a book and started reading. All I had to do to find the time was watch a little bit less TV.
4) “Maybe one day, but for now it’s just a dream”
This is my favorite and should really be labelled “fear of change” or “fear of the unknown”. You think you have the ability and if you examine the situation really close you see you also have the resources, but you are just too paralyzed by the idea of straying off the beaten path. ”All my friends are working normal corporate jobs, why should I be any different?”
Our society is built to breed workers and consumers, not visionaries. Anytime you wish to achieve something truly remarkable and different then you will have to face the discomfort of doing something that is frowned upon by your (former) peers who are really just masking their own discomfort of seeing someone trying something different and wishing to achieve more. Sheep need to constantly validate their decisions to ignore their dreams and live mediocre unsatisfying lives. Before listening to their pleas to return to the flock, take a long hard look at where the path they are on is leading you to.
Resources
At some point I am going to post a resource page with all the books and articles I have read online which I have found to be useful. In the meantime here are a few “must reads”. Amazon pays me a small referal fee if you make purchases through the links below, so by ordering any of these books you are not only receiving a tremendous amount of knowledge for almost nothing, but you are also helping keep this blog running:
Getting Everything You Can Out of All You’ve Got
Getting Things Done
The Wealthy Barber
Any of these books have the potential to change entire aspects of your life (they have certainly had this effect on me) and provide just as much (or more) knowledge than a $500 university course. They can all be read 20 minutes at a time, and whether you are starting a business today or think you may wish to do so in a year or five, these are the first keys to starting a successful venture.
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April 14th, 2006 at 9:20 am
Excellent article. I think too many would-be entrepreneurs fail to start businesses for the reasons you’ve cited.
On point #2 about risk, I would further argue that the risk of leaving a “stable” job is not as high as one might think:
1. Jobs are not all that stable in the first place.
2. Most entrepreneurs could easily go back to a full-time position if things don’t work out.
In short, taking the leap (as long as you bootstrap) is not that risky.
April 14th, 2006 at 9:51 am
Terrific post, and I would recommend one more book: “The Four Steps to the Epiphany” by Steven Gary Blank (http://www.amazon.com/gp/product/0976470705), which talks about finding what problems your customers have and what they will pay for your solution BEFORE making legr investments in time and resources.
April 14th, 2006 at 1:14 pm
This is a very good article. Regarding #4 and fear of change, I would just mention that health insurance is a huge issue for many people. I have a young child who requires ongoing medical care that can exceed six figures per year. Health insurance is essential for our family. I can’t just jump ship and start my own company without finding good health insurance coverage, which isn’t guaranteed since my child has a pre-existing condition. Sometimes there are very good reasons why people have fear of change, and can’t just follow their entrepreneurial dreams.
April 14th, 2006 at 1:38 pm
Nice article, Steve. I just ordered all three books from Amazon.
I like the idea that people later in life can and should start businesses.
I think one advantage technical people who have been working in their field have over young, recent grads, is experience in their field. Some ideas take a lot of exploration to find. Many technical people that have been exploring their field for some time will be in a position to notice useful software expressible ideas that no one else will have noticed. Many of those ideas can be implemented in a reasonable time, particularly by a sharp technical person who discovered the idea in the first place, certainly when compared to how long it would take someone to find the idea in the first place.
This is especially true today when computers are so cheap and powerful and so many ideas in other fields are becoming usefully software expressible.
To give an example, I am a communications engineer that has been writing software for internal use in network performance measurement. I have tons of ideas that my current company has no interest in implementing or that simply don’t apply to them but would apply to other companies. I could start a side business building network performance monitoring systems for companies that need them and may not even realize they need them, if I knew how to find and approach such companies.
April 14th, 2006 at 2:38 pm
Enjoyed the article.
As a guy who is on his second business, I’d throw out that bootstrapping isn’t easy for everyone. My first business was a consulting business, which was simple to start. Just finding a few people who were willing to pay me $100/hr to do web stuff was enough to get a solid paycheck. An easily bootstrapped venture.
However, a lot of business ideas require money and require time… And aren’t easily done on the side. Heck, it’s hard enough to get a business off the ground when you’re spending 40-60 hours a week on it. With a lot of younger folks living paycheck to paycheck, it makes it hard for first-time entrepreneurs to “make the leap”.
Sooo, I guess my advice would be– if you’re going to do it “on the side”, keep your product/service idea simple and lightweight.
April 14th, 2006 at 2:52 pm
People are always excited to talk about starting a business, and it’s true, it’s exciting. However, in addition to the barriers you have mentioned - some of which are actually quite important, as some other commenters have pointed out - people should realize that the grass is always greener on the other side.
When you work a job, you may wistfully dream about owning your own business. On the other hand, as a business owner, I often dream about having a job. It’s not just the lack of health insurance or the extreme instability I have to live with all the time. It’s also getting up at 7:00 am and working til midnight most days of the week, hassling with people who don’t pay their bills (which seems to be just about everybody), constantly facing discouragement, battling creditors of my own, and pretty much being broke all the time.
Hopefully this is just a hump my business needs to get over, but man, is it ever a steep and bumpy hump. My business partner is in danger of losing his house and the bank is trying to take his car. Were it not for my wife’s steady job, I’d be in the same situation.
Most people who really will end up starting a business hear “it’s really hard” and take it as a challenge. I admire that spirit, and I have a lot of it myself - if I didn’t I would have quit by now. But I just want to reiterate: IT’S REALLY HARD TO START A BUSINESS. Hard as in, you’ll work all the time and probably make peanuts, while you risk everything you’ve got.
That said, go start a business, it’s quite the trip.
Maybe you’ll be one of those lucky (talented?) people who starts making great coin right away. Otherwise, I’ll see you in line for food stamps (I’m not quite there yet but if my forecasts are correct…)
April 14th, 2006 at 4:13 pm
I agree with everything said. But let me state the obvious. Starting a business is hard, especially in IT. I have seen people start in sales and other kind of businesses; they seem to take off, but something in software SEEMs more difficult.
For example, I am trying to jumpstart something; it isn’t impossible, but not easy either. I want reiterate one thing, try to solve some problem. Solve a problem that people will give you money for solving.
April 14th, 2006 at 10:10 pm
Starting a business isn’t that hard, especially after your worked 10years+ in IT.With all the contacts you made while you were working, you can easily fill at least 10 to 20 hours per week doing maintenance work just by calling a few people.
I don’t have a business, but I do jobs on my spare time, and contracts come looking for me, I don’t even try to get any myself, I’m too lazy
. Just imagin what I could do if I would quit my job and do this full time. Why don’t I do it now? Probably because I’m afraid, like 90% of the population. 
Kiltak
[Geeks Are Sexy] Tech. News
April 14th, 2006 at 10:56 pm
Well said. Lots of people have ideas but fail in execution. I learned a lot through other entrepreneurs online. Online is your resource. I learned so much from this course and news letter at http://www.startuponlinebusiness.com.
Dave Hawlett
April 14th, 2006 at 11:10 pm
I have one very valid reason for not starting my own business. Health Insurance. I have ailments deemed uninsurable by most policies and I would never qualify for my own insurance. So, I have to keep grinding away as a peon to some soulless corporation to pay my medical bills. That said, I do spend some time on side projects, and hopefully one day I’ll get one going that brings in a little cash.
April 14th, 2006 at 11:22 pm
[…] read more | digg story […]
April 14th, 2006 at 11:44 pm
Just wanted to say EXCELLENT article, and EXCELLENT comments too!
April 14th, 2006 at 11:45 pm
[…] Every once in awhile I like to read a little bit of a pep-talk about being an entrepreneur. He’s correct in saying that not every business has to start as a capital-intensive full-time operation. With modern technology and the current trends in the working world of contracting and freelancing, I think there’s never been a better time for starting a small enterprise.read more | digg story […]
April 15th, 2006 at 12:06 am
[…] I recently found a great little blog post which described a couple of “The Barriers to Starting Your Own Business“. […]
April 15th, 2006 at 12:09 am
[…] Matt Inglot is a relative newcomer to the blogosphere(his archives go back to March 2006), but he seems to be off to an excellent start. His post The Barriers to Starting your own business hit the digg frontpage today. I read it through and it is spot on. He gives 4 of the more common excuses for not starting a business and debunks them. Sure, being a business owner isn’t for everyone, but if you’ve been thinking about it, the reason you haven’t started it is probably on this list. […]
April 15th, 2006 at 1:15 am
[…] Matt Inglot » Blog Archive » The Barriers to Starting Your Own Business […]
April 15th, 2006 at 2:13 am
It’s not 90% of all businesses fail. It’s 10% of all businesses succeed. It’s an exciting number.
April 15th, 2006 at 2:34 am
I like your second paragraph under point 4. It is true, up until the part where you succeed or fail.
April 15th, 2006 at 5:19 am
Number one reason not to attempt your own business: The welfare-warfare state, with its infinite variety of “taxes and regulations”.
April 15th, 2006 at 7:17 am
Pick up gthe following book, especially if you are looking into technical or craft type business: The Incredible Secret Money Machine II by Don Lancaster
April 15th, 2006 at 7:19 am
Don’t forget onerous taxation, the minimum wage, labor laws, unions, regulations …
April 15th, 2006 at 7:31 am
Thanks for your comments everyone.
Mike and Greg: the health insurance issue is definitely a very serious one and an example of a real obstacle. Really these are heavier extensions of the general “if you have a family, you are no longer responsible for just your own life”. Jumping into a business fulltime without guaranteed fallback income would become irresponsible.
However you only get to live once and I can’t stress enough the importance of persuing your dreams, and doing so in a way that integrates into a well-balanced life (there are definitely self-destructive ways of trying to achieve what you desire and entrepreneurs and rockstars are both very good at this). There is no shame in running a business part-time, and there is nothing wrong with finding a business venture compatible with your lifestyle. In fact the reverse of the latter is true - how can you succeed in a healthy way if your venture is incompatible with your needs?
Online anything has a chance of being a good candidate with often minimal start-up costs and the opportunity to “Fail fast and fail cheap” (to quote Jim Estill, CEO of Synnex). Other opportunites abound if you examine your strengths and then see how they can be used to provide a product or service somebody wants.
That gets me to another point I’ve grazed on several times, but with some of the comments I’ve read on digg and reddit I feel I need to re-iterate:
No one, including you, can really know if any single idea of yours is profitable. Sometimes the most awesome project can be a big flop while adding a motor to a toothbrush can create an enormous fortune. But virtually every entrepreneur I have ever heard speak or any entrepreneurial book I’ve read have all advocated the same thing. Einstein said it too. Failure isn’t a good thing, it’s a GREAT thing. Failure is the opportunity to learn, and the more opportunities you give yourself to fail the more you will know. And of course at some point you will hit something that does work for you. If anything is the entrepreneur formula this would be it.
Don’t wait around until your “great big idea” to start a venture. I did this with CustomBar (a story I’ll post someday soon) and boy do I wish now that I had tried smaller projects first and failed a few more times.
April 15th, 2006 at 7:53 am
lovely resource. keep up the great work everyone!
April 15th, 2006 at 8:01 am
Many of today’s top bloggers started because of necessity - a good reason to go for it - ie nothing to lose
April 15th, 2006 at 8:20 am
Let me tell you even more reasons to start a business:
Incredible tax writeoffs even if you just have a home office and little to no revenue. From a tax book I read recently, if you do not have a home office setup, “you need to have your head examined”.
As Matt said above, there is nothing wrong with doing your business part-time, just work nights and weekends. Hard work eventually has its rewards.
For anyone interested, I will personally get your business papers filed for a flat rate of $150, and answer any questions you have. For this price I will file ALL necessary state, county, and IRS forms. Some of these forms have additional fees. The “complete turnkey package” price you can expect to pay a grand total of around $300.
You can contact me at the web address above.
April 15th, 2006 at 10:15 am
Per step 1, we spend a max of 2 hours a day (have done since 14 feb 06) and already getting loads of interest from people wanting a piece of the action on our website fintag.com - and if you dont believe us read our blog.
Just do it!
April 15th, 2006 at 10:24 am
ad 1) A lot of people try to run a business besides a full
time job / school etc. and a huge lot fail. You make
it look like you can actually run a business with ease
*besides* something, which is rarely the case.
Especially if your business requires a lot of concentration.
Waking up earlier and “lying around” less isn’t going to help.
ad 2) You oversimplify the RISK. You forget to mention
working on a project and a customer not deciding to pay you
and having to go to court over it. Been there, done that.
It can take over a year before you actually get your money,
and takes a lot of time, which you haven’t (see 1).
Another RISK is slow paying customers.
ad 3) A lot of people fail because they don’t plan. It’s true
most have no clue about business, but think they can learn
as they go. And hence a huge number can’t make it through
the first year. They think it’s cool to have no business
plan. Their rates are way to low, since they have no clue
about costs involved. They get into problems with taxes.
They have no clue about investing money back into their
business, and think that instead of doing so, one should
milk the company dry (and since they have little clue about
rates, there is not much in the first place).
And very important: insurance.
Most important line there: “after my first failure I picked
up a book”. Too many people don’t get there, and some might
be in serious trouble before they can do that.
ad 4) The most important question is: *should* one be
an entrepeneur. Do you *have to* run a business?
@Dharmesh: going back to full-time position depends a lot
on how long you’ve been running a business. Some don’t
like entrepeneurs because they might go back to business
and become competition in my experience.
April 15th, 2006 at 12:12 pm
Great post. You sum up the issues pretty well. Related to number 3: Business education can go a long way. I have a CS degree and started my own consulting company (www.sylsft.com) back in 2003. After 2 years of running the business I decided I needed more business education. The business was profitable, but not growing in the way I wanted.
Now that I’m about 2/3 done my MBA (@ WLU - hey neighbour
, I have so much more insight into why things we going they way they were. I think having someone on board with formal business education can make a whole lot of difference in the probability of success of any business.
April 15th, 2006 at 5:19 pm
[…] Matt Inglot » Blog Archive » The Barriers to Starting Your Own Business (tags: read_later) […]
April 16th, 2006 at 1:59 am
Matt
Something you might want to add to your resource page is a few links to effectuation. Its some really good research on how entrepreneurs thinnk and start business. It answers the age old question are entrepreneurs born or made (the answer is we can all make our selves entrepreneurial).
The site is:
http://www.effectuation.org/
Its a little hard to navigate (academics arent great designers), so here is one of the primers on effectuation:
http://www.effectuation.org/ftp/effectua.pdf
April 17th, 2006 at 12:02 am
[…] Got a business idea?: Matt Inglot enumerates four barriers why you may not be able to lift your budding business off the ground. […]
April 17th, 2006 at 3:12 pm
The Barriers to Starting Your Own Business…
How often have you had a fabulous idea that you could make a pile of money from? How often have you said to yourself “man, I could definitely do a better job than this company”? How often have you turned these thoughts into thriving businesses?…
April 17th, 2006 at 3:27 pm
The only thing keeping me from starting a buisness is money. I’m 25, am single, don’t own a home and only make about 20k a year. I only need about 15k to start the buisness I have in mind but I have no idea where I could possibly even begin looking to get that kind of money.
Money is my only hurdle, but as far as I can see it’s not so much a hurdle as it is a wall.
April 17th, 2006 at 4:02 pm
[…] Link […]
April 17th, 2006 at 4:41 pm
Chris:
There are a variety ways of achieving funding for your business. A major key for a successful entrepreneur is being creative with the resources that you do have (see the What Makes Entrepreneurs Entrepreneurial post).
Partial list of ways to get capital:
1) Borrow/beg money from friends, family, etc. Utilize your network.
2) Sharing the cost of major expenses with others - when I first entered the web business I decided I wanted the control that having a dedicated web server would give me, but didn’t want to pay the steep bill for it, so I sold hosting. This quickly paid for the server and later turned into a venture in itself.
3) Debt - bank loan, government grants/loans, etc.
4) Earn $15 000 through a smaller venture first. Capital isn’t always available for the venture you are interested in, otherwise it would be very easy to start-up a multi-billion dollar business. If this $15K venture is your first ever this would also be a tremendous way to earn experience first before diving in with money that is significant to you.
5) New venture competitions. Around here we have the launchpad50k.ca competition, where enterprising young people can win up to $50K in funding for a startup.
That’s just literally off the top of my head - remember be creative - partnerships, networking, alternative ways of obtaining the resources you need, analyze all possibilities thoroughly. Bootstrapping is a keyword you might want to look up.
Best of luck!
April 20th, 2006 at 10:51 am
[…] At some point in your life, you will get a good idea and consider starting your own business. Unfortunately you will more than likely talk yourself out of it and your life will continue as usual. this article addresses some of the barriers to starting your own business. I would say another barrier would be looking like a fool on that American Inventor show. Embarassing. […]
April 26th, 2006 at 11:45 pm
[…] Matt Inglot - Barriers to starting your own business […]
April 27th, 2006 at 2:55 am
[…] • Matt Inglot gives 5 excuses why someone can’t become an entrepreneur, and what aspiring business owners can do to overcome The Barriers to Starting Your Own Business. […]
April 29th, 2006 at 10:10 am
[…] Matt Inglot discusses some of barriers of starting your own business. Pretty typical reasons such as not having the time or being afraid of risk. He starts off with the supposed statistic that 90% of all businesses fail (how accurate is that?) and then says that MOST NEVER EVEN GET STARTED. […]
May 14th, 2006 at 3:06 am
I’ve seen a lot of comments posted here about health insurance. I was worried about this one before I took the plunge off the end of the pier too. Let me wipe this fear for you. There is coverage out there that is not only cheaper but just as good or better when you are out on your own. This is just one of those “reasons” that most people say without a single insurance quote in hand. I’m not saying this to be arrogant…I’m just meaning that you have to run real scenarios to see if it will work for you. Do feasibility studies. Start a part time business and grow it for awhile then make the jump.
Then there is the comment about slow pay or no pay. Slow payers with invoices can be factored. Check into it. Factoring gets you money faster, but for a fee (usually a percentage). You can avoid no pay scenarios by taking 1/3 upfront on services. For goods, charge up front whenever possible. Possessions it 9/10s of the law they say right?
I don’t think starting a business is for everyone. I can say though that for me, I can’t imagine working in Corporate America anymore. The trade off is do you want freedom or security? There is a mind set shift that has to occur for most people before they can grow a business and succeed. The biggest thing is getting over the idea that what you know or can do isn’t worth as much as it is.
You should always be thinking about how you can structure your knowledge and skill to benefit a greater number of people. Think how you can serve more people in less time. Leverage is a big key. You test the market. When you start getting sales, grow your business till you can’t fulfill your orders any more. Then grow some more. If you have too much business, raise your prices till you scare enough people away to establish order again.
All the best!
Bill White
http://www.e-bizcoach.com
May 31st, 2006 at 12:56 pm
[…] The Barriers To Starting Your Own Business. Discussing common excuses of people who don’t try to “startup”. […]
June 26th, 2006 at 9:16 pm
[…] 原文链接 […]
July 1st, 2006 at 7:47 pm
[…] Matt Inglot presents The Barriers to Starting Your Own Business posted at Matt Inglot. How often have you had a fabulous idea that you could make a pile of money from? How often have you said to yourself “man, I could definitely do a better job than this company”? How often have you turned these thoughts into thriving businesses? […]
July 24th, 2006 at 4:33 am
Suggestion re your book links.
Hi, I like your posts and always love a good book referral. I live in Ireland and therefore order from Amazon.co.uk. Many sites have two links when they recommend books - one to Amazon.com and one to the .co.uk site (maybe you need .ca too). Obviously it can get cluttered but you could find somewhere to put the other links.
I’d happily click through from your site then
Darren
August 6th, 2006 at 11:02 pm
#140 Best of Me Symphony…
What’s the weirdest food you’ve been offered but just couldn’t make yourself eat? Amused and Bemused serves up 10 Things To Make You Want to Puke. Fact of the matter is, there is no hip world, there is no straight…
September 10th, 2006 at 4:16 am
[…] Details the major reasons that people come up with for not getting a business started.read more | digg story […]
November 15th, 2006 at 8:54 am
The other thing to bear in mind is how to protect your company if you DO decide to start your own business.
Since one of the main reasons why businesses fail is because they don’t manage their cashflow properly you might want to check out some cashflow management tips at: http://www.onstop.co.uk/cashflow-management.htm
June 5th, 2007 at 9:57 am
The Barriers to Starting Your Own Business…
How often have you had a fabulous idea that you could make a pile of money from? How often have you said to yourself “man, I could definitely do a better job than this company”? How often have you turned these thoughts into thriving businesses?
Fo…
August 1st, 2007 at 12:31 am
Look at these statistics. The fear and it’ weight in terms of percentages that stops people from setting up a business.
Fear of debt 51%
Difficulty getting finance 50%
Fear of failure 47%
Losing current income 37%
Complexity of regulations 33%
Losing security 32%
Economic climate 29%
Lack of knowledge 22%
Lacking business skills 21%
Loss of current prospects 17%
Lack of an idea 12%
Hard work involved 12%
Family commitments 2%
Lacking premises/staff 1%
August 11th, 2007 at 3:49 pm
Business Ideas Forum
I couldn’t understand some parts of this article, but it sounds interesting
August 24th, 2007 at 3:15 pm
I could talk about this all day, but there’s one point in particular I wanted to address.
Prexisting medical conditions and insurance.
If you contact the insurance company and ask for the business division you can sign up for insurance under your company and they can’t take preexisting conditions into account. The nice lady even told me herself they couldn’t. The insurance is still affordable too, as I compared it with personal rates. This is with a major healthcare provider as well.
The catch is that you can’t sign up alone. You need at least 2 people to signup whether that’s an employee, or a principal or whatever. Your children don’t count unless they are employees. Now the weird part is that the other person can decline the coverage. But it takes 2 or more to signup.
This does not mean that you have to have a business partner, but you will probably need one employee. Or you can setup a separate corporation with another principal and run your insurance through that one.
October 12th, 2007 at 2:03 pm
Business News
Occasionally, you\’ll get bogged down by the colossal amount of Business news realizable.
November 12th, 2007 at 5:39 am
Where did you get the numbers from? Very interesting to say the least.
Fear of debt 51%
Difficulty getting finance 50%
Fear of failure 47%
Losing current income 37%
Complexity of regulations 33%
Losing security 32%
Economic climate 29%
Lack of knowledge 22%
Lacking business skills 21%
Loss of current prospects 17%
Lack of an idea 12%
Hard work involved 12%
Family commitments 2%
Lacking premises/staff 1%
I really liked the article. A very good topic, but you should add in there that a lot of the people that have these ideas don’t have the skills to take their idea to the finish line even if they tried. It’s not easy and that’s why most don’t follow through with it.
December 9th, 2007 at 9:26 am
[…] about business� 4) �Maybe one day, but for now it�s just a dream� Check this article on The Barriers to Starting Your Own Business to learn moreWritten byChris […]
December 10th, 2007 at 7:02 am
If been doing somthing 15 years, and have talked to many customers
and most like me and not so much our main company.
So I have alrady established a client base first, now this winter I will
set everything up. on the side. and make the big leap in the spring.
and shock the hell out of a lot of people. I would of done it earlier but was
in fear of debt. but noe house is paid off and my kid is older, 17.
and he wants to help in this venture, and many have always told me why the heck dont you do it for yourself. So the main thing will be competitive prices,
good service, and a couple of other issues. and not dealing with bad payers.
if it doesnt work out, I would be very very suprised.
So wish me luck
March 24th, 2008 at 1:08 pm
Running a business successfully can be difficult, but professional development seminars and training can be helpful in providing you with the tools to be a great success. I’ve found the best tool is to get a business coach, a mentor and a network. They make you accountable which generates results. If you want more information on my experiences, contact me.
lara@arrowbusinesstraining.com
April 14th, 2008 at 2:40 pm
Excellent Article. I agree with the statement about people saying starting a new business is too risky. A lot of people think that they have to personally finance the business they want to start to they do take out a second morgage, dip into their personal savings, and/or apply for credit cards (personal and busniess) to fund the business putting them personally liable for the business success or failure.
What a lot of the public doesn’t know is that there is an easier way to fund a business putting little liabily on ones self, that is gone after a year. Unsecured Finance makes it easy for people to finance a company that doesn’t put them liable. Unsecured Credit lines works like a credit card, but the company its self is held liable. They also can be easier to obtian and can offer a lot for a new and starting company.
May 8th, 2008 at 10:19 pm
These are all very valid points for why many people choose to not start a business and most people have no idea the real work that comes with business ownership. They would rather envision earning big money and being on vacation all the time. As a small business owner myself I know what an 18 hour day feels like, thats something that most small business owners don’t picture when starting out.
July 3rd, 2008 at 11:57 am
Start an Internet business (if you are info-tech inclined) and build it up through cyber-sweat equity. I have started several Internet businesses in my spare time and have borrowed nothing in the form of money. You do have to spend allot of time developing the business, but even with the experiments that did not work, I grew and developed the skills that are necessary in this modern hi-tech world. One of my early ventures that worked, http://www.start-cleaning-business.com still pays the bills four years later! It’s an option for some and it does address many of the issues in the post.
July 27th, 2008 at 2:15 am
There is nothing like a home based online business. One business multiplies as many: This is something you can’t do with an offline business. Suppose your online home based business is selling greeting cards. You can double up as advertiser for Google and Yahoo sponsored ads. You can have partnerships with any number of companies. Additionally, you can also join affiliate business programs. Your side income will grow while you concentrate on your main core home based business. Mine is based on the real estate industry. Cheers!
August 12th, 2008 at 2:26 pm
Most businesses lose money for a certain amount of time and there is no way of telling how long it’s going to be unless you really know your business. It would never be exact, but you can come fairly close.
February 26th, 2009 at 2:22 am
Hi,
I am highly oblige for the above information provided by you.
kim
Home Based Business
March 1st, 2009 at 6:11 pm
Hi,
Great Article. I opined that to be successful in building a profitable business one should be able to take certain risk. However, blind risk is often more destructive than not taking at all. The trick is to research and plan the business thoroughly before jumping into one.
Also, maintaining a proper balance sheet is important.
Lian
Legitimate Work At Home Jobs
April 16th, 2009 at 4:38 am
Starting a business would be a bit hard for other people because of some hindrance. I think money would be one of that, having money is the main thing to consider in entering a business. You should have enough capital to spend for renting or building your working place, for the cost of the machinery that you will need, office equipment and a lot more to spend with. Due to this, some who plan to have business afraid to continue it. having no enough money…and also scare to take risk.
April 17th, 2009 at 12:57 am
Doing business is sometimes is really hard to think about. You will need to plan the business, brainstorm, find location, etc. There are things that you should know first in doing businesses. You have to know its background. I think it is better to have your own business (for example, home business), if you have just retired from your job. You need to sacrifice first your retirement benefits so that you can start up the business.