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Starting a Business: Are You Sure You Are Ready?
For many, owning a business is a lifelong dream. There is a certain
freedom that is found in entrepreneurship that is not available when
you are working for someone else. The motivation is different when
you are working hard to make money for yourself, instead of someone
else. The freedom that is available with the schedule and ideas can
be very appealing.
As with most things in life, the reality can be quite different from
the dream. Much like owning a home, being in business for yourself
means a previously unprecedented level of responsibility. There is
no boss to call for help, and no coworkers to rely on to cover your
sick days or vacations days. Whatever goes wrong, from the copy
machine jamming to a project running over budget, you will have to
solve the problem. No matter what business you are in, you will have
to run all the departments yourself, at least at first.
Financial stability is impossible to achieve in the early days of a
new business. Money may come in fits and starts, so it is generally
necessary to have another source of income, whether from a savings
account, another job, or the income of another household member.
Time will also be at a premium. Most new business owners work
extremely long hours. It is necessary to choose a business
enterprise in which you are whole-heartedly invested, as it will
take over your life. Vacation time and even weekly days off will be
difficult to achieve, as you work to stabilize your company and
improve the bottom line. The time factor makes it difficult to work
another job while getting a company going, so if you are able to
garner income from another source, it is advisable.
Liability is a factor, which must be considered. Liability insurance
is advised in almost all cases. Be sure to speak with an insurance
professional, as different types of businesses require different
insurances. It is also important to decide how to structure your
company, as a sole proprietorship could result in you personally
being sued, while a corporation represents an individual entity
whose officers are protected from suit. Take the time to make an
informed decision.
Working for yourself has many advantages. You get to call the shots.
You have the potential to make an unlimited amount of money. If you
have small children or other obligations, working from home gives
you the opportunity to spend more time with them. However, it is
important to start your business venture with your eyes open. A new
business, no matter what the field, is generally not glamorous. You
will work extremely hard, for long hours, and often make little
money in return. It may be many months before your business is
successful enough for you to draw a regular paycheck from it. Also
remember that a significant percentage of new businesses fail during
the first two years. Be sure to consider what you will do if that
should happen.
The biggest thing that you need to make sure of is that you do not
enter your business venture blindly. Do some networking and get to
know some other small business owners who have started from the
ground up and been successful. Ask them lots of questions and store
their experiences in the back of your mind so that you can refer to
them later if you run into similar issues. Prepare yourself
psychologically for the fact that you are going to hit speed bumps
and that there may be some rocky places along the way. Build a
resolve to press on, no matter how difficult it seems. Refuse to
fail.
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