“The Real Benefits of Starting and Growing
Your Own Business”
Most of us want “more” in Life, right? Certainly! After all we’ve heard if you have your own business…
But first lets first define what a small business actually is.
The US Small Business Administration defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field. Depending on the industry, size standard eligibility is based on the average number of employees for the preceding twelve months or on sales volume averaged over a three-year period. Examples of SBA general size standards include the following:
Employ just over half of the country’s private sector workforce
Hire 40 percent of high tech workers, such as scientists, engineers and computer workers
Include 52 percent home-based businesses and two percent franchises
Represent 97.3 percent of all the exporters of goods
Represent 99.7 percent of all employer firms
Generate a majority of the innovations that come from United States companies
Source: U.S. Small Business Administration Office of Advocacy, September 2009
Wow! A small business can be pretty large!
However there is another type of small business and it’s the type you and I are most likely to start as we build toward the US SBA version. It is defined as a type of enterprise that is independently owned and operated, has few employees, does a small amount of business, and is not predominant in its area of operation. In other words a form of business in which one person owns all the assets of the business, in contrast to a partnership or a corporation, and may have between 1 -5 employees if any.
Benefits – The Good News
- You will work for you and be your own boss.
- Set your own hours.
- Incorporate your values and ideals into your work life.
- Much greater potential earnings than when you are an employee of someone else’s company.
- The excitement of building your business
Downside – The Bad News
- Can be lonely
- The early part can leave you cash strapped especially if you have anyone on payroll.
- Regulations
- Paychecks for the owner can be sporadic.
How Can You Avoid Failing? Planning and Thinking Ahead is a Great Antidote!
Gain experience when possible.
Be realistic about financing.
Put together a strong management team (or advisors).
Location and appearances
Control expenses
Control growth
Keep your day job (if you can)
Be Committed and Go For It!
One Last Step
Its all about you so ask yourself…
Is Entrepreneurship Really for You?
If a “good” job comes along with fantastic pay, will you take it?
Are you a self-starter?
Are you good at planning and organization?
How’s your health?
Can you stay the course?
How do you see yourself vs. other people?
Ever had or worked for a small business before?
Do you have your family’s support?
Do you have the drive and passion to make it succeed?
Comfortable tracking the financials?
Are you willing to work extremely hard if necessary?
You’re right there is a lot to do. If you feel overwhelmed I don’t blame you. There is lot to do and planning and teamwork makes life simpler and your dreams more achievable. A proven methodology and process supported by the right mentor and coach increases the odds in your favor.
Click Here – free no obligation information on the Five O’Clock Club methodology regarding how to get started with bringing your business idea to reality.
Time to Figure Out Your Business
Where to start? High Tech, education, and services are good examples of future trends that may hold business opportunities for you BUT remember don’t be seduced by something because of your ego a basic service business could be your ticket for very straight forward reasons more and more working people have less and less time to do the routine and emergency things in their lives than ever before. Two-parent household where both people work and have kids are the definition of needing help with the everyday chores of life.
Some Business Suggestions:
Wellness and Health
Pet Walker / Grooming / Sitter
Beauty Care
Cleaning Services
Travel Services
Catering / Baking / Food Prep
Child Care
Virtual Assistant
High Tech Consulting
Career Coaching
There are many, many more so start brainstorming!
Notice these businesses may not be sexy but they can make you a tremendous income if done right. Simultaneously you provide a valuable service to people who need the help. Even during lean times such as a recession these are services that will still be needed because they address basic personal or business necessities.
Carving Out Your Niche
Using the Five O’clock Club small business methodology we work with you to:
Formulate a real home based or small business
Put together a plan to take it from zero to high growth
Research new ideas
Overcome temporary setbacks
Stay ahead of the market
Outshine the competition
Click Here – free information on the Five O’Clock Club methodology regarding how to get started with bringing your business idea to reality.
