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Be Your Own Boss Article
OpportunitiesLow interest rates
Soft job marketCapital available – low interest rates
– Credit is available
– Banks looking to lend
Employees available – “low” wage rates
Strong consumer & government spending
Increased business spendingoutsourcing
Article
Great Economic NumbersIncreasing sales in most industries
Competition is less fierce as many firms have all the business they can handle
Starting a Business
10,000,000 Americans are attempting to start a business
But only 1/3 ever start one
Only 2/3 of businesses will survive 2 yearsOnly 40% survive 6 yearsIncrease your odds
ResearchBuild network of expertsSecure financingGet relevant education or experience
Starting a Business
Find a NeedWrite your business plan
Identify promising areasIdentity possible perilsThink ahead
“Stand out from the crowd”Success Factors
College degreeFamily history of business ownershipBroad network of friendsPrior work experience in fieldNetworking
Illusions
High chance of success
Lifestyle issues
Make own hours
Can separate personal from professional life
Where’s the Money?
In your pocket, bank account, piggy bank…
Friends & Family
Bank LoansCollateral
Good credit
Business plan
Solid business experience
Little debt (as a percentage of income)
Co-signor
Where’s the Money?
Economic development agencies
Venture capital – investorsWant a stake in your business
Expect quick return of money
Expect minimum rate of return
Want a “say” in the businessMay want someone to run day-to-day operations
Franchises
2,000 different franchise optionsEstablished & tested conceptStill need moneyFranchises have intensive & extensive screening processes
Few make the “cut”
High level of controlFranchises are thriving because many laid off workers or early retirees are looking to start a businesswww.franchising.com www.entrepreneur.com