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