STARTING YOUR OWN BUSINESS – Majority of the millionaires are self-employed. That means that they have started their own business. In a world where working for yourself and building a business from scratch is viewed by society as the ultimate self-actualization, it’s not a surprise that many of us are it now more than ever. The growth rates are just staggering to say the least.
In the USA alone, around 25% are self-employed and that number continues to grow steadily. In the UK, there are over 700,000 start-up companies each year based on data. A lot are run by owners and have zero staffing. Just a few years ago, there were 4.3 million self-employed businesses that are existing. They make up about 75% of all the business in the UK. So why should you be starting your own business?
I always read in my social media posts comments of people who have never gone into business saying it’s not a sure thing. That you can fail when you start your own business. And yes that is true that there is no financial success guarantee. Few companies achieve high levels of growth and multi-million sales annually.
Most sole proprietors, if they are lucky, make almost the same as they would with their previous day jobs. Start-up failure rates are very high. Based on US statistics, the failure rate after 5 years of US companies is around 50% and north of 70% after 10 years. So that’s about 3 of 10 companies being successful after 10 years of existing.
Still interested in starting your own business?
Let’s look on the positive sides here. There’s an incredible freedom that is unexplainable when you are your own boss. You’re able to be yourself and choose what you want to create. You have the option to work with whomever you want to work. There’s also the option of which clients you want to serve and the best part is, how much money you want to make from it.
Of course, with that freedom, there are plenty of responsibilities that come with it. Not to mention the stress of having to manage your own time, resources and money. Nobody automatically pays an entrepreneur a salary every 15 or 30 days all of a sudden. All part of starting your own business.
Overall, it is a great thing to be the master of your own destiny. It’s because the benefits ultimately outweigh the costs of it. That’s just my opinion still. Since 2010, I have worked on my own in terms of making money from all sorts of businesses. If you have read my previous blogs, I have openly talked about the many businesses I failed throughout my lifetime. 7 to be exact, plus some micro failures along with it. I saw all of them as learning curves that I charged to experience. I still continue to fail today, and I won’t stop doing so, as long as I’m starting my own business.
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January 30, 2021 Author Jerome
It was always the right time to start a business. However, it all depended on what trends were the most demanded. Currently, the most efficient way to start a business is by going online. Why is that? The world is getting more and more digitized, and a lot of services are ordered via the internet. Apart from that, you can easily organize a lot of projects directly from home, without any need to leave your room. Sounds convenient, doesn’t it? So, with the basement of a project chosen, it is essential to pick a trendy route.
January 30, 2021 Author Hans Angelo
The funny thing about being ready to start a business is just one thing- We are NEVER ready to start a business.
If you are going to wait until you have all the preconceived ideas about starting a business and being ready then you will never start your business.
Keep in mind that there is never a perfect time to start, there will always be something that doesn’t feel right- interest rates, knowledge, too much competition, the list goes on and on.
Do not wait for the perfect time because there will never be a perfect time, take imperfect action and just start. Once you have made the decision to start your own business and you have done your due diligence and research and it makes sense then jump in and do it!
January 30, 2021 Author rhona
You don’t need to know everything about running a business, to start one. In fact, gross majority of the people who start businesses have absolutely no idea how to do it: they just do it, and then learn along the way.
March 1, 2021 Author Dwayne
Understand the Commitment and Challenges Involved in Starting a Business
Starting a business is a huge commitment. Entrepreneurs often fail to appreciate the significant amount of time, resources, and energy needed to start and grow a business.
March 1, 2021 Author Dwayne
Here are some of the biggest challenges to starting and growing a business:
Coming up with a great and unique product or service
Having a strong plan and vision for the business
Having sufficient capital and cash flow
Finding great employees
Firing bad employees quickly in a way that doesn’t result in legal liability
Working more than you expected
March 1, 2021 Author Dwayne
More challenges in starting a business
Not getting discouraged by rejections from customers
Managing your time efficiently
Maintaining a reasonable work/life balance
Knowing when to pivot your strategy
Maintaining the stamina to keep going even when it’s tough
March 1, 2021 Author Nigel
Selecting the right name for your startup can have a significant impact on your business success. The wrong name could result in insurmountable legal and business hurdles. Avoid hard-to-spell names
March 1, 2021 Author Anton
Plan Your Finances. Starting a small business doesn’t have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. Put together a spreadsheet that estimates the one-time startup costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, etc.), as well as what you anticipate you will need to keep your business running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.).
March 1, 2021 Author Anton
Set up your business location
Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location.
You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing. You will also need to consider if it makes more sense to buy or lease your commercial space.
March 1, 2021 Author Edward
Ask Yourself if You’re Ready
There will never be a right time to start a business. If the stars couldn’t align for Romeo and Juliet, they probably won’t align for you either. But you can either look at that as the thing that holds you back from starting or use that to push you to start today.
When it comes down to deciding if you’re ready to start a business, it’s more about mindset than timing. Are you in the frame of mind right now to win? If you didn’t shout heck yeah at your computer screen, you might need to re-examine if entrepreneurship is the right path for you.
The reality is saying you’re going to start a business is easy. But doing it, turning nothing into something that makes money, that can be a whole lot tougher.
March 15, 2021 Author Aldwin
Don’t be afraid to ask for help
Even when a business is on the right track, unexpected issues and chances for growth and improvement can quickly pop up. Addressing these problems and opportunities is critical for long-term stability and prosperity.
March 15, 2021 Author Anton
Start while you are still employed. How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you’re starting a business means money in your pocket while you’re going through the start-up process.
March 15, 2021 Author Nico Oliveros
To achieve business success you need to be organized. It will help you complete tasks and stay on top of things to be done. A good way to be organized is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and completing all the tasks that are essential to the survival of your business.