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If you ever thought of starting your own business, some factors you should consider.
You probably going to hear a lot of reasons not to, from family and friends but ignore all the “naysayers” and do your research to see if the idea has merit or not.
One of the major advantages to owning your own business is the fact that you have security in knowing you have control of your own future. You might be asking yourself why should I stay at my current career where someone else controls my future?
First question you need to ask yourself is can I afford to start a business. Many new businesses fail the first couple of years due to a lack of capital or funding of some sort. There are plenty of small businesses that can be started for just a few thousand or even less especially a home based business.
Many new businesses fail because the owner treated the business like a hobby and was never meant to last long or provide enough income to support the business or owner. SBA suggests that nearly 70 percent of new businesses last only two years or less and half last more than five.
Another major factor to consider is the fact that you may have never started and ran a business before. Being your own boss does require discipline and basic business skills. There are many books available on the subject from a book store or even from your local library. You can even do a bit of research on what is available from Amazon in the form of a kindle eBook.
Be sure to setup a good bookkeeping system to track sales, expenses and customer records. You can either hire an accountant or purchase a inexpensive accounting software package like QuickBooks to handle the day to day operations. There are even a few accounting apps available to download onto your iPad or other tablet to run your business.
It’s never too late to start a business regardless of the economy. If you offer a good value, you will attract new customer or clients depending on whether you are selling a product or service.
Regardless of your age, you are never too old to start your own business. Years of work experience can be utilized in a future endeavor. For example, you may have a lot of insight in a specific industry or sector based on previous work experience.
Many successful businesses have been started by individuals older than fifty tired of their current employer or even started as a means of extra income in retirement.
There is never a better time, than the present. So get started and have fun.
Daniel Iuculano, AAMS CMFC
Accredited Asset Management Specialist
Chartered Mutual Fund Counselor
