As someone that has started several small businesses I’m a firm believer that your own business is the only way to make real money. My Dad, a self-made millionaire, always said, “You will never make real money working for someone else.” I’ve worked for other people and I’ve worked for myself. While the former is normally more secure, the latter is more rewarding. There are many reasons people go into business for themselves: laid off, tired of the grind, trying to make real money, taking over a family business. In this post I’m going to try and give you a very short treatise on a few problems with starting your own business.
Making Money
Many people will tell you that they started their own business because they want to be their own boss. It’s normally about happiness, freedom, more time, etc. Those are all fine but at the end of the day your business has to make money to survive. As a side note, if you want freedom and more time, don’t quit your day job. Many people put their time and money into businesses that are losers; they think they have to do a particular thing because they liked a hobby or because they like the thought of doing a particular job. They forge ahead and forget the basics, a business must be profitable. There has to be a market demand. If you open the best sandwich shop in a place that hates sandwiches you won’t succeed. Read More