What person doesn't dream of being their own boss, owning their own business, and no longer having to answer to anyone but themselves?
All of that sounds incredibly enticing but starting your own business isn't an endeavor that needs plenty of planning and nearly flawless execution.
First and foremost, you have to choose a business that is more investment than risk, which translates into watching your money grow.
That's often easier said than done, and you probably would be wise to piece together certain criteria to follow that would suggest you're making a wise decision by nixing the nine to five job for a business you can call your own.
Make sure your business is something you know at least a little bit about, and that you're absolutely committed to its success. Far too often, would be business owners rush into an investment without anything more than angst and anger toward their 40 hour per week job as their motivation.
You have to choose something that drives you or that you're passionate about, and investing your own money helps the cause immensely. You'd be more apt to push a little harder and sell a little more if you know your own money is at stake.
Then again, there are certain businesses that just scream money pit.
Take opening a restaurant. This is the tailor made swing and a miss for most, given the nature of the business. Far too many self-dubbed “good cooks” think they're ready to run their own restaurant, but forget that flourishing in the business takes everything from financial acumen, proper business training, expertise in marketing, wage analysis and being able to financial undertake the cost of equipment.
Sure sounds like being a “good cook” might not be quite enough to put you in the black right away.
Food cost and knowing how to price it out and portion it correctly also plays a major role in the difference between losing your life savings and turning thousands of dollars into a potential fortune. Most persons who have a decent amount stashed away prefer to skip the desks, chairs and employees in favor of a business that can be done from home or something that might require nothing more than a computer or camera, like starting your own store on eBay. Let's say you love jewelry or clothing; why not begin establishing inventory through buying at auctions or flea markets and amass enough to start selling.
A simple snap of a camera from your smart phone and the eBay app, and you're in business, literally.
That sure sounds a lot neater, nicer and cleaner than serving food and gobbling up a lot of headaches, debt and adding a failed business to your financial repertoire.