Is it worth trying? With the economy being the way it is and the ideas individuals want to take a chance at to help support their family can it be done? I understand the history of business when I say "The Big Dogs have Fallen" giving the little guys a chance to compete. Im sure all you ladies have great ideas and would jump to the oppertunity to tackle them. Life is about taking chances but is this chance a risk taking right now?
Thankyou for the positive advice! Entering the deepest part of the ocean with such a big decision takes a lot of planning.
It takes a solid 5 years to get a business off the ground at this time (used to be 2).
Personally, I am a believer in patronizing small business.
As a small business owner you cannot know, or learn enough.
Classes, seminars, networking groups, etc.
No O. can decide if it's *worth trying* except you!
You know, my husband decided to quit his crappy minimum-wage job to try and start his own business, and I know that it is a good decision for us, but I am still panicking right now!! :-) It is scary, but I think that if you do your research, believe in the business you want to start, and you are willing to work really hard at it, it is worth it to try. As my husband keeps saying, even if it does fail, he will be proud of himself for at least trying. It's also a business that doesn't take much in starting costs for him to start, so I guess that's a factor, too--how much of a hit will you take if it doesn't work out? Good luck, and I really hope you are able to go for it!
I don't have much direct experience, but here is an excellent resource:
http://www.score.org/index.html
It's a non-profit & they offer classes and mentorship for small business people.
I have just started a new business! We had a good start, but our second client fell through.
My Partner was so depressed, she was counting on that money (so was I). So we had a talk and came up with a back up plan so we can make a little money till we find our next client.
Then yesterday I had forgotten I had ordered 2 car sign magnets (Vistaprint.com). I called my partner and left her a message and said, "I have a little gift for you, lets go to our next level".
We were thinking about doing this next level in 6 months. Lets do it now and kick up our exposure.. So today we will meet this afternoon for just an hour and each work out who will do what and immediately work on this new part of the business.
It will be a facebook page, brochures and then setting up meetings with Realtors that we know in the area.
We started this business just with an idea. We got our first client through word of mouth and were very well received.
We have nothing to lose. We are smart, willing to work and have found a need. We will fill a niche area in the community..
I think it depends on how big of a risk you are taking with your new business and what kind of a demand your business has.
My husband is a personal trainer and he trains people in their homes. Now, you'd think with "the economy being bad" at-home training for $60 an hour would not be something anyone would buy.
The truth is the economy isn't as bad as everyone says. It's all this mass perception we have been fed by the media. We "think" the economy is bad so we don't go out and spend. Businesses make less money because' we're not spending. They cut jobs. We have fewer jobs, and then we don't spend. A vicious circle.
My husband's business is doing the best ever this year! It does take twice as much work and twice as much promotion to be successful with this economy, but it CAN be done. We've gone with low-risk by not buying a gym and training people in their homes. It's low overhead. It would be foolish to put a lot of money in a gym right now. He's also doing more group training, charging people $20 an hour and training 5 people at a time. He's making $100 an hour that way and everyone pays less.
I think if you've done the research and the business is in demand you can be successful in any economy. It might take twice as much work, but you can do it!
We're actually trying to sort through that decision right now. Business-wise, I DO think it's an excellent idea. On a personal level though... Between paying for private health insurance and making sure food can be kept on the table through the start up process... Well, that's REAL scary.
If we had access to enough funds to keep us comfortable through an entire year, plus some to help if we really needed to belt-tighten after that, I think it'd be a no-brainer. But that could just be me! :-)
It depends on the industry! The climate is FINALLY getting a little better for small business lending (and if you don't need the lending then heck yes go for it!) which is what stops most people. People are way more aware of the businesses they spend their money with and if you are creative and have a good marketing plan then you can be really successful. We are starting a small business now and it's looking like we're finally going to be able to get funding after a few years of banks not even taking the time to meet with us. For a while we just got "the economy sucks, the odds of you getting a loan are slim to none and we dont want to waste your time".. So do it, nothing better than being your own boss and feeling pride in what you built. Good luck!
We started very slow and we we have been 100% reliant on our business for almost 2 yrs now. It is a 24/7 job of managing money, insurance, taxes, etc.
Worth it... Yes we love not answering to anyone.
Your industry plays a big part of your success. Cash flow is critical. We have privately funded our company, no investors, no loans, WE own it. That has been tough, especially when we were at a new start up and building credit with large corporations. Many times, we had to pay CIA via wire upwards of $100,000 and then wait on our customers to pay their bill to us. As an incentive, we offer a discount if a company pays in 10 days... helps the cash flow!!
Things are MUCH better now, we have terms with our major suppliers and have shown that we are good for the 1 Million we may owe over a period of 3-6 months. We are fortunate to not have any major losses at this time.
We continue to take things very seriously and not make quick decisions. There are a lot of things to consider.
Make sure you have a good business plan, good legal counsel and a good business tax accountant.
It depends how much you have to invest and how much you are willing to lose if it doesn't go well. It is all to common to see new business open and close 6 months later. It is just a sad reality of the times. My husband and I opened a business in 2008 and had to shut our doors 7 months later and file bankruptcy. We are still recovering from that experience, so my view is affected by that experience.
Whatever you decide, good luck!
