Why You Should Start A Business In 2008
December 21st, 2007 Filed under: Uncategorized — Small Home Business AuthorNew Year-New Business-New Life
The year 2008 is right around the corner and once again most of us will vow to lose those ten vanity pounds and maybe stop fighting with the in-laws. But how about making some New Years resolutions that could actually change your life? Sure, bypass the bakery and hold your tongue at family gatherings…but think bigger for yourself. If you’ve ever been tempted by the lure of entrepreneurship now could be the time to take the plunge.
Why you should consider starting a business in 2008.
You need to supplement your income.
Wages in the United States have not kept pace with the cost of living for over a generation. As a group, Americans have the lowest rate of personal savings in the world. According to MSN.com the average American family is carrying over $8000 in credit card debt. As the bottom continues to fall out of the housing market and adjustable rate mortgages reset over the next few months and years, things may get much worse before they get better. Cutting back on your spending and making a commitment to live within your means can go a long way to helping you avoid financial disaster. However, only by combining a budget with a plan to increase your earnings will you see true success.
If you’re fed up, don’t give up.
During a recent workshop I asked participants why they wanted to start a business. Over and over they said, “Because I’m fed up.” Just what was getting on the nerves of these budding entrepreneurs?
Working hard to make someone else rich-contributing long hours and creative ideas with no reward
Living in fear of layoffs-a total lack of job security and the death of the life-long career
Not getting any enjoyment out of work or life-a job that is physically and emotionally draining
The desire to profit from your own labor and ideas can be a great inspiration for starting a business. Many entrepreneurs like the feeling of being in control of their own destiny. The work hours may still be long and hard, but you are in charge of the direction and vision of the company.
Had a major life event? Reinvent yourself.
Have you passed a milestone birthday? Married? Divorced? Kids left home? Maybe it’s time to make those choices and take those risks you’ve been keeping on the “back burner” for years. New Years provides us with the chance to re-evaluate those trade offs we all have to make. Just because you had to hold a clerical job in the past to pay summer camp fees does not mean you need to stay stuck forever. Famous entertainers and investors have been using reinvention for years. Always presenting a new product or image and keeping the public anticipating what will happen next they fuel the desire for their brand.
So, how to you get started?
Start with a financial check-up. Hey, you are going to be gathering materials all during January for your taxes anyway. Look at your expenses, amount of savings and debt. If you don’t already have a working budget, create one now. Remember to examine your insurance and investments as well.
Talk to your spouse and/or family. Starting a business may mean sacrifices and a change in your schedule or lifestyle. Find out what kind of support you can expect from those around you.
Write a business plan. This is where you find out just how ready you are for entrepreneurship. The process of creating the business plan shows you how much you know about your potential market, running your business and the financial realities of start-up.
Seek some advice. Most communities have some free resources for those considering small business ownership. Start with your local community college, chamber of commerce and chapter of SCORE.
Every New Year…every day in fact, is a chance to re-evaluate your life. Expand your resolutions beyond the routine; consider really changing your life. A good idea, a commitment to hard work and an entrepreneurial spirit could make 2008 the first year of your new life.
By Karen Southall Watts 2007
Karen Southall Watts is an entrepreneurship and management trainer. Karen travels all over the country to teach workshops to new business owners and leaders. Her new workbook for couples in business is available at http://www.sexisgoodforbusiness.com . You can reach Karen at http://www.karensouthallwatts.com
