Your own business, irrespective of how small it is, has become a sought after achievement. The question is how informed are you about starting your own business?. Previously, people drove about with a tractor tyre on the back of their panel vans because everyone would then assume that they owned a farm. Today the status symbol is an own business. Quite rightly too, because it reveals something about your character. An own business requires analytical thought, expertise and confidence.
The amount of profit that can be made is important in any business. Yet money is not everything. The self-fulfillment that an own business offers, is also enormous. The stimulation an own business offers, gives new meaning to life.
The businessman also enjoys many tax benefits. All sorts of tax planning techniques are being made available, and these alone are sufficient motivation to it.
An own business offers you the income and protection required to enjoy a very prosperous lifestyle. It provides stable job opportunities to you and your family. It offers you income which is hedged against inflation, because your own business’s profits automatically grow with inflation.
If you have the motivation to successfully establish it, you can build the greatest wealth for yourself
Avoid undue haste
The first mistake to avoid is that of being overly hasty. You are not obliged to get up and start it tomorrow. Take your time and wait for the right moment. A hallmark of the Japanese style of management is that they devote a large portion of their time to planning. And when they eventually come forward with a Toyota or Honda, it’s a product that sells like hot cakes!
It is important that you allow yourself sufficient time if necessary, to research opportunities and develop your own business model.
The last early mistake to avoid, is that of fading enthusiasm. It often happens that the person’s enthusiasm starts fading gradually, if for example, the right opportunity does not present itself quickly enough. Now that you have been made aware of this phenomenon, you can guard against it. Keep yourself motivated by thinking of all the benefits that you will get if you establish your own business.
Part- time or Full time?
If you are currently working, I strongly recommend that you keep your job – at least in the beginning. Even if it looks very promising, initially it is a safer to tackle it on a part – time basis. By doing this, you will keep the total risk to a minimum, while at the same time maintaining the security which your job offers. Don’t worry too much about a possible lack of time. With the help of small amount of organization, you should be able to operate a few businesses. Once the taps are really opened, the increase in your productivity will surprise you, and you may even find that you enjoy the quicker pace.
Fear Of Failure
Someone who has never operated an own business cannot fail. Simply by beginning, he has succeeded in developing his own business. The person who never starts an own business is the one who has failed. An own business venture may well be unsuccessful. However, then you must take pride in the fact that you have learnt something, which in itself is something to feel really satisfied about.