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Home Business Possibilities 3
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Reprinted with permission from Janet Attard* Copyright 2004. All rights reserved.
Do people ever lose money trying to start a home business?
Yes, they do. Thousands of people each year throw good money away chasing get-rich schemes and scams. Thousands more see their investments turn sour because what they sell just doesn't attract the demand they expected it would, or because they stumble into some unforeseen pitfall along the way.
In fact, a study published by the Small Business Administration in 1999 found that about 45 percent of businesses that file for bankruptcy had one or no employees. In one-third of the cases, the businesses filing for bankruptcy had under $100,000 in debt.
One important fact to note: half of the bankruptcies recorded by the Small Business Administration involved companies where the owner had not owned a business before.
Nothing can eliminate all of the risks involved with starting a business. But you can minimize the risks by learning as much as possible about your industry and about running a small business before you take the leap.
What are the benefits of working for myself?
I asked a crusty old industrial plant owner that question years ago, and he wagged his finger at me and said, "Young lady, there is only one reason to be in business: to make money, make more money, and make still more money."
Although this kind of obsession with money is a motivator for some business owners, 41 percent of the people who completed a Business Know-How survey indicated either a desire to be their own boss or a desire to control their destiny as the reason for running their own business. Many others simply want a way to earn a living but also be available to take care of their children, elderly parents, or a disabled spouse.
Even when money is the initial motivator for starting a business, business owners often derive benefits that are equally important to them.
Wendy Enelow, president of Career Masters Institute (http://www.cminstitute.com), has been self-employed since the 1970s. She built and sold two successful businesses before starting Career Masters Institute in 1998. She explains the benefits of self-employment this way:
"Sure, the money is an important factor. However, more important is the self-satisfaction I feel after working with each client, knowing that I have made a real difference. It's immediate feedback which is often a benefit NOT experienced in 'corporate America.' Further, self-employment affords you a tremendous amount of control over your own destiny. What happens in my life is a direct result of what I put into it."
Making money was one reason Randy Cassingham, author of This Is True (http://www.thisistrue.com), created his newsletter and books. But it wasn't the only reason. He also wanted a creative outlet to write more, wanted to achieve "a little bit of fame," wanted to be his own boss, and wanted a portable job—one that could go on the road, on vacation, and even on a cruise ship.
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