Having your own business, irrespective of how small it is, has become a sought-after achievement.
There was a time when people drove around with a tractor tyre on the back of their trucks, so everyone would assume they owned a farm. That was huge achievement those days. Today, the status symbol is your own business, because it reveals something about your character.
Having your own business requires analytical thought, expertise
and confidence. The amount of profit you can make is important. However, money isn’t everything.
The most important benefits are a combination of personal fulfillment, self-development and financial gains. An additional bonus is that the financial rewards are not comprised solely of trade profits. You are actually building a capital asset and, as the business grows, so does its value.
The fact is that any business, even the smallest, part-time home enterprise, can be sold and, as a result, it has an intrinsic value.
In the past, many business people worked hard for a number of years to develop and build up their business and then sold them for a sizeable sum.
Part-time or full-time?
If you are currently working, we strongly recommend that you keep your job – at least in the beginning. Even if the business looks very promising, it’s safer to tackle it on a part-time basis, initially. By doing this, you can keep the total risk to a minimum, while at the same time maintaining the security that your job offers.
Don’t worry too much about lack of time. Someone who starts a business can never fail. By making a start, you have succeeded. It’s the person who never starts their own business who has failed.
How much is required to get started?
No one can stipulate any specific amount when it comes to how much capital you will require. This is something that everyone has to decide for themselves. How much are you prepared to venture? The person who says that they are not prepared to venture anything is, in fact, saying that their abilities are worthless.
Don’t underestimate yourself. On the other hand, it’s important to remember that it could be dangerous to venture more than you can afford to lose. Don’t take out a loan that you can’t afford to repay, if your profits initially grow slowly
Someone who starts a business can NEVER fail. By making a start, you have succeeded. It’s the person who never starts their own business who has failed. A business venture may not succeed. However, you should take pride in the fact that you tried and learnt something, which in itself is an accomplishment.
Your Own Business During Current Global Crisis it’s a must. Regardless of whether it’s a part time or full-time business, it has to be a business of your choice – something you are comfortable with. It’s been proven time and again that the most successful businesses are those where the owners take personal interest in them.
In case you’re not sure what kind business you want to setup. there’re abundant of business opportunities online. What’s your interest, what are you passionate about. That’s your business foundation. Don’t follow the crowd, search your talent/skills and build business around it.