So You Want To Be In Business For Yourself

I've been self-employed for most of my life. Small business - the most employees I've ever had were five. Also a lot of one-man shows - selling on eBay, at flea markets, having a vending route. Everybody thinks they want to own their own business, but few actually pursue their dream. For the most part, those people don't have the single most important quality a business owner can have: drive.

Contrary to popular belief, business owners work harder than their employees. A lot harder. You don't have to be a rocket scientist to own your own business, but there are things you have to know, and if you don't know them you have to learn them. Things like marketing, financial management, and perhaps most important, people management.

Owning a business requires a lot of self-discipline. If you quit school because you didn't like it, or haven't saved any money because you can control your spending, save yourself a lot of money and heartache - keep working for someone else.

If you're really interested in starting your own business, here are a few notes:

• You still have bosses; your customers and your employees. Make no mistake - your employees don't work for you - you work for them! You'll have to cancel a lot of your plans because an employee calls in sick at the last minute, or their child is sick, or they forgot they have a doctor's appointment, or they broke up with their boyfriend and don't feel like working today, etc.
• You need to save a least a years worth of income to live on while your business gets off the ground. That's a minimum. Not only will that money have to support you until you can take money out of the business, but you may also have to invest more money in the business to keep it going. Most people think they can take money out of the business to live on right away. WRONG!
• A bank won't lend you money unless you have a significant chunk of your own money invested in the business. If you're not willing to risk your own money, why should the bank risk theirs?
• Buying a franchise can be a good option for you if you don't have any business experience. You'll have to do things their way and also pay them royalties based on your sales, but it's still a good deal because you're buying expertise in the business. Lack of expertise and lack of money are the two big killers of business.
• Take advantage of courses offered by your local chamber of commerce, community college and SCORE (Service Corps of Retired Executives). They can help you with everything from approaching banks to business management.