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Being independently wealthy is the American Dream. But being self-employed is the American Destiny. Small businesses account for nearly 75% of all U.S. business revenues. They account for about half of our national output, employ about half of our private sector work force, fill niche markets, provide innovation to the marketplace, buoy competition and offer people from all walks of life a chance at freedom and wealth.
The technology defining our era allows small businesses to not only compete with big businesses, but to often win. Your business can reach customers on the other side of the world just as easily as the other side of the street. Fax, E-mail, Internet, video conferencing, printed material -- all allow a local business to reach a global market while keeping overhead low and inventory small.
The opportunities for self-employment are growing every day. And the benefits of running your own business are varied and enticing. Depending on your goals, you may want to work from home building a hobby into a revenue stream that pays your mortgage and allows you more time with your spouse or kids. Or maybe you want to start in your garage and build a computer empire. Maybe you want to buy into a franchise or offer your expertise to others out of an office or over the Web. The shape and size of your business is the shape and size of your dreams. But where do you start?
Gone are the days of needing an MBA to run a business (if they ever even existed). Today’s business owners know the two secrets of successful business ownership are passion and knowledge.
The passion comes from you. If you want to run a business, you must have passion – passion for your product or service, passion for your customers, passion for the lifestyle afforded by your business, passion for the day-to-day rewards and challenges of being your own boss – any passion will do, but it is absolutely necessary.
The knowledge comes from everywhere. You may be an expert in your business area, but know little about running a business. Or you may be an expert at business but know little about any particular product or service. No problem. Either way, it is not hard in today’s information-based society to fill in gaps in knowledge.
Keep in mind that there are risks to running your own business. According to the Small Business Administration, 50% of small businesses fail within their first year. However, many of those risks can be diminished by having a good team in place.
Owning a business is a risky proposition under the best of circumstances. Attempting to go it alone is the worst of circumstances. Unless you are truly an expert you will want to assemble a team of professionals to help you get the most out of your business and avoid the legal and tax pitfalls that might be waiting around any given corner. Not only will your team spy out the lay of the land for you, they may also hook you up with contacts and pass on some of their knowledge while helping you to maintain a professional air.
A professional team working behind the scenes can make all the difference for the life of your business. But not just any team will do. Assemble a team that suits your needs and your personality. And, above all, remember that you are in charge. You must decide when to engage counsel, when to delegate authority and when to make your own decisions.
In order to honor a decision to start your own business, take the time to do whatever you can ahead of time to ensure its success so you can live the American dream.
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