Maxines Mistake

By: markovsky1
Going to a self-employment situation is not easy, especially when you are the bread-winner or when you or your family is dependent on your current income.

Other things can hold you back, such as the fear of being responsible for finding work and keeping a business going. For sure that's a legitimate risk. It's one of the biggest risks of having your own business.

There are, of course, other worries and doubts that might hold you back, the big one being finances. These are some of the reasons people decide to stay in jobs and stay unhappy. So how can you change that and still fulfill your life's dreams?

Start a business by minimizing your risks. What does that mean? There are many different answers depending on what sort of business you start. Here's an example.

SITUATION:
Maxine wants to open a cafe. She's out looking at places to rent but doesn't have the money to cover rent, equipment, food, staff wages, possible slow weeks, etc. So she starts looking for investors. Maxine's so excited she can't see the risks. It's possible she could end up over $50,000 in the hole and not be able to pay it back?

SOLUTION:
Maxine should minimize her risk by starting a catering business from home to provide catering for parties etc. She could do some low cost advertising and start building a good reputation and business.

Maxine would have no overhead and wouldn't have to buy the food until she had orders. She could probably eliminate the need for a lot of staff in the beginning. In addition, by doing this in her spare time and evenings, Maxine does not have to give up her job until the business has grown substantially. She could even employ family or friends to take over a couple of days a week while she's at work to fulfill any orders during the week, still keeping costs low.

Once income has increased and Maxine becomes known as the person to call for great food and service, then she stands a better chance out there with the "big guys". She can open a small cafe and catering business, and as the business grows she can move to bigger quarters and employ more staff.

This is one example. There are indeed many businesses that start small and gradually make the transition to full-time home business. Many of our customers started their own businesses the same way. Several who made the transition to cleaning business from "regular jobs" ended up employing up to 10 people.

If you choose a business that allows you to work in your spare-time and keep your job, you have eliminated the risks. This is not always possible in all circumstances, but for the small business person, it's the ideal way to go. If it's not possible, make sure you set aside a large enough "nest egg" to live on while you get your business established.

There will be some sacrifice in the beginning, such as working extra hours during the week building your business. But those sacrifices will still allow you to sleep at night and not put you in the poor house... increasing your chances of success!
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