As I kinda explained in my year in review, that there were times I thought I would not have made it to this point. But some key things I want share are. Pros and Cons of starting a business. You think about these but you do not really see them till you experience it.
PROS
You are the BOSS
You get to chose and create your work environment.
If you arrive late one day no one notices or do they??
You have control to fix issues. (no longer waiting to hear how to proceed)
Your reward is what you put in it. (This is for those who do not feel appreciated at work)
You can adjust your schedule to fit you life. (if you need off you can adjust)
You get to chose who to hire and represent your business.
Your opportunities are endless(financial and life experience)
You get to see your hard work grow and pay off.
and last, Your DREAMS can come true!!!!!
With all those exciting things you also have cons and it is harder to see those until they happen. It is kind of like car or motorcycle accidents. You know the risk every time you are on the road but you never think it will really happen to me.
CONS
You are the BOSS (it is great most of the time but you can not run and hide if you want to. All actions have reaction and you deal directly with all decisions you make good and bad)
All operations are now your responsibility (you can hire and delegate but you still have to check and make sure everything is done examples marketing, accounting, day to day operations, inventory control and to many things to name)
When your business does well financially you do well, but when it has a dry period so do you.
You no longer have someone over you to hold you accountable or to motivate yourself
You invest lots of time and money (sometimes without seeing any of it in return)
You no longer get paid sick days and vacation days (at least until you become established)
Your liabilities increase
and last, There is no GUARANTEE that your business will SUCCEED!!!!
When I made my pros and cons list in my business plan it said this:
PROS
You are the BOSS (Thinking all positive)
Flexibility for my family
Location has lots of potential
Business has lots of potential
Nice size Parking Lot
Pre established Clientele
Room to expand
Lack of competition and need of local supplies
CONS
Heating with oil
Rebuilding customers
Regaining from current pricing
Uncertainty of income
Renting Vs Buying
It does not look anything like the year later report. I am not sharing this to discourage anyone from starting a business I am just sharing what I am learning and have learned. My first business had very little investment and very little risk. This one has much more potential but also the risk and investment were greater.
I want to leave you to think about these pros and cons and make some for yourself with your business in mind but remember.
"Have great hopes and dare to go all out for them. Have great dreams and dare to live them. Have tremendous expectations and believe in them." Norman Vincent Peale.
Thursday, September 27, 2012
Wednesday, September 26, 2012
A Year in Review Part 2
Some major things I want to share with anyone thinking about starting a business or freshly starting a business. These are things I have learned in the last year.
1. Never wait until you are financially sound to start a business. It is just like waiting to have kids, you will never have a point that is perfect to start a family or a business. Just Research It and Do It. If you want it bad enough you will find a way to make it happen. I thought I was financially ready but it turns out I was not and I had to find options and do with out things to continue. The important thing is that I did not give up.
2. When starting a business make sure you have had current health checkups and are in good over all health. I went a period of time without health care coverage and could not afford a trip to doctor with the uncertainty of my income from starting a business. Plus even more important the stress load is very intense until you set up steps to allow your business to operate with or without you. My new year resolution is to update all my health care check ups and eat healthy again which is something I have not kept up with.
3. Know your business inside and out. I have several business ideas that if I had more capital and resources I would pursue but for now they are still in the dream phase. If I wanted to pursue any of them, I would have to gain some more experience before they could be successful. Owning a business is not just about the day to day activities. There is much that goes on behind the scenes. I have often said that Downtown Chambersburg needs a small shoe store for those who walk to get to places and can not drive to the mall to shop for shoes. Shoes are a necessity since our feet would blister and become extremely cold during winter without them so it is a guaranteed income but it is more than just ordering shoes and selling them. You need licenses, an estimate of inventory, permits, marketing plan, displays, and much more. If you have never worked in a shoe store before how would you know the secrets of the trade. A college degree in business would be great but if you can not live your business no amount of education will help you. They do not offer degrees on life experiences. I am not saying not to go to college because I think it can teach you so much about the business end or marketing department but not everything we do is learned in school and many of our best lessons are learned the hard way in life. Many businesses fail with in the first year since people have a great idea but lack the knowledge for the behind the scenes work. Think of it as building a brick wall, without the foundation you have nothing for the bricks to be stable and prevent them from falling. Build the foundation and the wall will follow.
4. Use your resources. You can use any of the resources I have mentioned all year long on this blog like books I have read, websites I have used, and trainings I have completed just check back through my blog for details. Your community offers many resources to help just ask. I started with the small business association. www.sba.gov and went from there. I also had many resources from local business owners in my community. All my volunteer work payed off when I needed help. I firmly believe you get what you give and live my life by "The Golden Rule".
5. Have a support team, when you own your own business there are many periods of ups and downs. While we can survive both and it is the choices we make that determines where we go, it is always great to have someone to talk to during the down moments to get you going again. It is just as great to share the great news moment too! I am thankful for my support team. I would not be where I am today with out them and their sacrifices.
6.The last thing is, Do not allow FEAR to prevent you from doing anything. I am not saying not to have FEAR but do not let it control you. You have to push it to the lowest point of your body and push through and do what ever it takes. Do not give in to the FEAR. It is easier to give up but the real challenge is to continue. Do not let Pride get in the way either.
"Anyone who has never made a mistake, has never tried anything new" Albert Einstein
1. Never wait until you are financially sound to start a business. It is just like waiting to have kids, you will never have a point that is perfect to start a family or a business. Just Research It and Do It. If you want it bad enough you will find a way to make it happen. I thought I was financially ready but it turns out I was not and I had to find options and do with out things to continue. The important thing is that I did not give up.
2. When starting a business make sure you have had current health checkups and are in good over all health. I went a period of time without health care coverage and could not afford a trip to doctor with the uncertainty of my income from starting a business. Plus even more important the stress load is very intense until you set up steps to allow your business to operate with or without you. My new year resolution is to update all my health care check ups and eat healthy again which is something I have not kept up with.
3. Know your business inside and out. I have several business ideas that if I had more capital and resources I would pursue but for now they are still in the dream phase. If I wanted to pursue any of them, I would have to gain some more experience before they could be successful. Owning a business is not just about the day to day activities. There is much that goes on behind the scenes. I have often said that Downtown Chambersburg needs a small shoe store for those who walk to get to places and can not drive to the mall to shop for shoes. Shoes are a necessity since our feet would blister and become extremely cold during winter without them so it is a guaranteed income but it is more than just ordering shoes and selling them. You need licenses, an estimate of inventory, permits, marketing plan, displays, and much more. If you have never worked in a shoe store before how would you know the secrets of the trade. A college degree in business would be great but if you can not live your business no amount of education will help you. They do not offer degrees on life experiences. I am not saying not to go to college because I think it can teach you so much about the business end or marketing department but not everything we do is learned in school and many of our best lessons are learned the hard way in life. Many businesses fail with in the first year since people have a great idea but lack the knowledge for the behind the scenes work. Think of it as building a brick wall, without the foundation you have nothing for the bricks to be stable and prevent them from falling. Build the foundation and the wall will follow.
4. Use your resources. You can use any of the resources I have mentioned all year long on this blog like books I have read, websites I have used, and trainings I have completed just check back through my blog for details. Your community offers many resources to help just ask. I started with the small business association. www.sba.gov and went from there. I also had many resources from local business owners in my community. All my volunteer work payed off when I needed help. I firmly believe you get what you give and live my life by "The Golden Rule".
5. Have a support team, when you own your own business there are many periods of ups and downs. While we can survive both and it is the choices we make that determines where we go, it is always great to have someone to talk to during the down moments to get you going again. It is just as great to share the great news moment too! I am thankful for my support team. I would not be where I am today with out them and their sacrifices.
6.The last thing is, Do not allow FEAR to prevent you from doing anything. I am not saying not to have FEAR but do not let it control you. You have to push it to the lowest point of your body and push through and do what ever it takes. Do not give in to the FEAR. It is easier to give up but the real challenge is to continue. Do not let Pride get in the way either.
"Anyone who has never made a mistake, has never tried anything new" Albert Einstein
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