This is the proverbial question that many small business owners ask themselves, often many times during the lifetime of the business. The dream of a person to become a business owner in the United States dates back to the 1600s when Americans would trade crop, supply and services. This dream is as elemental as the freedom that we are afforded by our great country. Every business that we know of today began as a dream, which then turned into a small business. The problem is that it is not easy for all of us to start our own business. There are issues of capital, relevancy in the marketplace, product and product quality, but sometimes the biggest problem is the "doubt". Can I do this? Should I do this? What if I fail? Well, these are all relevant questions to ask yourself and you need to be honest with yourself before you begin. Statistically, 20% of small businesses fail during the first year; 30% fail during year two; and 50% fail around the five year mark. So, should you let the statistics scare you? The answer is a big NOOOO!!!! Of course you have to have reservations about anything that you invest in but remember the old saying...."nothing ventured, nothing gained". If you want to push forward and get ahead sometimes you have to take risks. If you want to open a new business the best advise that I can give you would be: 1. do not spend more than what you have budgeted (although this is sometimes hard to do); 2. make sure that you know how to operate your business and how to financially improve it everyday and 3. if your business is your passion, you need to do everything in your power to succeed. If you don't have enough employees then use non-conventional methods to recruit people; if you are not sure how to manage the business then you research it or read management books; if you do not have the capital to invest then look at SBA loans, credit card processing advance loans or simply learn to operate extremely lean so that you can raise the funds yourself. Sometimes the difference between succeeding and not succeeding in business hinges on a small margin of change. Could be the amount of time you are physically present at your business, a change in your employees work ethic, a change in the way you are conducting your marketing, or just a change of your own mind set from "I can't do this" to "I will do this". Being an entrepreneur and your own boss is not always the easiest thing, but the rewards that you get after you succeed could last a lifetime and sometimes your children's lifetime as well!
Luis Espinel is a corporate counsel and business consultant and can help you with the legal and operational aspects of your business.