Transcript Be Your Own Boss Article - Monroe Community College

Be Your Own Boss Article
Opportunities
Low interest rates
Soft job market
Capital available – low interest rates
– Credit is available
– Banks looking to lend
Employees available – “low” wage rates
Strong consumer & government spending
Increased business spending
outsourcing
Article
Great Economic Numbers
Increasing sales in most industries
Competition is less fierce as many firms
have all the business they can handle
Starting a Business
10,000,000 Americans are attempting to
start a business
But only 1/3 ever start one
Only 2/3 of businesses will survive 2 years
Only 40% survive 6 years
Increase your odds
Research
Build network of experts
Secure financing
Get relevant education or experience
Starting a Business
Find a Need
Write your business plan
Identify promising areas
Identity possible perils
Think ahead
“Stand out from the crowd”
Success Factors
College degree
Family history of business ownership
Broad network of friends
Prior work experience in field
Networking
Illusions
High chance of success
Lifestyle issues
Make own hours
Can separate personal from
professional life
Where’s the Money?
In your pocket, bank account, piggy bank…
Friends & Family
Bank Loans
Collateral
Good credit
Business plan
Solid business experience
Little debt (as a percentage of income)
Co-signor
Where’s the Money?
Economic development agencies
Venture capital – investors
Want a stake in your business
Expect quick return of money
Expect minimum rate of return
Want a “say” in the business
May want someone to run day-to-day
operations
Franchises
2,000 different franchise options
Established & tested concept
Still need money
Franchises have intensive & extensive screening
processes
Few make the “cut”
High level of control
Franchises are thriving because many laid off
workers or early retirees are looking to start a
business
www.franchising.com www.entrepreneur.com