How hard can it be to start a business?
The answer … Not hard at all!
That’s a fact. To start a business, all you have to do is follow your passion and START. For most people, that is actually the hardest part. Fear keeps them chained to their day job. My very Chinese parents knocked into me that if I study hard and get good grades, I would get a good job. And with that good job, all I had to do was work hard, scrimp and save and I will retire happily ever after. Owning a business is not for the likes of me.
But we live in a different world today. We’re living in a very different world where the traditional path to success just doesn’t cut it. You can do all the “right” things and still retire poverty stricken relying on the government pension (if it’s still there by the time you retire). In today’s world, the fastest way to building immeasurable wealth is by owning a business. How wealthy can you get working for a fixed salary at a fixed rate while you’re making ends meet by being frugal. Statistics show that people who work for themselves are 4 times more likely to become millionaires than those who work for someone else.
Not only does owning your own business give you a better chance of being wealthy, most tax systems also provide an incentive for people to be self employed. Expenses that are not tax deductible to a salaried employee will often be tax deductible if you’re self employed. In my world, this says that I can earn the same amount of income but more ends up in my pocket if I own my own business! That’s pretty good odds! That means I can work less and earn the same amount of income or work more and have enough money to be able to do all those things I would have had to scrimp and save for! The once a year annual holiday to the local seaside was not for me. Give me the cruise to Alaska, the 5 star hotel in Europe and the first class plane travel any day!
We ask ourselves, “How hard can it be to start a business?” Excitement sets in at that thought … followed rapidly by fear. We tell ourselves that “we are not good enough, we don’t have the right to be a business owner, our parents have all been employees and that’s our lot in life, we don’t know anything about running a business …. ” The list goes on. And then … we start to get overwhelmed at the thought of it all and we start asking “What if I fail? Where do I begin? How do I begin?”
Take it from me. I have started numerous businesses for myself. When I started my first business at just 20 years of age, I did ask myself “How hard can it be?”. Then I jumped straight in – I was young, naive, foolish and I was invincible. Fear never entered my mind then. That doubt only entered much later when I started my second business – experience is a great teacher! But I still jumped in. I think that was my very high “D” personality that kicked in to overcome the doubts. And since then, I have also helped a lot of clients start their own business. I have lived and breathed business all my life. It really is not that hard.
Of course, how successful a business will become after you start is a different story. Anyone can start a business. Thousands do it every day. But thousands will also fail every day. You’ve read the statistics … 8 out of 10 businesses fail in the first 5 years and many of the owners scuttle back into the safety of being an employee (although I would question whether being an employee is that safe in today’s environment of cost cutting, redundancies, etc). You don’t want to be one of those.
What you need is to have the steps laid out for you. You need a system that shows you the HOW. You want a system that will maximise your chances of success with the business you start. You need a mentor to guide you as you step out on your adventure. At the end of the day, you want to know that your work will pay off, that each step you take in starting your business will be fruitful and move you further along the success path. Is that possible? Yes it is.
My first foray into business 40 years ago happened pre-internet. I didn’t even have Mr Google to help me. I had to learn the hard way. Today everything we need to know are all at our fingertips and even if we had to pay for it, it costs next to nothing to buy. So how hard can it be to start a business? Not hard at all!