I wanted my first blog post to be about my two recent scams and jams... But that's no way to start something good, now is it? No, let me first write about what is good about being a business owner, because you know, the bad news always travels faster!
Let me tell you why I love business.... it is the most creative endeavour I have ever undertaken. And work at it long enough and you can have freedom and control you have never dreamed of.
I opened my first business when I was 27. It was a small theme bar in Florida in a popular tourist beach area. When curiosity seekers would come by as I was painting the interior and getting set up and asked "whose the owner?" I would say, "I am." The most commom response I got was a sarcastic "good luck" and even one "I'll give you three months before your out of business." Well, Mr. 3 Months became a regular customer, and maybe still is after 10 years. I don't know because I sold the place after two years for a nice profit. Since then I have opened 3 bricks and mortar style businesses: a spa, a production company, and an adventure company in Asia; and I have online business (it feels like) everywhere!
I would like to tell you that I am wildly rich, but I am not. What I am is under 40 and free to do what I want with my life. My early entrepreneurship has afforded me a modest lifestyle that gives me the freedom to travel and live where I want. I can work a lot or a little, it just depends.
The most frequent question I get is: how do you do it? It's easy and hard. The easy part is -- just do it! The hard part is having the guts. But if you are reading this, my guess is you do. Let's look at what's stopping you and then focus on how to solve it:
Things that stop people from starting a business:
1) Don't have enough money.
Solution: start something you have enough for. What about an e-business? Get a personal loan from family. Get someone to co-sign a business loan. I know one owner of a multi-million dollar corporation that started with a $5000 loan from his father, and got a bank loan and bought a Pizza Hut. My first business, my parents co-signed a bank loan. I never defaulted, always paid on time, and everbody won. Thanks Mom and Dad! Some lucky monkeys have a Fairy Godmother, but I do not know many. The one I did actually know, lost his million dollar DVD distribution company due to poor management and spoiled brat business practices.
2) Don't have enough time.
Solution: I won't lie... we all had to keep our "day jobs" to start out. If you can not handle 70 hours work weeks, you can not start a business. But the good news is; after about a year, it should pay off. You can invest a year of hard work, come on. ONE YEAR -- Just do it. You will have to work during the day and do your business later at night, or vice versa if you have a night job. If you start small and just dedicate a certain amount of time to your goal each day, it'll pay off (unless your idea is totally a bomb, then just quickly move to plan B.)
3) Don't know what business to do.
Solution: This is a biggy... there are just so many choices right? Well, everyone says just do what you LOVE. But I only have agree. I tried that once, and eventhough I own this "love" business still, it has always been a struggle to make it profitable. So the best thing to do is, research what you even remotely like and then DO THE MATH. You want to feel proud of your business, but unless you are just trying to create a manager's job for yourself, why do you have to LOVE it? Don't you want to make some money and then have a little fun and freedom? Do what is profitable. There are lots of online stores or bricks and mortar places where you can fill a niche. I don't live in your town, or your country, so I can not tell you exactly, but here's an idea...
In my town there is a vacant lease space (which I know is relatively cheap rent) right next to a busy karate class studio. This space is perfect for a Yoga/meditation studio. Not into that? How many mom's are waiting for their kids to finish karate? How about a coffee shop? How about a muffin shop -- my community looks like the type that love muffins. Or what about this... an e-business; I become a domain reseller with the name of my town in the URL, like smalltowndomains.com, and then since I have a sort of over 50 demographic, they feel like there service provider is right here in their town and they can get help whenever they need it. That is important here. So look around your area and see how you can help or entertain your community, and, to quote that inspirational old film, "if you build it they will come!"
Check my next post for how to get out there and let them know you're in business! Marketing tips for your start-up!
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