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Be Your Own Boss Article

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.

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Be Your Own Boss Article

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  1. 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

  2. Article • Great Economic Numbers • Increasing sales in most industries • Competition is less fierce as many firms have all the business they can handle

  3. 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

  4. 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

  5. Illusions • High chance of success • Lifestyle issues • Make own hours • Can separate personal from professional life

  6. 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

  7. 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

  8. 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.comwww.entrepreneur.com

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