MIND YOUR OWN BUSINESS

Being a business owner is not for everyone. It’s very risky and filled with pitfalls. According to the Small Business Administration, three out of four businesses fail in the first year of operation and nine out of ten fail within ten years. If you prefer following direction to decision making or need the security of a steady paycheck, don’t go into business for yourself.

But if you have the entrepreneurial spirit you won’t heed these warnings. You’ll be eager to take the risk. Your drive and persistence will keep you going when things get tough. You will perceive failures as opportunities to learn. You’ll take charge of the situation and allow your creative thinking to overcome any obstacle. You won’t quit till you reach your goal. Above all you’ll believe in yourself and your ability to succeed.

Small Business Administration (SBA)

If you’re considering going into business,The Small Business Administration should be your first stop. Learn how to write a business plan, where to get financing, what kinds of licensing and permits you may need. They’ll answer your questions on taxes, marketing, employees, tax identification numbers etc. Visit their extensive website, call their answer line or stop in at one of their Small Business Development Centers located in every state, where you can also get counseling, training and free advice form a SCORE advisor.

Franchises

Franchises have become part of our everyday life from the first cup of coffee in the morning to the lunchtime meal, daily workout or snack. According to the International Franchise Association, a leader in industry issues, franchises account for almost half of all retail sales.

Buying a franchise is a popular option for would be entrepreneurs. Based on a proven business model, they are less likely to fail than a brand new start up business. Of course, there are still risks, 5% do fail their first year. To assure your success, experts suggest you choose a franchise that fits your interests and carefully research everything from the parent company, to location, size, and marketing. Then to be sure, consult with a lawyer. The International Franchise Association can help point you in the right direction.

E-Commerce

Cyberspace is the new frontier, where it is still possible to start a business in your garage and become the richest man in America. Yes, there’s gold in them hills but how do you dig it out? Understanding how to makes money on the web can be as mysterious as understanding how electricity works. If you are not a computer whiz how do you wade through the confusion of designing a site, choosing a host, registering a domain name, and finding customers?

Fortunately, even technophobes can build profitable sites selling their own expertise even if they know nothing about HTML. Tools such as Site Build It will patiently guide you step by step through the process. They’ll take care of the techie stuff so you can concentrate on what you know best. Pick up a copy of a book like Ravi Jayagopal’s No Business Like E-Business to demystify the process or click on to Retirement Jobs Online for an easy to understand overview of the many possible ways to make money on the internet.

You don’t even need a “store” to run a store anymore. Billions of dollars in merchandise is sold over the internet every year. From dog collars to fruit baskets, you name it; you can buy or sell it on the web. Thousands of people earn income selling just about anything you can think of online. Ever wonder how they do it? Log on to eBay to take one of their learning tutorials or locate a class in your neighborhood. Even if it doesn’t turn into a business for you it might be a good way to clean out the attic.

An online store is one of the cheapest businesses to start. You don’t need brick and mortar or a large staff all you need is a computer and your imagination. If you become an affiliate of an existing business you don’t even need inventory. You take the customer’s order and send it to the retailer to be filled. Yahoo Merchant Solutions is a good place to start. It can help answer your questions about order processing, shipping, inventory management and keeping track of your store’s progress.