Over the years I have been asked about being my own boss and why I chose the path I did. I could give you all kinds of answers but the truth is simply that I prefer to make my own decisions and not have to answer to anyone. I think this is a common theme whenever you talk to an entrepreneur.
Many folks have dreams of becoming their own boss and owning a small business. It can be scary jumping from a regular paycheck to being self employed. Once you do jump, the possibilities can seem endless and it is exciting.
Small businesses are the core of the economy. Did you know that according to the small business administration that since 2000 small businesses have accounted for 64% of all new jobs. Of course if it was that easy everyone would own a small business, right? Unfortunately there is about a 50/50 survival rate in the first five years of that new business. Of course there are many reasons that a business may not survive, but I believe it has mostly to do with these five things. Oh, and of course I’m biased but I really believe the best idea is self storage. More on that later. The five things to help you have success are:
- Love It: I’m serious; the number one rule for owning a business should be that you love doing what you are doing. Not to be ultra-rich. What is really important, you need to really enjoy going to work.
- Is it needed? Again, this is so important. Does your community have a need for what you love to do?
- Show me: Look, banks, friends and family can be great sources to get the funding you may need for that small business. But, no one is going to fund this just based on your assurances that this will be viable. Build a business plan.
- Pay attention: As a small business owner you have to do the things that you are capable of doing. You’ve seen the need for this business; now make your investment work for you.
- Do not become complacent: Once things are going well, positive cash flow, money in the bank, etc. do not rest on your laurels. Chances are if you do, you’ll join that 50% that doesn’t make it. Always stay hungry.
Now that I’ve thrown all that at you, check into self storage. See if you can love it. I do and it’s been a great relationship. For more on self storage, please feel free to get in touch with us.