You need more than just
a great business idea to
succeed on your own
2009 could be the year when many people make the decision to start a small business, from a spare room in their home, as a way to earn some extra cash.
Many have fantasized about building a successful small business, and many have found it to be less forgiving than one would hope. However, it can be a very rich and rewarding feeling to accomplish such a goal and for those who find their niche, they may find it to be a profitable venture.
2008 proved to be a difficult time for many families and individuals with layoffs, tightening of the household budget, traditional and nontraditional lenders keeping better track of who gets what, and how much, and the overall lowered confidence in the economy.
If you find yourself watching the late night or afternoon money making programs on TV and find that you are drawn to the lure of being an entrepreneur, you may be the right candidate for starting such a business venture.
It is simple to see the fascination of running a small business and let’s not forget the hard work that goes into being successful, but the pay-offs can outweigh the long hours and uncertainty of being a business owner.
If you look around the communities of Lake Stevens and Granite Falls, you’ll find plenty of people who are successfully running their own businesses from pizza delivery, doll making and bicycle shops, to being an author and much more.
For many, the key to being successful is being familiar with what your business idea might be. Ask yourself if you are knowledgeable in the field you have chosen, can it be easily learned, do you have a passion for your idea, and are others already engaged in this idea?
Someone who knows how to work a jack-hammer and saw and loves woodworking may not want to try making holiday ornaments just because he or she thinks there’s money in it.
Talk to people in the community who own a small business, and find out how they got their start. You may find out that some started out of necessity while others started with a passion or hobby that grew into a business.
Avoid the pit-falls of the get-rich-quick scams that pop up every day in magazines, the internet and on TV. It takes time to be successful and luck is also a part of the equation.
Don’t go and borrow unnecessary capital to start your business, start on as small of a budget as needed to realistically get the business off the ground.
It is all a calculated and balanced risk that needs careful planning and a little luck.