Business Ownership - Debunking Three Common Perceptions

Today, I am going to address three common misperceptions regarding business ownership:

Perception: Business ownership is risky.
Are there any sure things in the world today? Corporate America continues to downsize. The number of people competing for the same job has quadrupled. Owning and operating a successful business may just be the safest job you ever had. And, once you have proven yourself, it becomes very easy to replicate your success in additional business endeavors.

Okay, the reality is business ownership does have risks. However, name one other job where you have more control over your future? Name one other job where you have more control of the rewards for your time and effort? You will certainly never attain this level of control working for someone else.

Perception: My business is all I will ever have time for.
During the launch and early growth phases, business ownership can be very time consuming. However, once established and cash flow is strong, you will discover further growth cannot solely depend upon you. To continue to build your business, you will need to teach and train others you successful measures. This will allow the business to become less dependent upon you the business owner and more dependent upon your growing staff.

My brother-in-law has spent the past 12 years building his business. He just spent two weeks in Ireland golfing. He frequently travels with his sons to their golf tournaments and takes two or three family vacations per year. I don’t know about you, but I never had a job that gave me that much time off.

The key to a happy lifestyle is you must build a business, not a job. The business very well may consume all of your time early on, but over time you will be able to transfer responsibilities and free yourself up for pleasure.

Perception: Launching a new business is very expensive.
The truth is most new businesses are launched with less than $10,000 of start up capital from the founder and most business acquisitions are done with approximately 25% down from the investor. Managing money is critical skill of the business owner. Funding the business and keeping positive cash flow while earning a decent living will take time, effort and creativity. Options include funding from sales, private equity, SBA (Small Business Administration) loans, joint venture agreements, etc.. Whatever it takes to launch your business without too much of your own skin in the game.

I hope these three perceptions have been clarified. Good luck in your search for a new business! And, if I can be of any help, please contact me at 239-405-8818 or eric@bluechipbizsolutions.com. Also, be sure to visit my webpage at www.bluechipbizsolutions.com.

Best Regards,
Eric J. Gall
Florida Business Exchange, Inc.
FBX Advisors - Ft Myers-Naples
office: 239.405.8818
cell: 239.738.6227
fax: 800.599.0503