When is the right time to start your own business? Many researchers say the time is now. The national unemployment rate has skyrocketed and the credit system remains very volatile. A large number of professionals across the nation have remained unemployed for an extended period of time as many try to find jobs but to no avail. There is an incredible amount of talent out there and these individuals are willing and desperate to work for cheap. The desperation to acquire jobs that are seemingly less secure in these economic times can be very dangerous, due to cut backs and downsizing in various arenas. Many people are willing to take less pay, willing to work for smaller developing companies and also people are more apt to pursue work that they truly enjoy and find fulfilling regardless of pay. What do the trends predict? I believe it’s a shift towards an urgency to pursue your dreams. What is that idea you always had or that cause that catches your attention. It may even be your hobby, that thing you can do in your sleep regardless of the fact that you get paid for it or not. As I mentioned earlier, the fact remains that startup loans are harder to secure through banks and finance companies. Who says it has to be a loan through these sources, let us proceed and address funding sources later in this article. Anyway its best to always start with your own capital, says James Shein, a professor at the Northwestern University Kellogg School of Management. “Bootstrapping an entrepreneurial idea with your own capital is often the best way to go”
If we go back and look at the history of many successful companies such as Burger King, Fed- ex, IHOP corp, Hyatt Corp, Traders Joe, Microsoft, GE, and CNN only to name a few ; these were all started during harsh economic times . I am eager to find out their secrets for success too, just as you are; but unfortunately there is no single secret. Business researchers found out that instead of one single secret, it is a number of factors which includes hard-work, brilliant ideas, an outgoing personality, good advertising, a strong passion, and drive for your product, a product that provides a services that meets people’s needs and most of all some kind of divine intervention or favor from God. According to an article by Time magazine, many of these companies grew by following a simple business model of avoiding competition, maintaining a low-cost, and basic advertising skills. “Big businesses are the ones doing the cutbacks and the outsourcing,” says Northwestern’s Shein. “They have a right to, but it’s small businesses that are providing the jobs.” In fact, small businesses created roughly 80 percent of new jobs in 2009, according the U.S. Small Business Administration’s most recent data. That’s unlikely to change. “The bad times are the best times for starting companies,” says Gregg Fairbrothers, a professor of business administration at the Tuck School. Tough times require innovation and figuring out how to do more with less, he adds. That’s a lesson we could all learn in this economy. Starting your own small business can be very lucrative and rewarding, especially if this small business idea is something that you love to do. These are many avenues to secure funding. According to Entrepreneur.com, these 5 ways can help you get your start up cost.
Short on cash, but need new equipment to grow? Lease what you need instead of buying.
2.Community Development Financial Institutions
So you’re not “bankable” according to traditional credit rules–your community may still have resources to help fund your business.
When you need only a little cash to grow, it’s time to check into microloans.
Ask people of interest to invest in your ideas, just be ready to share your profit or even bring them on as partners
5. Personal Loans
Ask people of interest to loan you money without really sharing your ideas with them just be ready to honor their generosity by possibly paying back with interest
Almost anything can be a business as long as you are passionate about it and it meets a need or serves a purpose in people’s lives. Then develop this ideas, please visit the small business Administration for more resources on small business start up.
Kemi Adegbite 2011