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Hello Steven K. Dale here, Today I want to help you with some information on how to start a small business. What makes me an expert on starting a business? Since 1986 I have set up over 1200 people in their own businesses. I've been featured in Entrepreneur Magazine, Small Business Opportunity, Income Opportunities and How to Start Small Business magazines. I've been a feature story on NBC News and I co-hosted a podcast on starting a business. I'm an expert in two main areas. First I'm an expert on expanding small business and I'm an expert online marketing for local businesses. I'm currently writing my first book on business expansion call the Expansion Factor.
The most difficult decision you will ever make is whether to start a business or not to start a business. Let's focus on this decision in this short article.
Every moment you waste on not making this decision will cost you money. If you're earning 40K a year and you wait a year or two or even 5 to make the decision, your losing money. What if you make $40 K in profits the first year, 65K the 2nd and 125K in the fifth year? You just lost over $200K by not making a decision.
Believe it or not once the decision is made it's actually pretty simple to find a business and get started.
This is one of the biggest decisions you'll ever make. I'm a big believer in writing the worst case scenario and the best case scenario on a piece of paper. It has a way to making it seem real. It takes it from a dream to reality.
Once you decide to start a business it's time to get serious about what you'll need to do to start looking for the right opportunity.
It's time to evaluate the upside and the down side. What's the worst thing that could happen to you? You lose everything? So what, at least you did something about your dream. The fact is very few failed business owners lose everything. Most are able to reenter the work place or start another business and be just fine. I know because it happened to me.
Best case scenario is you'll replace your current income and then some. Even if you only replace your current income your still much better off. You now have FREEDOM! Freedom to grow, Freedom to choose your hours and Freedom to design your life the way you want it.
A few years ago I suffered a huge loss. My business that I spent 15 years building was destroyed. I made a critical error 15 years ago. I decide to offer my business as a business opportunity and not collect any royalties but instead to be paid from the vendors as an independent sales rep. That single decision help create hundreds of new businesses but cost me everything. You see my competition used that decision to systematically destroy me. I was out millions of dollars and my company was worth nothing.
It's because of this I recommend you start small. If you don't have a lot of cash there are many businesses you can start for very little money. You may not be starting your dream business but at least you're starting something. I started my first business in 1986 as a window washing business. I think my total investment was under $5,000. That included a used van. Within in 2 years I had 4 employees, 4 trucks and several sub-contractors. I sold that business and have owned many different businesses since. I used that experience as a spring board to new ventures. In another video I show you how to spot new opportunities.
What if you only have $5,000 to invest? Is it possible to start a business for $5,000? YES.
There are dozens of business that could be started for under $5,000 all you need to do is pick one.
Once you have decided to start a business it's time to evaluate your investment capital. If you're borrowing 100% of the investment all I can say is DON'T! I've heard of many people who only earning $40K a year borrowing $100K to buy a franchise thinking it were a wise investment and they failed. You don't want this to happen to you. Franchisees are NOT a guaranteed path to success. There are many other ways to start a similar type business for 90% less.
Let's review what I spoke of.
First make the decision to start a business, find a business, and get started. It's a bit simplified but it's very close to reality. Just ask any business owner.
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