Business ownership can be an amazing and challenging experience. McCrabby had his own business for 15 years, and continues to work as an entrepreneur, although with changes, which will be depicted below.
You haven’t determined the start up cost -- If you haven’t taken the time to determine your start up costs as well as how much it will take to sustain you the first year, then you are not ready to start a business. You will tap personal savings and other funding to keep your business open. McCrabby did that even after more than a dozen years of successful operations. When financing got tight, McCrabby did whatever he needed to pay employees, keep clients happy, and maintain his office. It cost plenty, and it's still being paid for, three years after finally closing the business (probably two years too late). Starting a business, and maintaining it, even in tough economic times, is a commitment and understanding your financial obligations are key.
Your friends say you have the best product or service -- Your friends tell you that your service is the best in town. You make the best cheesecakes, or the prettiest doilies and you should market them. Maybe you do. It’s going to take a lot more business than your friends can generate to keep a business open. You must test your products or services as well as research to determine if there is a market for it.
You are tired of working long hours on your job or you hate your boss -- You aren't thrilled with your job, or your boss, so you want to start your own business. After all, even McCrabby admits that he never worked for anyone he admired as much as when he was running his own company. But, if you think you'll cut your hours, take extra vacations, cut yourself some bonus checks from profits your employees brought in, HAHAHAHAHAHAHAHA... Sorry, McCrabby gets a little humor out of that. Starting a business will require more time and effort, plus an irregular pay check. And, if you have employees, let's clear this up: NONE of them will treat the company like you do; NONE of them will care as much as you do; NONE will be willing to work as hard as you do; NONE will do as good a job as you will; they will ALL take whatever they can, complain when ANYTHING goes wrong, be unwilling to do anything extra. Good luck with them -- McCrabby has made two new rules since he closed his business. 1. Never hire employees, and 2. Never work, in any way, with anyone you don't like and/or don't trust. It isn't worth it.
McCrabby
It's hard to find a good job, and many people are still out of work, or settling for jobs that peg them as underemployed, or dissatisfied employees.
If you start a business to get rich quick, or to work only a few hours per week or because someone said you should, then it's time to think long and hard about your decisions.
You haven’t determined the start up cost -- If you haven’t taken the time to determine your start up costs as well as how much it will take to sustain you the first year, then you are not ready to start a business. You will tap personal savings and other funding to keep your business open. McCrabby did that even after more than a dozen years of successful operations. When financing got tight, McCrabby did whatever he needed to pay employees, keep clients happy, and maintain his office. It cost plenty, and it's still being paid for, three years after finally closing the business (probably two years too late). Starting a business, and maintaining it, even in tough economic times, is a commitment and understanding your financial obligations are key.
Your friends say you have the best product or service -- Your friends tell you that your service is the best in town. You make the best cheesecakes, or the prettiest doilies and you should market them. Maybe you do. It’s going to take a lot more business than your friends can generate to keep a business open. You must test your products or services as well as research to determine if there is a market for it.
You are tired of working long hours on your job or you hate your boss -- You aren't thrilled with your job, or your boss, so you want to start your own business. After all, even McCrabby admits that he never worked for anyone he admired as much as when he was running his own company. But, if you think you'll cut your hours, take extra vacations, cut yourself some bonus checks from profits your employees brought in, HAHAHAHAHAHAHAHA... Sorry, McCrabby gets a little humor out of that. Starting a business will require more time and effort, plus an irregular pay check. And, if you have employees, let's clear this up: NONE of them will treat the company like you do; NONE of them will care as much as you do; NONE will be willing to work as hard as you do; NONE will do as good a job as you will; they will ALL take whatever they can, complain when ANYTHING goes wrong, be unwilling to do anything extra. Good luck with them -- McCrabby has made two new rules since he closed his business. 1. Never hire employees, and 2. Never work, in any way, with anyone you don't like and/or don't trust. It isn't worth it.You want to make a lot of money -- HAHAHAHAHAHAHAHA; McCrabby is sorry for more laughter, but.... Eighty per cent of businesses fail in the first few years, so, you need to be great, work your butt off, be creative, be aggressive, conscientious, and be willing to do ALL the work to be successful. Start with a strong business and marketing plan and adapt it, as needed, to continue the development, growth and success of your business.
You are afraid of failure and risk taking -- Get a union job; this ain't for you.
If you're still interested, talk to others that have done that; feel free to call McCrabby. It's very rewarding to have your own business, but not necessarily in a financial sense (although it can be).
Just be sure you know what you're signing up for.
McCrabby
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