Most of us have been advised to do well in school and find a good job. That was good advice maybe 50 years ago but not for today. When you have a job you are at the mercy of your employer.
Starting a business has a lot of risk attached to it as well. Statistics indicate that 90% of businesses will fail within the first 5 years. Factors that contribute to this include: lack of capital, lack of experience, no business skills, etc.
Let me share some of my experience. My Dad had worked in a clothing store for several years and when the owner retired he had the opportunity to buy it. At that time we lived in a small town which had two other clothing stores and everyone did quite well.
Then something strange happened. Strip malls and regular malls started to open up and that changed the dynamics of our little business. Slowly business started to slow down and eventually my Dad closed the business.
One of the disadvantages of having a traditional retail store is the amount of hours you have to put in. At the time that my Dad has his store, the hours where 8 A.M. to 5:30 P.M. Monday to Thursday and 8 A.M. to 9 P.M. Friday and Saturday. I worked with my Dad several years and found this to be a challenge to family time.
Traditional businesses also require a hefty financial investment, which can be a challenge if you have to borrow to start the business. You should rarely consider buying a business that you have no experience in or which will necessitate having a lot of employees in the initial start up phase.
Cash flow will be crucial to initial success in any business and you will need to keep your overhead as lean as possible.
Starting a traditional brick and mortar business is something I do not recommend!
What to do if you really want a business?
Stay tuned.
Jacques
CreatingWealthThatLasts
2 comments:
Hi Jacques .. we've just had some frightening statistics here .. there's one retail area .. that has 84% of empty space!! Not a good time for small shops.
We definitely need to be innovative in this day and age .. learn new skills, think differently - look at new opportunities .. decide what we actually want to do ..
In fact it's frightening .. they're offering courses/advice centres to executives who've lost their jobs ..
I'm just glad I'm going with my passion of writing and I've found some wonderful friends and brilliant mentors to guide me along the way ..
You make your own luck ... and you have to remain positive
Hilary Melton-Butcher
Positive Letters
Hillary: You hit the hammer on the nail with your comments. Your writing skills are excellent and I see improvement on a weekly basis. You are right by taking action we can influence our futures.
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