What to Know Before You Quit Your Job to Start a Business

What to Know Before You Quit Your Job to Start a Business

Almost everyone has dreamed of giving up his or her 9 to 5 job at one point or another and becoming an entrepreneur. The idea of being your own boss, making your own rules, and not having to rely on someone else to earn a living is a compelling one to many people.

However, statistically speaking, most new businesses are doomed to failure. According to Bloomberg, as many as 80 percent of businesses crash and burn before they reach their first anniversary. In almost every case, the failure is due to poor planning. The truth is, owning a business isn’t all four-hour martini lunches and long weekends. The profits don’t just start flowing in because you aren’t working for someone else. Owning a business, and keeping it running successfully, requires commitment, planning, and more than a little sacrifice. If you’re willing and able to do what it takes, though, it is possible to build a thriving empire.

But before you hand in your two weeks’ notice and order your business cards, take a moment to consider some of the truths about working for yourself. While they shouldn’t deter you from pursuing your dreams, they should serve as a reminder of what you need to do before you start your own business.

Value Your Time

One of the most common misconceptions about working for yourself is that you will have unlimited time to pursue your professional and personal pursuits, and that you will be able to work less than you do in your current position. The fact is, because you are running the show, and have a responsibility to make sure that everything is how it should be, you will probably have less “free” time than you did before. You will have more flexibility — after all, there’s no boss requiring you to stay until 6 p.m. on Friday night — but you will probably need, and want, to work more hours than you did before.

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Consider Money Issues

You’ve heard the saying “Do what you love, and the money will follow.” That’s mostly true, but you can’t pay your electric bill with passion and IOU’s. You need to have a plan for cash flow while you get your company up and running. That could mean developing your business on a part-time basis while you continue to work your day job. This is actually quite common; for example Sara Blakely, the founder of the popular hosiery brand Spanx, sold office equipment while she developed her own products. It wasn’t until the product was widely available and endorsed by Oprah Winfrey that she finally quit her sales job. You might not need to wait until you’ve broken the million-dollar mark to quit your job, but you do need to have some income and a plan for staying afloat.

Do Not Overlook Legal Issues

Failing to set up your new company properly in the legal sense can lead to major headaches down the road. Not only do you need to consider the structure of the company for tax purposes, but you may also need to consider business licenses and registrations, patents, trademarks, and other potentially thorny issues. If you are entering into a partnership of any sort, you must legally outline the terms of the agreement, including how the business will be dissolved or divided. While you may be able to manage some of the legal aspects of your business on your own using do-it-yourself kits or online sources, it’s always a good idea to have a qualified attorney review your business plan and documents to identify any potential pitfalls or gaps.

Have a Backup Plan

No one wants to think about failure but given the number of businesses that don’t make it past the first year, it is vital that you have some sort of backup plan. That doesn’t mean you should give up at the first sign of trouble, but if you know that you have a Plan B to launch in the event things don’t work out, you can feel more comfortable taking some risks. After all, without risk, there is no reward, but you want to make sure you have a safety net in the event that a risk doesn’t pay off.

Owning your own business can be one of the most rewarding things you ever do, both financially and personally. If you think you want to make the leap into entrepreneurship, be cautious, and get your ducks in a row before you do so — and you’ll be more likely to be among the 20 percent of entrepreneurs who do succeed.

Weighing up the Pros and Cons of an MBA

Weighing up the Pros and Cons of an MBA

In today’s increasingly dog-eat-dog job market, candidates have to optimize their resumes to keep pace with the pack. One readily transferable postgraduate degree is the Master’s in Business Management (MBA), which you can study abroad at institutions like American University of Sharjah, giving you an even more enriched experience. However, whether you have just received your undergraduate degree, or you have been qualified for a while, the decision to pursue further qualification has to be justifiable. Read on for some of the arguments for and against forking out for a Master’s.

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Financial Champion or Financial Wimp

 

Financial champion or financial wimp

Wow this Guy does not know how to Budget.

The premise behind the financial champion or financial wimp is to decipher where anyone who is currently employed is excelling or falling behind everyday with money matters.

There’s not much info out there on actual facts whether someone is a financial champion who makes all the best choices with money or a financial wimp who squanders money. (PF Bloggers Excluded) The financial wimp is inclined to make excuses behind each and every financial choice they make. It can be blamed on several factors like not making enough income, not being able to avoid debt, not sacrificing for immediate gratification, etc. Let’s make an effort to stop all the excuses.

Now where the grass on the other side is usually greener or at least appears that way. The financial champions are the folks who constantly strive to do the best for their finances without any mental barriers or #excuses. They fund 401K to the best of their abilities, they have a Roth IRA and fund that as well, they understand the value of money, they take choices regarding money not lightly, they brown bag lunch in order to pay debt off sooner, and they understand happiness does not come from buying everything that glitters.

Now let’s discuss what traits distinguish the two polar opposites of financial people. I am not trying to put anyone down or praise anybody, but there is a truthful way to live a dedicated money life. See below for the awesomeness.

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Retirement Your Way: Living the Small Business Dream

Living the small business dream

How many people do you know work at a job they hate, just for the paycheck? How many people, do you think, do this their entire life just because they want reliable income? What about you? Are you truly happy doing what you’re doing? If you’re like most people, you’re not happy. You long for something more – something better. You’re on the horizon of retirement, but this isn’t the end for you. No, you’ve got one good business in you. Here’s how to bring those dreams into reality.

Decide What You Really Want to Do

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What is the Daily Interest you pay?

 

what is the daily interest you pay

Finding the Daily interest is a must if you want to be Debt Free.

Hello friends I want to ask you an important question today, what is the daily interest you pay on any loans you’re currently holding? If you do this research it will take you no more than 15 minutes to complete, and did you know it can help you be debt free sooner. Most lenders charge a daily interest amount, and you can find it by multiplying the full balance owed, by the (APR) Rate, then divide that by 12 to get the monthly amount you are being charged.

To take this calculation a bit further divide that amount by 30 to give you the daily amount you pay in interest. Doing this financial exercise can make you aware of what’s beilng robbed from you every day by holding that horrible debt.

The Average Person will Pay 279,000 in interest payments. (See Below for the article)

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How can Will Power affect your Finances?

how can will power affect your finances

Can having weak or strong will power affect your finances? I believe it can and if you struggle to maintain the will power to say no, then you can ruin yourself. Just like the person struggling with over-eating, they know they must eat better to stay healthy but they have low will power to change. Finances are the same because people with weak will power for the most part cannot say no to adding new debt, living above means, splurging on wants. Yes I might be striking a nerve with some readers because they are full of excuses behind the ability to modify behaviors. But I am doing it, to show you how money can be broken down to simple choices like facing your inner willpower.

I speak with purpose because I see it everyday many people not facing their ability to say no or adjust lifestyle to current life situations. Somebody wants to lose 40 pounds but then they continue to eat the daily bagel with cream cheese. They want results but then do not hold their actions accountable. (It boggles my mind the lack of focus for will power) For example somebody who wants to be debt free, but continues to live life adding new debt. Having willpower is so transparent to me, but not so easily understood by others. I am always eager to share my thoughts with all of you, and I want you to have strong will power. How can you begin to have better will power?

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The American Dream

 

The American Dream

What does your American Dream Look like?

We all have desires to live the American Dream and part of that dream is owning property? I know for a fact that houses provide the average person the ability to increase net worth. When you have that responsibility of owning your home, you feel a sense of pride and can take on projects that increase the value of the house with ease. Because there’s so much involved with owning a house that it just increases your get to work with a hammer skill, even if you contract out the big jobs, you will learn smaller tasks around the house.  There’s over a hundred million videos on YouTube on how to maintain your house, coupled with famously tailored HGTV shows that give you a plethora of ideas on how to get the best bang for your buck. Over time with all the upgrades, increased equity, and home market values rising, these are usually signs of increased wealth for many homeowners. Now let’s talk about the benefits as well as the drawbacks of home ownership that you need to know right now.

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