Those who have started their own small business generally do not have the stress of the unemployed or those who are placed in jobs with which they are not happy. As a second income, it provides the security of some form of cash flow and could supplement a boring and dull job by providing the aspect of work that provides personal fulfillment.
In order to maintain a successful on-going small business that feels more like play than work, there are three simple rules that should be followed to secure an enduring venture.
3 rules to follow if you own a small business
#1 – Start small and build upon existing skills.
There is generally a learning curve when starting a business, therefore small mistakes will keep you in business longer than making huge mistakes from the start. Once an idea exists, the enthusiasm from being involved usually will lead to education. That education will then lead to action that will either offer a profit or loss. If it is a loss, it will more than likely lead to new ideas, repeating they cycle of innovation to allow business to grow.
#2 – Always expect inflation
Saving and investing in a business either of your own or someone else’s, Always expect inflation. Warren Buffet was quoted in saying that cash is always a bad investment and was plain crazy. Cash does not produce anything and always depreciates over time. Putting cash to work, however, makes sense. The people who are hurt the most by inflation are those on a fixed income who only have cash without investments. Whatever small investments will make the difference in the long run.
#3 – Find problems to solve that you are passionate about.
Keeping a small business running requires a sense of excitement to live through the ups and downs of progress. By being passionate about a product or service, the hard work it will take to get up and running will be minimized.
The large population of baby-boomers provides a plethora of opportunities to marry a need with a solution. The restructuring of businesses which offer more contracted and temporary positions instead of full-time opportunities shifts the availability to engage in small business more now than ever before.