Many people, from all ages groups, have told me that they always dreamed of owning their own business. Why did they never act on this dream? Money. Starting a business, as rewarding as it can be, comes with a hefty price tag. Most people don’t realize there are no cost home-based businesses they can easily start. On our Twitter, we posted a poll asking our 9000+ followers what held them back from starting a business. The winning answer? Money. Second place? A tie between fear of failing and not sure on what type of business to start. It’s no surprise money won the poll. Most business owners need to take out loans or find investors to get their business off the ground. Most hopeful business owners struggle to find investors for the entire start-up cost. This means they’re forced to take out loans. The problem with taking out a business loan is the risk you run of not being able to repay it. If you have a family, you are putting their livelihoods at risk by starting a business. Love and support is great, but it’s not going to put gas in the car to get the kids to school or put food on the dinner table.
It’s not just people with families who are shying away from entrepreneurship and the excitement of owning their own business. Young people are also putting their business ownership dreams on old. Why? With nearly 80% of college graduates leaving university and professional schools with some sort of loan, having anywhere between a 4% and 12% interest rate, that monthly repayment is already a business loan payment. Tack on to this bill, living expenses, transportation, and more, it’s no surprise young people are opting for more financially secure careers. This is taking a huge tool on the number of business owners in various industries, as young people without families used to be the ideal candidates to open businesses. It makes perfect sense, no family, young in their careers, and less to loss. However, with the average student loan bill pushing $30,000+, young people are becoming less likely to start a business.
For these reasons, it’s no surprise that people are second guessing the idea of starting a business. How will they bounce back financially if the business does not succeed? How will they pay back the business loan of a failed business on top of a mountain of existing bills? This a real fear for all new business owners. Only about two-thirds of new businesses survive the first two years, half of all businesses survive five years, and one-third survive ten years. These statistics are less than comforting. It comes as no surprise that every hopeful business owner is looking for a way to start a business as cheap as possible.
However, what would you do if you could own your own business with $0? That’s right. There are legitimate business opportunities that you can do from home and online. The best part is that you can do many of these business opportunities part-time or full-time. Try them out before you quite your day job, and you’ll put all your doubts and reservations to rest! To everyone who has wanted to start a business, but can’t take the financial risk, keep reading!
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