Have you had dreams of starting your own business?
What do you think is the number one reason people don’t start their own business?
According to Gallup, Inc, 25 per cent of American adults have dreamt of starting their own business but have not yet taken the plunge.
You can probably guess the most common barrier.
People like the security of a steady income.
Second on the list was a lack of personal savings.
And third was worry that the success of a new startup is very low.
Let’s look at the possibility of success. Have you heard the statistic that 90 per cent of all small businesses fail within the first 12 months? I recently researched this fact and found that the failure rate in Australia of small businesses (1-19 employees) is actually 40 per cent over four years. And this failure rate is not that different for medium sized businesses (25 per cent failure rate; 20-199 employees) and large businesses (25 per cent failure rate; 200+ employees). In America, the failure rate is similar with 50 per cent of small businesses failing over four years.
Challenging fears with actual research is a key to starting your own business.
Are you worried about the security of a steady income and lack of personal savings? If you currently earn $100,000 per year, did you know that this breaks down to about $50 per hour based on a 40-hour work week?
Do you need to quit your job to start something new? Can you start something on the side? Many of the biggest businesses started as a side project with a minimal budget.
Yesterday I spoke with Tony Nash, the CEO of Booktopia, about how he started his business. Booktopia, Australia’s biggest online book retailer, has been listed on the BRW Fast 100 list a record six years in a row – and it started as a small side project on a budget of $10 per day. This year, they expect to generate revenue of $52 million.
There are many more examples of highly successful businesses that started as small side projects.
Have you had dreams of starting your own business? What held you back?
I’d love to hear from you.
Comments
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