The Maverick Entrepreneur™ Series
Don’t Let Your Dream of Owning A Business Become A Nightmare
by Contributing Expert Author Billy Bob Jackson
To make money takes money, right?
Or so many of us have heard and believed for years. Thus, when an individual seeks to open his own home business, he first seeks a way to obtain that money that he needs to make the money that he wants. The majority of those in this very situation will take the quickest route possible: straight to the bank.
Take only informed Calculated Risk
They will borrow the money they need and in the process risk items paramount to their ability to live, namely, their homes. Across the country, individuals risk those things that they need the most, namely their homes, in the name of establishing a home business.
A wise, and business educated person will know what risks to take, and which one to avoid. They understand they are an aspiring entrepreneur, and an entrepreneur is a person willing to take an “educated calculated risk in order to gain business and financial success.”
As you can see, risk is part of the game in owning and operating a business, but that risk is relative to making the RIGHT risks.
However, the successful home business owner, the ones that end in the black every time, shun the idea of borrowing money. Instead of drinking the kool-aid of debt, they have discovered a way to pay their way to success.
First and foremost, these individuals do not, under any circumstance, borrow money. They understand that the borrower is a slave to the lender, and thus in order to stay free, they run far away from the shackles that bind so many of their contemporaries. How do they do this?
They have a vivid imagination. They imagine the foreclosure notice coming to their door via the postman, and they imagine their family selling nearly everything they have to keep the home they live in simply because they put their home up as collateral against a loan so they could open their own business.
This image alone motivates them not to borrow against their home or anything else important to them.
Instead of borrowing, these successful home business owners establish their business slowly by growing only as far as they can afford it. They pay for their business items with cash, including inventory and supplies.
When they pay in Disposable Income
They purchase inventory and supplies more carefully because they are using money that they have already worked hard for. This is called “Disposable Income,” income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes.
Thus they select their investments wisely. They also understand that when they grow a business slowly, the business has time to establish roots and thus longevity. They have the time to manage it because it does not grow out of control.
Finally, if the dreaming-of-a-home-business individual cannot afford to open his own home business with the cash he has on hand, he keeps his dream but does not sacrifice his home to get it.
Instead, he transforms that dream into a goal, and he works all that much harder at his present job to make the dream a reality.
Once he has saved enough money, then he begins investing in the dream, the home business. At that point, the home business no longer is a dream that may turn into a nightmare, but it’s the beginning of an end, with the end being the goal and the beginning is the dream.
The home business owner then has a reason to celebrate: he has just opened his own business without any debt.
Home business owners across the country are sadly declaring bankruptcy and moving their families to smaller homes or apartments because of foreclosures.
The home business does not have to be that same nightmare for every home business owner. Let your home business turn into a dream by paying off your debt and then paying for what you need with cash only. Doing so will lead you to a much more successful and peaceful end.
If you are interested in additional information as outlined in this article, need assistance in applying this information, or just want more resources, contact us for FREE (no obligation) and we will do our best to accommodate you.