Tag Archives: Finance

Why It’s Time to do the Job You Want

business-finance
How many people are stuck in a dead end job they hate waking up to every morning? Life’s too short to regret how you spend your professional life and it has never been a better time to start your own business or begin the career you’ve always wanted.

The odds are you’ve thought about it on more than one occasion. You want to chuck it all and start that dream job, but are worried about what this would entail.

It’s a valid fear. With as many as half of all new businesses failing within the first year, people are unsure if they want to risk it or go through the hassle of financing.

The truth is that a depressed economy is the perfect time to start a brand new career or business, even if it means taking a pay cut. You’re a pioneer and banks and lenders are willing to support endeavors because they want to see you succeed as much as you do. If you’re a success, you will pay back the loans and make a profit for yourself. You can’t just go into a bank and ask for money, however. You need to have a plan in place.

The Business Plan

Your first step is to identify the kind of business you want to start and why it would be profitable. You don’t have to make more money than before, just be prepared for a loss in income.

Perhaps you want to sell a product, such as food or provide a service and you need to show how you are different from everyone else in your business niche.

For example, if you want to open a restaurant, you need to get specific. Will you serve Italian, Mexican or traditional American? How many other restaurants like that are in your area? If there is a surplus of similar restaurants, you are all competing for the same customer base.

You will need to explain why your restaurant will prosper. This may require a signature dish or marketing idea that the others don’t have.

Do some research to find out how much money it’s going to cost to get started. Do you have money to invest into the business yourself or do you need to look at other business finance options? Be as specific as possible and take into account renting a storefront, purchase of inventory and employees.

Once all this information has been collected, create a business plan and make an appointment with a lender. If your plan is sound, business finance should be easy.

If you think your new career will most likely lead to less money, make preparations for this early on. Create a budget that fits your expected income before making the leap. That way, you’ll learn to live with less money and have some savings for when you break away from your 9-5 day job.

You can also start slow by keeping your regular job and working a little at a time until you build up clientele. This is perfect for freelance careers, such as graphic design, writing and web design.

That dream job is within your grasp if you make a plan for it. Don’t let business finance keep you from breaking away and joining the independent pack.