A moment on the lips, a lifetime on the hips. View More
It is the American dream to own your own business, to be your own boss. Many people have tried it, some very successfully. Many people in the future will be starting their own business. Unfortunately the majority of business owners will fail or close their doors within a 5 year time frame. How do you avoid being this statistic?
I think the biggest problem that business owners have is that they are perfectionists. They have started a business doing something that they are good at but it is difficult to get staff that can duplicate what you do. Therefore many business owners tire out and after a period of time they are burned out because they try to do everything themselves.
Look for a business that you can do by yourself or with minimal staff. Staff can eat up a lot of the profits. Do you know that in an 8 hour day, your staff are only productive for 2 ½ hours? Figure out what that is costing you.
Try to find a business that has low overhead. Carrying inventory costs money and you need to have the capital available to first purchase the inventory. Insurance costs continue to sky rocket. Rent costs can eat up a large portion of the profits. LegalZoom vs ZenBusiness
I have found a work from home business that can be done without staff. There is no insurance or rent to eat up the profits. Anything that I bring in is straight profit short of some marketing dollars required. This work from home business allows me to work more flexible hours around my schedule and best of all I am my own boss. If you are looking for a lucrative business that you can work from home with flexibility and mobility I encourage you to do your due diligence and research what I am doing.