In 2002, Carol Denbow sat down and wrote the introduction to her first book. Two years later, "Are You Ready to Be Your Own Boss?" was in print fulfilling the need for new business owners to achieve success.
Carol is a successful retired business owner, mom of two awesome kid’s, and since 2002 has authored two additional non-fiction books including, “A Book Inside, Writing, Publishing, and Selling your Story” (2008)
Please visit Carol's Website
“I want to start my own business and be my own boss!” Sound familiar? It may, because nearly 95 percent of people have this pass through their thoughts at some point in their working lifetime.
“Get rich quick” schemes never work. Yet we are repeatedly bombarded with TV and other advertizing promising us riches and status if we join their programs to gain “financial success.” But regardless of if the program they offer is a valid means of making an income or being successful, the truth is, new businesses rarely show any amount of profit in their first two years.
It has been estimated that as many as 90 percent of new businesses fail in their first year. Lack of planning is the number one cause of new business failure; “financial planning” tops that list. Being financial smart is perhaps your best chance at success. Follow the basic guidelines listed here:
• Avoid business loans requiring the collateral of your home.
• Never mortgage (or sell) your home to finance your business.
• Never use a credit card to start or operate a new business.
• Keep your business idea in proportion with the amount of money you have available.
Use common sense; if your means of financing your new business might potentially put a strain on your personal finances, look for other means to support the new venture. One should NEVER try starting a business to “save” a poor personal financial situation, unless the new business requires no monetary investment and can eventually supplement the personal income. Consider a business which utilizes your skills or services and requires little or no financial investment to start.
Be financially prepared to survive your first two years in a new business. Allow for personal income needs as well as the businesses financial requirements. You may need to “keep your day job” until the business gets established.
Better to be one of the 10 percent of new businesses who succeed, rather than facing financial and emotional devastation due to poor financial planning.
Carol Denbow is the author of "Are You Ready to Be Your Own Boss?" For more on new business start-up or to read about the author, visit www.BooksByDenbow.Weebly.com
- Related Videos
- Related Articles
- Ask / Related Q&A
- New Business Loans: Start Your Business With Adequate Finance
- Small Business Loans: Start Your Business With Your Money
- Small Business Loans: Start Your Business Without Any Tension
- Jump Start your Business With Start Up Business Loans
- Business Loans: Broaden your Business Horizons
- Business Loan Start Up Woman: for a Good Beginning
- Business Loans: Fuelling Your Business Plan
- Instant Business Loans: Helping Your Business Grow
The Ins and Outs of Credit Card Debt Settlement
By: jitesh | 29/11/2009Are you a self confessed shopaholic who buys anything and everything that you get your shopping addicted hands on Such thoughtless and impulsive buying will most likely result in the accumulation of a bunch of junk that will simply collect dust. Can you even remember that silk scarf you just had to have and since it was a virtual steal at 50 percent off you just had to buy it .
The Importance of Personal Background Checks
By: jitesh | 29/11/2009The purpose of personal background checks is to get a feel for the applicants character. Personal and professional references are a good starting point, however, experts in the investigative field caution employers on using this method solely. Prospective employees are obviously going to give references of people whom they trust will provide a good character reference for them.
Tips On How To Buy And Sell Online Business Directories
By: Adriana Noton | 29/11/2009There are many reasons why one would sell or buy an online business directory. For those who are selling, you know that you have spent a lot of time collecting businesses to post their listings, so you want to make sure that you get a good price for the directory....
How Do You Get Businesses Interested in Advertising on a Local Business Directory?
By: Adriana Noton | 29/11/2009Online business directories are popular sites to list one's business. These directories allow the owner to generate an income and increase their online visibility. Because the internet encompasses the whole world, many people forget to consider attracting local businesses to post their business listings on their online business directories. Acquiring...
Tips on How to Monetize an Online Business Directory
By: Adriana Noton | 29/11/2009There is more to establishing an online business directory than just improving your search engine rankings. When implemented properly, you can actually generate a substantial income. There are a number of tools you can use to effectively monetize your directory. Using the methods listed below, you can create an effective...
How to Create Online Business Directories With Web Software
By: Adriana Noton | 29/11/2009Business Directory Software has become a popular way of setting up and running an online business directory. It is a great way to generate revenue as well as increase your search engine rankings. Business Directory Software provides a simple method of managing an online business directory without requiring technical knowledge....
How to Write a Business Plan For an Online Business Directory
By: Adriana Noton | 29/11/2009Writing a business plan for an online business directory is as important as writing a business plan for any type of business. A proper business plan is essential to making an online business directory a success. A business plan will outline the type of business directory you will be running...
What Are the Benefits of Restaurant Franchise Investments
By: A.Noton | 29/11/2009The restaurant industry as a whole is one of the toughest things to get into. While the failure rate is high, it is not so much the industry as it is the people that are investing in it. Many think it will be fun and delve into their own restaurant...
7 Tips on How to Write a Book
By: Carol Denbow | 14/02/2009 | WritingLearn how to write a fiction or non-fiction book with these easy book writing tips.
Virtual Book Touring – Why It’s Better
By: Carol Denbow | 20/10/2008 | Self PublishingAs long as there have been published authors, there have been book tours. Face it, books don’t often sell themselves. Strong promotion and marketing is the key to most merchandise sales and it’s no different with books.
Is Sex Stressful?
By: Carol Denbow | 07/09/2008 | SexualityShhhh! We don’t want to talk about it in our society. It is a private matter—it’s sex. But sex can be a wonderful stress reliever—it can also create stress.
How to Use Your Sense to Reduce Stress
By: Carol Denbow | 18/08/2008 | Stress ManagementPlease your senses first. What you see, hear, taste, smell, and touch make a difference in your stress level.
How our Environment Affects our Stress Levels and How to Reduce the Tension
By: Carol Denbow | 16/08/2008 | Stress ManagementWhere you live, how you eat, and what you see and hear every day of your life affects your level of stress. Your senses can have control over how positive your attitude is in your life.
How to Write and Publish Your Personal Story
By: Carol Denbow | 31/07/2008 | WritingWith proper direction, all writers have the ability to see their story in book form. Whether you have a full length novel in mind or a unique life story you want to share, book writing has become the most popular way for one to truly express himself. You’re not alone with your book idea, there are about 195,000 new titles published in the U.S. each year—is yours next?
*why Business Partnerships Don’t Work
By: Carol Denbow | 21/05/2008 | Ask an ExpertPartnerships are typically formed due to a joint business idea or the need for financial aid with business start-up expense. Either way, only about 40 percent of partnerships work out and partnership dissolution is like a divorce--it’s really ugly.
***how to Find the Best Location to Start a New Business
By: Carol Denbow | 20/05/2008 | Strategic PlanningWith some businesses, location won’t matter much. But with most, it’s location, location, and location!