Be Your Own Boss Article Opportunities Low interest rates Soft job market Capital available – low interest rates –Credit is available –Banks looking to lend Employees available – “low” wage rates Strong consumer & government spending Increased business spending outsourcing

Article Great Economic Numbers Increasing sales in most industries Competition is less fierce as many firms have all the business they can handle

Starting a Business 10,000,000 Americans are attempting to start a business But only 1/3 ever start one Only 2/3 of businesses will survive 2 years Only 40% survive 6 years Increase your odds Research Build network of experts Secure financing Get relevant education or experience

Starting a Business Find a Need Write your business plan Identify promising areas Identity possible perils Think ahead “Stand out from the crowd” Success Factors College degree Family history of business ownership Broad network of friends Prior work experience in field Networking

Illusions High chance of success Lifestyle issues Make own hours Can separate personal from professional life

Where’s the Money? In your pocket, bank account, piggy bank… Friends & Family Bank Loans Collateral Good credit Business plan Solid business experience Little debt (as a percentage of income) Co-signor

Where’s the Money? Economic development agencies Venture capital – investors Want a stake in your business Expect quick return of money Expect minimum rate of return Want a “say” in the business May want someone to run day-to-day operations

Franchises 2,000 different franchise options Established & tested concept Still need money Franchises have intensive & extensive screening processes Few make the “cut” High level of control Franchises are thriving because many laid off workers or early retirees are looking to start a business