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worker wanting to go into business

lebolebo subscriber Posts: 1
edited December 2007 in Selecting a Business
I have been a programmer for corporate america since 1984. put in many hours 9+ hours plus 2 hours traveling. My company is falling apart and there is a strong chance I will be let go as so many of co workers have. Considering going into business. I dont know what type of business to start. I wouldn`t care if I sold tooth picks if it would become a sucessful business. its not the business I care about as much as the possibility of working less hours and they would be flexible and earning bigger bucks. Lifes too short to give it away to a corporation. I am being very honest and serious. Looking for direction. Thanks.  
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    stonesledgestonesledge subscriber Posts: 608 Silver Level Member
    Exactly Steve. You hit the point dead on!
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    LiveWiseLiveWise subscriber Posts: 5
    Be passionate about what you are doing, find something you like to do.  If you start something from scratch, it may take longer to get off the ground.  If you buy a franchise, that`s a very expensive start-up.  One of my friends paid $130K for a franchise--I don`t think it was worth it, but he had the money and was passionate about it.  He`s finding out that employees can be difficult, hours can be long, and the money the franchise said would come takes longer than what really happens.  The downside is if he decides that after 2 or three years that he wants out, there are very few people that will be willing to pay that much for a franchise and he will probably lose a lot of money. 
     
    Before you get involved in any business, make sure you figure the details and figure the worst case scenario and if that is something that you could handle.  Rarely does the worst case ever happen, but it could.  If you invest $30K, you could lose every penny.  Is that something you can handle?  If not, don`t do it.  If you can handle it, then look at all the numbers, and look at a reasonable future.  Is it worth it?  How much will you get paid for your own work?  If you are putting in 60 hours a week and making $500/week, you need to decide if the growth is going to happen and make your business worth it.  If you put in a 4 hours a week and get paid $100, then that is a better use of your time for the money.  Then you can put in more and more hours as the business grows.  For me, that has been effective.
     
    Good Luck,
     
    Natalie

    www.MyBookWise.com/LiveWise

     
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