Have I fallen off my rocker? No, I have not. I think that we should all be self-employed. Not only that, I think you should take the greatest possible risk you can find. People who make a lot of money look for business opportunities with a great amount of risk. Truly the time to start a business is when you are younger; the older you get the less time you have to make up for a big business loss. Here are some tips for what you should do when you start your own business:
- Get married. Studies show that married people are happier.
- Learn to live off of just one income not both of yours and your spouses.
- Work for someone else in the business you are going to start before owning one. For example if you want to start a pizza business, go to work as the manager of a pizza business.
- Cut your living expenses to the bone.
- Rent don't own, try to find a landlord that will agree not to raise the rent or sell the house you are living in
- Find a business that you love to do.
- Build up a cash savings. You will need a down payment for the business.
- Educate yourself about the business. Read everything you can.
- Talk to a lot of people who have done what you are planning to do.
- Develop mentors that you can bounce ideas off of.
- Surround yourself with like-minded people.
- Develop a support group of people that you can go to in confidence with your problems.
- Read the book E Myth.
- Take some accounting classes.
- Hire a really good CPA.
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