How Can I Start a Business: I’m on the Job Treadmill

So, how can you start a business when you are trapped into your job? How do you get the time and resources necessary? First, let’s analyze why it is you want to start a business. Many people want to start a business, few do, fewer are successful, and only a handful are actually happy once they do.

You’ve no doubt heard that relying on a monthly paycheck = economic slavery, pure and simple. You are selling the most valuable commodity you have, your time. Only entrepreneurs are free, and they live the life the rest of us working smoe’s only dream about. Sound familiar? All Balderdash, hype and nonsense.

You need to understand the risks, costs, and pain that starting a business entails. It’s not fun, unless you are into working insane hours, betting the farm on things you can’t control, and attempting to do the work of three people in half the time. Magazines like Fast Company and Inc and Entrepreneur are pure escapism, essentially entrepreneur pornography. They really don’t portray what entrepreneurship is like.

So, why is it you really want to start a business? Is it because you don’t like your job? Is it because you want “free time and the entrepreneurial lifestyle” portrayed in the escapist magazines? You have to really analyze this carefully.

Secondly, let’s get a business plan going. I mean a real, honest to goodness, brass tacks and detailed analysis type of plan. You need to find and analyze every possible reason that your business won’t succeed, as well as the unique ideas that will make it succeed. This involves a lot of work. You have to research, interview, investigate, debunk and analyze lots of stuff. Keep in mind that most small businesses fail. You don’t want to open a business, dump your life savings into it and then find out it doesn’t work.

Remember, you are in love with your idea. You are probably not thinking rationally. This is dangerous and could result in financial ruin, it could destroy your family life and make your future a living hell for many years.

Next, you must take that plan and have it scrutinized by analytical people. I’d take it to an accountant and tell him to look it over and pick it apart for a couple of hours of paid time. Then I’d take it to some mature business owner and have them do the same. Finally, I’d take it to a SBA SCORE advisor and have him find the flaws in it.

Then, I’d address each and every criticism, in an honest, skeptical, analytical fashion. This process will take several months, at least.

When you are ready, you will know what resources you need, you will know people in the industry, you will have connections, and you will be prepared to present a well thought-out business plan to a potential angel investor.

How should you get funds needed for start up? If you don’t have a personal budget, you need to get one now. You must put yourself on a regimen of living three or four steps under your current income level. Pay off all your debt. Adopt Frugal as your key living concept. You will need to be resourceful and accumulate a large savings resource. Don’t even think of starting your business with your IRA or 401(k) plan funds. All of the evidence strongly suggests that would be unwise to bordering on suicidal.

If you can’t possibly save enough in the next five years to even consider your start-up, then you have to think about partnering with an Angel investor. This is tricky and dangerous territory, beyond the scope of the discussion here.

Check out some great resources at ceanow.org.