Are you tired of working for someone? Have you thought about opening your own business so you don’t have to put up with your boss anymore? You’re not alone. However, many times we don’t go through with it. And unfortunately, those who try it realize that it is not as easy as they think.
According to 2019 statistics, there are 30.7 million small businesses in the United States. Of these, 4.4 million are Latino owned, contributing more than $700 billion dollars annually to the economy of this country.
However, the US Bureau of Labor Statistics reports that approximately 20% fail in their first year, 30% in their second. By the end of the fifth year at least half have failed, and by ten years only 30% survived. It means that 7 out of 10 new businesses fail in the first ten years.
Why? Because many do not know everything that is involved in being a business owner. It’s easy to see from afar the benefits successful owners enjoy, without realizing all the sacrifice it’s taken to get to the top. And once the so-called “entrepreneurs” get involved in a new business, many are not willing to endure the years of sacrifice.
Did I say years? Yes. Years. For a business to begin giving a decent profit margin on average takes five years.
In addition, it also takes years for you to own a business, and not have the business own you. What do I mean? In reality, it’s going to take years for you not to be a slave to your own business.
Keep in mind, you don’t own a business until it runs without you.
Now, are you willing to sacrifice years with a better future in mind? Are you aware that in the first few years you will have less money than when you had a permanent job? Do you realize that instead of working for someone you are going to work for something?
If that’s the case. I congratulate you! In the next months we will talk about what to do and what not to do.
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