03 JulEvery Business Owner Career Could Use a Boost

business owner career Every Business Owner Career Could Use a BoostIf you own a business or want to start a business, do I have the book for you: The Toilet Paper Entrepreneur. With its provocative title, this book, by Mike Michalowicz, reads like it a collaboration between Steve Jobs and Chris Rock. It’s fun to read, and humorous, but when it comes to talking about “cleaning up your business,” the author gets right down to earth and gives practical advice that everyone can follow. He lauds the beginner and the do-it-yourselfer as the most capable of all business men and women. Too much education, he fears, can ruin a business person’s intuition. Says Michalowicz:

“Have no experience, no baseline to judge your progress against? Thank God! You’ve got a shot at making this work.”

The Toilet Paper Entrepreneur has been described as a “get real” approach and “a swift kick in the pants.” He urges business owners to take action now to make their goals come to life, and shows you just how to do it.

26 FebYour Business Owner Career Depends on Staying Out of Debt

business owner career 214x300 Your Business Owner Career Depends on Staying Out of DebtIf you are a business owner, staying out of debt, or getting out of debt if you are in it, is paramount. Nothing is more important than getting your books in the black every year! If you do have debt, the best way to get out is to first be sure you know your debt status in all regards. Make a list of your debt obligations:

  • Complete balance
  • The interest rate(s)
  • Your monthly payments
  • Any balloon payments
  • All debt covenants

Be sure that the debts you write down include any personal debts you may have to friends or family. Warning: you may not like the numbers you see! However, you have got to face the full effect of the debts you have acquired. Don’t let the facts get you down, after all, this is a recession and many businesses—make that most businesses—have been forced to go into debt just to stay afloat. It was the right thing to do, because eventually the economy will improve and you will be glad you stuck with your business.

Staying on top of those debts and letting creditors know that you are paying what you can will help a great deal with your credibility as a business owner and establish good faith for the future.

04 DecAre You Hoping for a Small Business Owner Career?

Pretty woman with open signA career as a small business owner is one of the most rewarding, though risky, business opportunities to pursue. While others take salaried positions in corner offices, you may be working out of a warehouse or a small rented space. But that business will be yours entirely. You will manage it and feel the satisfaction if it succeeds. If it fails, you’ll have to ask yourself “where did I go wrong?” and put the pieces back together again. If you tend to be risk-averse, then owning a business may not be for you, but if you are fascinated by the process of running a business and following the ups and downs of the economy, then try becoming a small business owner.

Small businesses include everything from retail stores such as book shops and craft outlets to manufacturing firms and franchise operations such as fast food restaurants, convenience stores, and gas stations. The three most common types of small businesses are sole proprietorships, partnerships, and corporations. In a sole proprietorship, one person owns the business. A partnership enables two people to work together and share the risks and rewards, while a corporation either allows itself to sell stock to investors or presents itself as an LLC, which limits personal risk of the investors. Which business structure you chose depends on how many people are involved in the business, the capital you have to begin with, and your own temperament. No matter which type of business you decide to own and make a career out of, you will find that owning a small business is one of the most rewarding and fulfilling career moves you can make . . . but it’s not for the faint of heart!