If you have bad credit and are looking for a job…you may find it far easier to use your existing funds and credit lines to start a business rather than trying to find a job working for someone else. You have the added bonus of liking your new boss and staying in control of your work life.

If you are an employer…you should evaluate whether the results of a credit check actually tell you anything about an employee and reconsider your use of these checks at all. Logically, if the potential employee has the experience you require, seems to be a culture fit with your organization, and is eager to work for you, perhaps that is all you need to know. If they haven’t paid some debts in some time, it is actually unlikely that they will steal from you to pay them now.

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Startup Costs – Everything from retail space leases to commercial vehicles to equipment and supplies are at historically (and sometimes unbelieveable) low prices. Those businesses that supply your business are competing for customers, liquidating inventory, and working hard to be successful. They want you to be able to start a new business, both for the immediate sale and for the long term potential.

Hiring Costs – Unfortunately for the millions without a job, unemployment is at a record rate in many markets. Fortunately for you (and for your new hires), that makes hiring employees to staff your new business easier than ever. Labor prices have dropped some, but more importantly, many high quality, very reliable employees are looking for a job and can start immediately. Instead of spending months looking for the right fit, it may only take days or weeks!

Competition – While many of your competitors are struggling with too high rents, too much debt, and too much unsold inventory, you will be able to open without those problems. All boats seem to float when the economy is expanding and growing. When the downturn came, however, many businesses that had poor financial management and planning, poor marketing planning and execution, and just overall poor management, were not able to hold on. If you can do it better, you can win their old customers and some new ones of your own.

The reality is that if you have ever thought of starting a business, right now is a great time to follow-through on that idea. Use the advantages you find in this recession to get your business started and growing, and develop the right habits so that when the recovery comes, you are in the right position to ride the wave!

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• Not enough independence. Franchisees are required to open a minimum number of hours per day and days per week. You must operate the business exactly the way you are taught — no add-ons to the menu or improvements for efficiency.
• The initial franchise fee and ongoing franchise payments cut too far into the profit margin. One entrepreneur said, “If I am going to spend that much money for them to tell me how to make a sandwich, I may as well spend a month or two learning to do it on my own and pay myself with that fee.”
• For most franchises, even with a “national brand”, your individual store’s customers are only a few miles from your store. So you still have to do local marketing and advertising.

For some entrepreneurs, a franchise is the best way to own their own business. For others, after evaluating the alternatives, starting up on their own is the best choice. Whichever you choose, it is true that owning your own business is the best way to create long-term personal wealth.

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• While you are in business for yourself, you aren’t in business by yourself. There is a “corporate” there to assist you, especially with the operations of your business.
• You get detailed instructions in how to do the operations of the business. If it isn’t a field you are familiar with, this provides a quicker start than learning on your own.
• There is the power of the existing brand recognition and the ability to rely on some “field of dreams” customers. (If you build it, they will come because they already know and like the brand).

Tune in to my next blog for the reasons why entrepreneurs choose not to purchase a franchise.

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• You get to set your own hours. If time is precious to you, you get to make the decision about how much of it goes into your business.
• You get to decide how much money is enough. If your business meets your profit objectives, then there is no one else out there you have to answer to.
• You get to do something you love to do.
• You get to be different than the chains, the other stores, everyone else.

Owning your own business can be one of the most freeing ways to live life your way. If you are thinking of taking control of your work life by owning a business, remember that you get to decide what qualifies as a success!

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Starting a business in a recession provides a number of advantages:

1) If you need to hire employees, the high unemployment rate means that there are quality people available at lower costs than during a boom time.

2) Suppliers of wholesale products and the business services you need are feeling the pinch as well, so there are bargains and good deals to be made.

3) Businesses that close their doors provide opportunities to pick up commercial space and gently used equipment and fixtures at a bargain basement price.

4) Local communities want to increase economic activity, so they are motivated to help out new startups that will contribute to the local economy.

If you’ve been wanting to launch your business idea but haven’t made the decision to take the plunge…now is a great time. Start your business during the recession and join the ranks of over half of the Fortune 500 businesses — they were also started during an economic downturn!

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First, you are going to need cash to develop your idea, so set a reasonable budget for the holidays. Plan ahead on the gifts and look for ways to find better deals on the stuff you have to buy. Check your favorite catalogs and online stores…many offer free shipping and other discounts already. And, if you order the items on your list, you are less likely to impulse shop than if you go to the mall. Also think about alternatives to expensive gifts. For example, homemade cookies and candy are usually a welcome gift (though you might want to avoid fruitcake), and even buying the best ingredients you can produce impressive gifts for as little as $5 per person.

Second, you are going to need time and space to work on your startup. Rather than spending the long weekends resting up for the next holiday party, make a list of all the things you need to do that might distract you from working on your business…and set a schedule to get them done before the new year. Clean out that extra bedroom to make some office space, clear out the garage to hold inventory. Think about all the little projects around the house you have been meaning to do and just get them done. If you don’t, those are the things that will keep you distracted from setting your business idea in motion.

Third, start talking to people about your idea. Let them know that you are getting things in order so you can start a business in the new year. Talk about your idea and listen to the feedback. Just this little bit of informal research will make your business idea more concrete and is likely to get you even more excited to join the ranks of entrepreneurship.

Don’t let another season pass without taking steps toward your goal of financial independence. Make a plan to prepare yourself for startup now and you will be ready to go come January 1st (or 2nd, if you plan to party like it’s 1999). Oh, and be sure to put the LaunchX System on your Christmas list…

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Don’t count on it.

For some crazy reason, most people (those who don’t have it in them to be an entrepreneur) feel the need to drop torrential rains on your startup parade. Some of the most common responses entrepreneurs get from their nearest and dearest are “Found a job yet?” or “Still aren’t making any money?” or “Just be sure you don’t get yourself in too deep!” These Negative Nellys will argue that they are just “worried” about you, but the actual message is that they don’t think you can succeed, and don’t particularly want you to either. What’s up with that?

When you encounter these attacks, and you will, just do the duck’s back trick – let ‘em roll right off. Don’t bother explaining or arguing your position…it’s not likely to change a thing. When people ask you how the startup is going, tell them everything is just fine and leave it at that. The more ammo you give them, the more they will use. The lack of support is very common for entrepreneurs, and you are likely to be surprised how little cheerleading you get from your friends and family. For this reason, self-confidence is a critical trait – you can’t count on too many outsiders to keep you motivated, so your belief in your abilities and your idea will have to be enough to sustain you through the rough times. If you have relatives or friends who won’t let up, avoid them until your business is taking off. Startups provide plenty of spirit-crushing circumstances, you don’t need extra stomps from those who should be on your side.

If YOU are the friends and family of a budding entrepreneur, here’s some advice. The odds are that your friend who is taking this big “risk” is well aware of every potential negative outcome, they aren’t likely to need reminding while they are spending time with you. Avoid calling them “crazy” or “dreamers”…without people willing to take entrepreneurial risks, you’d still be growing your own food, riding a horse to town, and communicating by Pony Express. Be honored to know someone who has the guts to take the leap, and be proud of them for trying. Ask them how they are doing and try to provide useful advice, if you have any. Otherwise, just nod and smile. Root for their success – they won’t forget who was on their side (and who wasn’t) when success finally comes.

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Starting a business is big. It’s not like joining a gym and never using the membership or buying a bunch of art supplies that go to waste when you realize you can’t draw. Working for yourself is likely the biggest, and possibly most important, decision you will make about the direction of your life. You spend more time working than doing any other single thing, and business ownership is one of very few ways to actually increase your personal wealth. Entrepreneurship is not something to be taken lightly, and there are certain steps that every business must take to succeed. The LaunchX System not only guides you through those steps, but also supplies you with the critical tools you and your business needs AND provides ongoing support (included in the price) to keep you on track, focused, and making the best decisions for your venture.

Buying the LaunchX System reduces the inherent risk in going out on your own. By really developing your business idea and creating a road map for your venture, you will know what to expect and how to handle opportunities and threats as they come along. You will have the necessary tools in place to keep an eye on the bottom line, and you will understand every aspect of your business, from your target market to managing finances. The LaunchX experts will be available to you every step of the way to answer questions, point you in the right direction, or even provide moral support.

A business plan fully developed through the LaunchX System will make it far easier to finance through outside sources. Whether looking to friends and family or the SBA to back your business idea, the detailed knowledge you will have about both your idea and the core business competencies will convince any potential investor that you are serious about succeeding. Your willingness to inject a little cash and quite a lot of effort will convince lenders that you have the commitment and drive it takes to succeed.

Finally, my favorite argument for using the LaunchX System for startup…you will speed your time to launch. Our experts have spent thousands of hours (so you don’t have to) researching, interviewing business owners, and finding the right information about the business side of entrepreneurship. Every conceivable topic is covered, and the information is the best available. The System tells you what works, what doesn’t, and gives plenty of data to help you decide for yourself. The entire process is laid out step-by-step in a format that is easy to follow and understand. Even the most difficult tasks are made easy – the Financial Planning Unit makes developing projected financial statements as simple as balancing a checkbook, and you will be amazed at the depth of understanding you will gain by working through the numbers on your own. The LaunchX System will take some time to complete (a few weeks to a few months, depending on your time available), but at the end your idea will be a viable investment opportunity, your business will be ready to launch, and you will be ready to run it like a seasoned entrepreneur.

Why buy the LaunchX System? Because it is the only startup tool on the market to help you turn your idea into a thriving business and turn you into a successful entrepreneur. What are you waiting for?

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In our experience, those who claim to have no cash or access to cash haven’t really looked that hard. The first thing to do is look at your current income and expenses. There are ways to cut costs – eat out less, cut out the premium cable channels, reduce the minutes on your cell phone plan. If you just can’t see any way to cut, you aren’t looking hard enough. Keep track of everything you spend for a week – you’d be shocked at how much cash is spent outside the things you actually need. What if your salary was cut in half today? What would you cut out then? If you are serious about starting a business, take a long, hard look at your current expenses and develop a plan for cutting costs. That’s right, set an actual budget, with money set aside for your startup, and stick to it. If you can’t find the drive to do that, running your own business properly will be too much.

Once your budget is set, consider what you would do if your car blew up or your television broke…where would you find the money to fix those? If you have a way to cover those expenses, you can find the money to plan your business the right way – the way that reduces risk and all but guarantees long-term success. Look around your house for things you don’t need. Craig’s List and Ebay offer great opportunities to unload your junk and make a little cash. Think about your own skills. Are there any side jobs you can do to bring in extra cash? What about a part-time job? Can you fit a night or two per week into your schedule to earn money for your startup?

Entrepreneurs have all kinds of stories about the great lengths they have gone to scrape together capital. One former business executive was so dedicated to going out on his own that he mowed lawns during the planning stage to stay afloat. Another provided tutoring to a few neighborhood kids. One family held a yard sale and traded everything they did not use or could replace for their company’s seed money. Still another asked every person he knew to lend him $100, to be paid back in one year at $110. Not only did he raise enough to buy the tools to plan his business the right way, he also found an amazing support system of people who wanted to see him succeed…and ultimately one of the $100 investors decided to fully finance his well-planned, viable startup!

If you have a great idea and are serious about starting your own business, you will find a way to get it done. Every aspect of a startup requires creativity, commitment, and sacrifice from the entrepreneur, and the first steps are no different.

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