Tired of making money for other people?

Question

I've been in the retail world of home improvement for the past 14years. Every year making others more money than they are willing to share with the work force. Where can I find the backing to break out on my own? If I go to a bank should I or will I have to put my house's equity up for colateral?

Answer 1

Make sure your financial house is in order. You don't want to try to jump into a business idea that places an added burden on your finances if your finances are already spread thin.

I would suggest finding a financial advisor. Take this person all of the details of your finances, what you make, how much you owe, your assets (like how much money do you have or high value things you own like your house), your liabilities (all debts, and all other areas you need to pay money into), and everything finance related. Go over everything and maybe the person can tell you if you are financially ready to take the plunge and maybe give you advice on how to proceed.

I have seen lots of people start their own businesses. I have only seen one succeed. The reasons why the people failed include lack of planning, taking on too much debt, and just not wanting to do the work. The person who succeeded was the guy who did not make those mistakes. He planned and spent a couple of years putting together his business plans and he saved like a mad man before he even got started. Finally, he worked like a mad man to make sure the business took off and he kept working like a mad man until it had been successful for over a decade. Then he decided to take the breaks and vacations he had dreamt of. He owns a chain of stores and is a millionaire a few times over and he is now in his early 40's.


An added idea, start learning as much as you can about accounting. Find some classes if you can. It will help, believe it or not.