Starting your own business is a unique challenge, and it is one that is fraught with difficulty. Most people don’t understand their biggest choice is whether to sell a product or service. There are intricate issues that are attached to both. Services tend to cost less to start and make money on a daily basis. They can help a person starting out accumulate money quickly – if you do a good job. Products businesses cost a lot more to start, but they are less trouble once they get off the ground. Traditional products businesses are rooted to the spot and rely heavily on location. You can do extensive marketing but that cuts into the bottom-line. With a service, you can do a lot more to change the course and context of growth, than a goods business.
Starting your own business takes you down this traditional path of business thinking. All of these are brick and mortar ideas. But what about mobile businesses that don’t involve spending thousands a month on rent? Some of these types of businesses in traditional thinking are insurance, financial services and other salesman oriented businesses that bring everything right to your doorstep. Often these guys use a mobile office if they need one. A mobile office is an office rented for a day or two to conduct business. Business thinking has changed a lot in 2010, and traditional ways of making money are becoming a thing of the past. Why? Banks aren’t lending. Unknown to the general public, most of the fancy businesses we are so accustomed to, are actually managed on a business line of credit extended from a bank. During the credit crunch, many of these businesses were put out to pasture and banks demanded large mandatory payments. This meant that many “hand to mouth” merchants were handed their walking papers. Their businesses closed. This is why you can ride down any road in the United States and see business after business boarded up. The credit lifeline that so many of these organizations existed on is gone. Most laypeople marveled at how “rich” business people were. Little did most people know that those merchants were living on business credit and most were misusing it to finance a high lifestyle and fancy living. When a large mandatory payment came out of nowhere, many people closed up. This is the reality of 2010. That is why people who are smart enough to take another look at smaller, cheaper businesses are doing themselves a big favor. A great example is Kevin Webster’s website on starting your business. There are some ideas here that most newbies could really appreciate. Thanks for your attention.