One has to assume that in today’s environment, it is a little harder to start a business then let’s say in 2003. Back in the roaring 2000’s (2003-2007 more or less) it seemed like you could purchase a website and a Voice over IP and you were on your way. The real estate market was flourishing….. or so we thought.  Flipping houses was easier than flipping pancakes at IHOP.  I can remember a mortgage broker giving me a loan without needing my financial information.  They called it a “No Doc” loan.  Try that today.

As the World turns

Let’s spin forward 14 years to 2017. We can look at all the economic indicators we learned in college (Consumer Price Index, Product Price Index, GDP…… the list goes on) but what is happening on the ground floor? Well, we know a few things.

  1. Jobs are being consolidated. The value of your service might be shrinking. Today, its very easy to find a website designer or even an SEO person who charged twice as much for their service 5 years ago.
  2. You cannot just create jobs for the sake of creating jobs. Is a small business owner struggling just to make ends meet going to hire someone because its good for the country? Is corporate America going to stop farming their services overseas because they want to see Americans with jobs? Never happen (barring legislation).
  3. Uncertainty is high. Generally speaking,  people do not like uncertainty. Security is paramount. If you can find a job that pays well with matching 401K contributions or a  government pension, you’re on your way to a comfortable retirement.

How do you know starting a business is right for you?

With all of this said, why would someone be so pessimistic about business and the economy. Well, I’m really not. There is only one way anyone can become an entrepreneur and that is if all of these factors do not matter. The risk taker doesn’t care what the job market is doing or where the real estate market is going or even what their pension is going to look like at 65.

Breaking life down

Let’s say you’re 40 years old. You are smack-dab in the middle of life.  If we check the numbers, you have lived about half of your life on God’s green earth.  It just all seems to go so fast.  Are you worried about life and what it looks like at 70, 75 or 80? These are questions you need to ask yourself.  How many years do you think you have left here?

An individual should venture on their own for this one primary reason. You do not want to reach your golden years having regretted not taking a chance.  If you are reading this and are over 65 years of age ( I have at-least 100 clients over 65) the best things you can do is stay healthy, smile and do service to the people who need you.  It is not the wealthiest person in retirement who is the happiest, it’s the person whose finances have become a “moot point.”

Don’t start a business for money.  It’s so much more than that.