Whilst chatting with old friends recently they mentioned they were bored with their jobs in middle management due to the lack of opportunity to better themselves and the insecurity of being employed. They are at cross roads and mentioned how wonderful it would be to own a business.
Trying not to get too personal I asked if they had done any research on buying a business and if they were aware of what is required. They had assumed that financially they would not qualify to purchase an enterprise capable of replacing their combined income ($120,000) and servicing a loan required to fund it.
I then learned they have $500,000 equity in their home and a very small mortgage. I suggested if they unlocked this equity they could finance a well-established business capable of returning profits of up to $300,000 per annum. After loan repayments and interest they would have around $200,000 left, or close to double their current earnings.
The conversation then quickly ended and it was clear despite their dream of business ownership it won’t happen, as they are not confident enough to leave their comfort zone and take a risk. The chances are they will remain unhappy earning average wages and continue to dream about something that is in their reach.
To own a business you have to take an educated risk and to succeed in business you have to think big. The majority of the world’s wealthiest business operators start out small and work towards their dreams of grandeur, always with a plan in place.
If you’re a big thinker and looking for a fresh start be proactive and research your options to take control of your own destiny. Business ownership offer excitement, security, financial rewards and opportunities simply not available as an employee.