Small businesses is big business in the United States. Look at these statistics:
- Small business, defined as companies with less than 500 employees, make up the 28 million small businesses in the U.S.
- They employ 57% of the country’s private workforce.
- They pay 44% of U.S. payroll.
- 70% of those businesses are owned and operated by a single person.
It is no surprise that you and I live in a society filled with entrepreneurial people. As believers, we are commanded to “be fruitful and multiply,” and “to have dominion in the earth.” God gives creative and unique ideas to us to provide for our families in a number of ways.
Another statistic to be aware of is that 50% of small businesses survive past the first five years. Even though there are many people involved in small business, it takes a lot to be successful and grow the business to a sustainable, profitable level.
If you are considering a new business, here are three questions to ask yourself before you make this important decision.
- “What is the return on investment?” Not only at the beginning, but potentially down the road. What is the return on investment of my time, capital and stress on my family? I can’t tell you the number of business owners I’ve talked to that have been in business three to ten years and they’re making less per hour in their business than they would if they were working for someone else. They also have all the risk associated with that business.
- “Does it have adequate growth potential?” Is it in an area that has growing demand? If you have a very niche product or service, although you and some people you know are excited about it, is the total pool of people excited about my product or service large enough to sustain continued growth?
- “Is the business I’m about to start salable or transferable?” When you get to the end of building this business and you’ve been successful at it, is it all about you, or can it go to the next generation, or will it die with all of your efforts?
Intentional ONE THING Challenge
If you could do ONE THING and know that it would make a significant, lasting, possibly life-changing difference in your life, would you do it? Dr. Carlson shares the power of ONE THING and why you should get started doing your ONE THING today.
Have you ever started a business or do you plan to start one? We’d love to hear your stories. Post your comments below.