Wisconsin has an impressive economy; personal income has increased. The unemployment rate is below the national rate; the employment rate continues to grow. According to The Kauffman Index of Main Street Entrepreneurship, more than half of the businesses in Wisconsin have survived their first five years. In addition, almost 6.5% of adults consider business ownership as their main job.
The numbers are pretty inspiring if you are one of those people who aspire to start their own business. The state has the services and resources to allow you to create your business from the ground up. Whether you are looking for tools such as broaching machines in Wisconsin or software engineering for your computer software needs, availing what you need is a mere phone call away.
You might be having cold feet investing on your venture, so here is a list of facts vs. myths to help you say yes to your business:
MYTH # 1: Establishing a business takes so much time.
FACT # 1: Establishing a business smartly means less time.
Working hard is different from working smart. Choose the latter. Having a lawyer and an accountant can lessen your responsibilities. Someone can file the paperwork for you so that you can focus on the business itself. However, setting up a meeting and getting things done can be time-consuming. Thanks to technology, someone can handle your forms while you get legal advice from a lawyer just by clicking online! Whether the business is structured as a sole proprietorship or a corporation, you can get the paperwork done in a jiffy.
MYTH #2: A business is an investment that requires a lot of money.
FACT #2: A business can have service as an investment.
There are success stories of businesses that started in the living room with zero employees. It’s not new, as 80% of businesses in the US have no employees and offices. You don’t have to rent an office right away, especially if the product you will offer is your service. Although it would be nice and professional to have an office where you can invite clients for a meeting, it’s more understandable now to be meeting in neutral territory such as restaurants. Once the business has earned enough funding, you can go back to the traditional requirements, such as having an office and employees.
MYTH #3: The first year is always a failure for any business.
FACT #3: The first year is just the start of many years to come.
Disregard the popular statistics saying that 80% of businesses fail in their first year. According to a study that is aimed at proving the statistics wrong, most businesses survive for more than five years. Just be patient.
Establishing your own business might be difficult at first, but when you imagine your life as an employee, you’ll surely want to be your boss. This is, in no way, a shade to all the employees out there. It’s a matter of because you’re dedicating years of your life to a business that is not yours. It seems wasteful in the long run. However, it’s also fine if you are one of those who do not enjoy the extra responsibility of owning a business on top of working for the business they own. Do whatever keeps you happy and stress-free.