the circle of profit

No Excuse To Not Start That Business

Why starting a business is cheaper and easier than ever

It wasn’t that long ago that starting a business seemed like a daunting task.

Take for instance my Velcro wallet business, my first business, in the 1980’s. I had to line up manufacturers, negotiate licensing deals, develop sales platforms, create operational efficiencies, and more. A lot of labor was involved, and the learning curve was steep. Thankfully, I had my rich dad to help me along the way, but not everyone was so fortunate.

And for many small businesses in the past, scale was simply not possible. The result was the traditional mom and pop shop on the main street. These businesses were brick and mortar and run by families—businesses much like my rich dad’s family store, which he helped run from his early teenage years on.

Needless to say, in the past there were many barriers to entry to starting a business. But today, not so much.

Beyond main street

Today, the Internet has changed the way we do business…and the access we have to learning how to start and build a successful business.

A recent article in The Week called “The revolution in what it means to be a small business,” states:

So what's driving the change in our understanding of small businesses? The simplest answer is the massive technology boom that began in the late 1990s. Thanks to the internet, offices can now be remote. Payments can be processed through smartphones. Crowdfunding — or the process of asking virtual strangers to help pay for your idea — is not only a reality, but ubiquitous.

But perhaps most importantly, social media platforms like Facebook and Twitter have given businesses the ability to grow beyond their local geography and reach customers both nationwide and globally. These tools allow a small lifestyle company in Los Angeles to reach potential clients in Boston. Or a bakery in New York City to find a market for its cookies in Phoenix.

In short, there is no longer just the main street…there are many streets, and you can do business on all of them.

What barrier to entry?

Thanks to the Internet, anything you want to learn about can be accessed instantly at your fingertips. And what is more, many of the arduous business processes that made starting a business difficult are now automated; from sales platforms like Shopify to marketing platforms like social media, what used to cost a lot in terms of knowledge, time, and money to set up, are now affordable to almost anyone.

The result of all this is that ideas that once took a large business to execute can now be accomplished by smaller businesses…and they can scale quickly.

As The Week states, small business has really moved from mom and pop to big business and big money—the ultimate expression of start small, go big:

Successful internet start-ups, though usually small at first, generally don't stay that way for too long. The idea is to eventually go public or be bought out by an even bigger firm for millions, if not billions, of dollars. These entrepreneurs are looking to be the next big thing, not a marginal return from investing in the local repair shop or pet store.

The benefit of this is that the cost of entry (and failure) has significantly gone down since there are often not huge inventories, long leases, and giant payroll liabilities. More than likely the biggest costs are your lost salary from your “secure” job and a few hundred to a few thousand in technology costs for a website and services.

In fact, the cost is so low that there are now self-proclaimed “serial entrepreneurs” who float from idea to idea until one sticks. Sometimes they’re working to make ends meet; sometimes they’re fully invested. But they keep pushing forward because they can…easily.

Start today for a better tomorrow

The point of all this is that you really have no excuse not to start that small business. If you have a passion and an idea, the world is waiting for you. The only thing holding you back is you.

To give you a little extra motivation, I want to introduce a very important book called, The Circle of Profit, by Anik Singal. Anik has a great vision of the future that is near and dear to my heart because Anik sees the small businessman and woman as a solution to make the world better…and he’s giving away his book on how he builds successful Internet-based businesses for free.

Get your FREE copy of The Circle of Profit today, and start building your better tomorrow.

Original publish date: February 17, 2015

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