|
|
|
|
            |
|
|
Money Panel
with Chris Murray, Catharine Fairley, Brad Young and Shabri Moore
Have a financial question? Ask the experts. Send your question to business@newspost.com
I have a great idea and I’d like to start a small business, but I’m worried about the economy. I have a pretty good job, I’m secure, I have benefits. Is there any reason right now to risk it and go it alone?
|
RESPONSES:
CATHARINE FAIRLEY (Contact: 301-694-7411)
This depends on your business plan. At any given time in an economic cycle, opportunities abound. Right now, credit is cheap (if you have good credit scores with some collateral to offer). Vendors are looking for business so there are deals everywhere. There are current tax incentives to purchase equipment. That said, do you have enough capital and credit availability to get you up and running, and to replace what you need from your current income and benefits? A viable option might be to keep your current position but set a deadline for your decision. In the meantime, develop or update your business plan for the current environment. Research your market. Meet with a professional to see if your idea is economically feasible. The Chamber of Commerce and the Frederick Chapter of SCORE have excellent resources you can tap into.
BRAD YOUNG (Contact: 301-663-5454)
There’s never a bad time to start a good business! There are many examples of great companies that were started during recessions and even depressions that have done very well. It is always scary starting a new business and even more so during a recession. There is a lot of comfort in being in a job that you feel is secure and that pays you a salary that you can live comfortably with. Opening a new venture involves risk and with risk the opportunity for reward. That reward is all the upside should your new venture be successful, but understanding that you have all the downside if it is not. Some of the questions that I would ask: How would my business affected by the economy? What are the odds that the economy could get worse, and how would that affect my business? If the venture fails, how much would I lose and would there be an opportunity to get my old job back? Answering these questions may lead you to your decision. If you are not comfortable with the possible outcomes, then I’d say don’t risk it. If you are comfortable with the risk and think there is commensurate reward then go for it! Owning your own business is the American Dream, and I hope it works for you!
CHRIS MURRAY (Contact: 301-682-9876)
I like your entrepreneurial attitude! Entrepreneurs and smallbusiness owners are what made this country, and they continue to make America great. So let’s look at this a little closer: 1. Why do you think your idea is so great? 2. Does anyone else think your idea is great? 3. Is there a market for your product or service? 4. Have you created a sound business plan? 5. How much capital will it take to fund your venture? 6. If you have a family, have you discussed the pros and cons with them, and how they might be affected? Pros: increased income potential; more flexibility in your schedule to spend time with family; building a business that family will inherit. Cons: long hours; added stress; financial belt-tightening; no vacations for a couple of years. 7. Is this a business you can do part time to start? Let’s face it, if you can keep your salary, benefits and security (especially in the current economic conditions) until you are ready to fly solo, why not do it? There are many other questions and factors to consider when making a decision as important as starting your own business. Make sure you are thoughtful, and most importantly, honest with yourself and your family before making your final decision.
|
|
|
|
Advertisements
|
|
Home | Sitemap | Customer Service | Electronic Edition | Subscribe
Please send comments to webmaster or contact us at 301-662-1177.
351 Ballenger Center Drive • Frederick, MD 21703
Copyright 1997-09 Randall Family, LLC. All rights reserved. Do not duplicate or redistribute in any form.
The Frederick News-Post Privacy Policy. Use of this site indicates your agreement to our Terms of Service.
|
| |
