The War Against Cardboard.
BungoBox - The War Against Cardboard from Cloudy Logic on Vimeo.
Help our friend Shawn Seipler - Clean the World
Clean the World began in 2009 with the simple goal of recycling soap from the hospitality industry to then place soap in the hands of children around the world. In three short years, it’s become a global, charitable foundation with over 1,500 North American hotel and resort partners, diverting 1.7 million pounds of used soap from landfills and distributing 11 million soap bars to people in 55 countries and the U.S.
Clean the world is a social enterprise committed to saving lives and protecting our planet. It’s changing history by stopping the spread of preventable diseases and by leading a global hygiene revolution. It’s creating a new future for children around the world by enabling simple hand washing which experts estimate can save up to 5,000 of the 9,000 children dying each day from hygiene-related diseases.
Volunteers have helped drive our dramatic growth, but we’re challenged by the overwhelming response from our hotel partners. That’s why we need your help to raise $54,000 to purchase four machines that will automate the process and reduce the turnaround time for a truckload of recycled soap – 108,000 bars - from three weeks to three days.
These machines will enable us to immediately process a backload of two million bars and deliver them to impoverished families around the world by this Christmas. Automation will also create jobs, keep more soap out of landfills and free our volunteers to build hygiene kits that go out to shelters, food kitchens and families in need across North America.
Soap Saves Lives! Please help us recycle more soap and save even more lives! Thanks for supporting Clean the World!
All rewards are cumulative as levels increase. Digital rewards, other than the Platinum Donor Page, will be sent out as gifts are received. All other rewards will be sent at the end of the 75 day campaign.
For more information, please visit:
Facebook
Twitter
YouTube
BungoBox - So where did the name come from?
BungoBox - The Name from Cloudy Logic on Vimeo.
A Day in the Life
By Tom Cannon
Embarking on a start-up and juggling a family might be the closest thing to insanity that I have ever experienced. That said, I am not sure if any business owner really balances their family and work life. In my case, I feel like something is always being neglected. I am either not spending enough time with my family or I feel as though I should be doing something for work.
I have three children, and my wife Heather is an awesome mom with a full plate also. Heather works full time as an RN so she spends her days off doing fun activities with the kids and volunteering at their school. Sometimes we are like ships passing in the night and see each other just long enough to pass the kids off.
Don’t get me wrong, though, it is all absolutely worth it. The emotion and adrenaline of owning a business is somewhat intoxicating and exhilarating at the same time. The rush of great failure and great success at every turn just makes me feel alive. I cannot imagine working in any other atmosphere; it would just be boring to me. And the joys of family life are phenomenal. At the end of the day, it’s ultimately my family who inspires me to work so hard. After all, I want to have a long-lasting business that can be passed down from generation to generation.
BungoBox CEO meets with Kevin Harrington, star of ABC’s hit show Shark Tank
Kevin Harrington, star of ABC’s hit show Shark Tank, was in Orlando last month to take center stage at Orlando Inc’s B.I.G. Summit, a gathering of hundreds of business innovators. Harrington, and other “sharks” conducted a mock episode of the popular show. Local entrepreneur and CEO of BungoBox, Tom Cannon, pitched his company to the sharks and they loved it. Here's a bit more about Tom's experience:
What was it like being participating in Orlando Inc's Shark Tank at the BIG Summit? Were the judges responsive to your business plan? The experience was awesome; even better than expected. I thought it would be great to get the word out about BungoBox. The sharks have been awesome, we have been discussing possible investment with them.
Did anything about their feedback surprise you? Yes, I thought that I would get some great advise, which I did. However, the high level of interest in our company was a surprise. Mainly because we considered the event to be more of an exhibition.
I understand that since you won the Shark Tank contest, you had the chance to sit with Kevin Harrington for some mentoring time. What is the number one tip that Kevin gave you? We have had the chance to sit with Kevin and his team on multiple occasions. They have a tremendous business acumen, and know how to scales businesses and products quickly. They number one tip: is to go for it and go big!
Other tips you found useful? The power of the team and having the right investors with the right influence is a tremendous asset
Anything else you'd like to include? The event was awesome. The full results of the events are yet to be realized. I cannot express how appreciative we are that Orlando, Inc included us and we will be forever thankful.
{image_tomtalkstokevinharrington}
Education On the Go
With the tough economy locked tighter than a Vegas vault, it's no surprise that many small businesspeople are still proceeding carefully. Some, however, are doing quite the opposite. Like Tom Cannon. He launched his BungoBox franchise in May 2011 and went full steam ahead—without the operation falling apart.
In fact, his two-year-old company, which rents plastic reusable bins as an alternate to cardboard boxes for moving, has added at least 10 franchise locations in the past year alone (still counting). Plus, there are still hundreds of franchise applications to review. Even more, the company started making a profit after year one, a feat not easily accomplished, of course, in the boom-or-bust (mostly bust) world of entrepreneurship.
So, how has he kept up with all the growth? He’s gone back to school.
“You can take all the business classes in the world and still not be prepared for everything thrown at you when you become a business owner,” Cannon says. “By the time you have some years under your belt and start making money, well, it’s time to take some classes again.”
With that in mind, the 39-year-old recently completed a three-month program at Rollins College in Winter Park called the Rollins Business Accelerator. This new program is designed to help second-stage entrepreneurs evaluate strategy and develop a growth plan while maximizing cash flow for future profitability. It's surely not the only formal training available in Central Florida. With Orlando ranked as one of the “10 Best Cities to Start a Business,” according to Entrepreneur magazine, there is plenty of instruction to go around. In this instance, though, the Accelerator prompted Cannon to really think, well, outside the box.
“This class has given me the tools needed to harness the vision I have for my company,” adds Cannon. “The lessons learned from all involved have forever left a mark and will play an important role in our culture. I feel like we now have a distinct advantage when faced with any challenge or obstacle."
Classes, each accommodating up to 15 CEOs/presidents, are held at the Center for Advanced Entrepreneurship, in the Crummer Graduate School of Business at Rollins. One hundred percent of the faculty have started, bought or run a successful business.
“We identified a gap of preparation in the market,” comments Cari Coats, the center's executive director. “We often get CEOs and/or presidents of entrepreneurial ventures [enrolling] in one of our MBA programs. We’ve noticed an upswing in the demand for business preparation skills by entrepreneurs.”
{image_indev2}
Not every entrepreneur, however, is able to afford the cost or have the time to enroll in a two-year MBA program. The Rollins Business Accelerator fills this void in the market, with no long-term commitment or significant capital investment required, says Coats, who also is president of C2 Advisors, a management consulting firm specializing in strategy, operations, governance, marketing and business development services for corporations and other enterprises.
“Recent graduates over the past four years of our program have been able to elect a concentration in entrepreneurship with their MBA program,” she says. “Graduates (who received their degree) prior to a few years ago (and) who have entered into an entrepreneurial venture since graduating may feel they need a mini-MBA primer intensely focused on running [their] own venture.”
And, in case no one has noticed, entrepreneurship is to the economy as fuel is to an engine. It makes things move. Big picture: Who would debate that entrepreneurship (and innovation) will be crucial to the nation’s economic revival and competitiveness in a global marketplace?
At the Rollins Business Accelerator, students are assigned a professional coach, who has a successful entrepreneurial track record and helps them learn about relevant topics such as how to position their company for growth, how to lead their organization, how to obtain capital to fund growth and who to negotiate with. During the comprehensive three-month program, entrepreneurs work on their business and leave with a development and planning process they can use as a tool for ongoing growth.
“Ultimately, it’s a place that fosters support and inspiration,” Cannon says. “The ability to work on my business with the nationally ranked Crummer faculty, who have been there and done that, and with dynamic classmates was certainly a game changer.”
Cannon contends that he walked away with a good assessment of the current status of BungoBox, the competition and the market. Now, he believes, he's ready to make better decisions about the continued growth of his company.
“It definitely helped me hone in on my strategic thinking and get advice from people who’ve been in my situation and come out on top,” he concludes. “It’s is a must for any business owner.”
Published in Florida Forward
November 10, 2011
By Sarah Sekula
Tom Battles the Sharks and BungoBox Wins
At the Orlando Inc’s B.I.G. Summit on Nov. 10, hundreds of business innovators flocked to Full Sail University. And our fearless leader, Tom Cannon, CEO and cofounder of BungoBox took center stage during a mock episode of ABC’s hit show Shark Tank, which gives budding entrepreneurs the chance to pitch their products to a panel of acclaimed judges in hopes of turning their ideas into a successful business reality. Tom competed against two other great businesses and came out on top. Tom got a once in a lifetime opportunity as his prize. Tom was able to spend valuable one-on-one time with Kevin Harrington.
One of the “Sharks,” Kevin Harrington, chairman and founder of TVGoods, Inc., is known as a pioneer and principal architect of the infomercial industry. In 1984, he produced one of the industry’s first 30-minute infomercials. Since then, he has been involved with more than 500 product launches that resulted in sales of over $4 billion worldwide with 20 products that reached individual sales of over $100 million.
Tom speaks at the The UCF Center for Entrepreneurship
{image_ucfentrepreneurship} Tom will be speaking to a group of entrepreneurs at The UCF Center for Entrepreneurship tonight. As part of the UCF Incubation Program’s Excellence in Entrepreneurship Certificate Course, participants will learn from successful business leaders like Tom who have created innovative companies in Central Florida.
If you’d like to book Tom or Bob Cannon for your next event, please contact Sarah Sekula at sarah.sekula@bungobox.com.
For more about the UCF Business Incubation Program, visit http://www.incubator.ucf.edu.
Front Porch Radio - With Guest Tom Cannon
Transition to Spring with Tom Cannon of BungoBox and Leah on Feng Shui
Central Florida is proud to be home to the world wide headquarters of BungoBox (http://www.bungobox.com/), a new company that plans to help you move. Founded by local guy Tom Cannon, they literally just sealed the deal on the first BungoBox franchise with more in the works. Julie moved last November with the aid of this revolutionarily simple service and fell in love.
Co-host Leah Fairchild is certified in the Pyramid School of Feng Shui (http://www.fengshui-ii.org/pyramidfengshui.htm) and talks about how to make the transition into spring with some simple, time tested tips.
Do you like us? Then really like us on facebook. Do you really REALLY like us? The consider a listener supported donation for our all volunteer show and help us pay for some marketing stuff so everyone else can be our fan too.
Front Porch Radio is a local talk variety show which spotlights folks who are making a difference in OurLando in the indie music, art, business and eco communities. Find out what the locals are up to and catch some great music by local favorites every Wednesday at noon. Tune in online at wprkdj.org or 91.5 FM in the OurLando area.
Julie Norris hosts the show because she is passionate about creating community in OurLando. She is co-owner of Dandelion Communitea Cafe, a certified green business serving up delicious organic & vegetarian fare in the ♥ of OurLando. She also blog’s about being a natural mama at GaiaMama
Why Invest in a Franchise?
As an aspiring entrepreneur, many potential business owners are faced with the decision of whether or not to start the business on their own or to work with the support of a franchise model. The question is, why do people invest in a franchise over starting a business on their own?
Like any big decision in life, emotions and personal feelings can some times get in the way of making a truly effective business decision. Before approaching this important decision, it is critical to remove as many of the emotional aspects of this process as possible. Really good business decisions NEVER include emotional distractions.
When considering the differences between a franchise or a stand-alone start up business, you should weigh the pros versus the cons involved in deciding whether a franchise is a viable choice, my recommendation is to put together a complete SWOT analysis and compare the franchise versus the start up business model. Be open and honest and list the differences on a chart to fully understand how they match up against one another.
Typically, the strengths that a good franchise system will bring will include a proven track record of business along with a blue print needed for you to build your new operation. Having this plan based on experience and actual business practices will provide you with a strategic planning advantage and the confidence and understanding of what comes next in your new business. A good franchise model should also have the backing and support of an experienced and dedicated management team. These leaders will act as mentors to the franchisees and will support them in their business growth as they operate the new business and scale their growth. If you invest in a developed franchise model with a substantial amount of units, you should also benefit from economies of scale on the supply side as well as the marketing and advertising side of the business. In general, franchises should provide a higher success rate than start-up operations.
When making the decision whether to start a new business or buy into a franchise system, go through the facts and weigh the value against the costs of choosing either to buy a franchise or start a business on your own.
by Christopher James Conner
BungoBox: Get a Piece of the Action
This economy sucks. Luckily, BungoBox is here to help. We have decided saving you money is no longer enough, we’d like to help MAKE you money. Don’t worry; we’re not going to try to convince you to sell our boxes door-to-door (that might get a little heavy). Instead, we would like to extend an invitation to start your own Bungo Branch!
Now that we have your attention, let us explain some of the core benefits of purchasing a franchise with Bungo Box.
Top 5 Reasons to Franchise with BungoBox
1. Recession Resistant :
In this economy there are a lot of things taking a hit – gas prices, cars, even your favorite every-corner coffee shop — but there is one thing that isn’t, and that’s BungoBox. We provide not just great service and an eco-friendly alternative to cardboard but we offer a necessary product to our market that is cheap. Because money is tight, people are searching for extra ways to save. BungoBox saves the average customer 50% of what they’d normally spend. Take that recession!
2. Low Investment: We want you to make money as soon as possible
Personally, we live by getting the “most bang for your buck”, which holds true for our company. With a BungoBox franchise you can put in a low initial investment and make more than your neighbor who’s “investment” idea involves becoming the next Jenga champion. Starting your own company can be extremely expensive months before you produce your first sale! The benefit of franchising with Bungo is that we’ve already taken care of a lot of the upfront costs for you. We created BungoBox with franchising in mind and we have invested the money necessary to develop a strong brand that people will remember.
3. Training & Support
Just like we would never expect our BungoBoxes to pack themselves (though we are working on that technology), we would never leave you alone with no help or support. We can offer you all thetraining, proprietary technology and systems, everything that you needto get a leg-up on your successful BungoBox business, though, we do not condone standing on our otherwise-sturdy boxes (per our legalteam’s suggestions).
4. Our Clients Need Us
Luckily, people will always continue to move and fortunately, for us, they need something to pack all of their things in. Thus, BungoBox is a necessity to the right market. We target people looking for convenience, cost savings of up to 50% on their moving costs and supplies and exceptionalservice. Whether clients are using a full-service mover for their home orbusiness or simply do not want dumpster dive for boxes, BungoBox is the perfect solution for all.
5. We Already Have Resources and We’re Willing to Share!
BungoBox has accumulated the resources needed to find clients, manage business and maintain a strong online brand. When you join our team you will be given access to all of these including a fully functional call center, online order system, social media team and public relations experts.
Think you have what it takes? Chris Conner, our franchising director, says that successful franchisees are usually “motivated, self-driven and organized”. If this sounds like you or if you’d like more information, do not hesitate to contact us today!
Cardboard and Landfills…Making a Difference
Guest Blogger: Beverly Pechin
According to Annenberg Media, paper and cardboard account for 41% of landfill in the United States alone! Sadly, of that paper and cardboard, only 25% gets recycled.
While statistics are sparse, it could be assumed that as much of 90% of products shipped in and out of the United States are shipped in cardboard boxes. Can you imagine if we could reduce that even by one half? The end result could be stammering, considering 41% of waste is paper and cardboard, and if we reduced the actual use of such materials the domino effect would be nearly miraculous.
In these times of being more “green” perhaps it’s time to find alternatives to using cardboard boxes. Having, literally, just moved I found myself unpacking box after box only to wonder “what do I do with these now?”. A box doesn’t last for long periods of time, they seem to tear apart with wear quite easily and to be honest I’m not that thrilled with leaving a box of my items sitting in the basement where we could possibly have a bit of a flood only to watch the box disintegrate just enough to see the items inside be ruined. I found myself actually looking for options that would not only provide ease of moving but perhaps even allow me to continue to use the container afterwards for storage or re-use it so I had less garbage going back out.
I was amazed to find that in an average “large city”, for example Seattle, uses about 1 million cardboard boxes a year just for moving! Figure it out, 41% of that is 410,000 boxes from ONE large city, per year, going into the dump. How long can our earth keep up with it?
Cardboard is made from cellulose fibers, often wood pulp. To make virgin cardboard, it is necessary to chop down trees, plain and simple. Chopping down trees leads to the destruction of the surrounding habitat and wildlife. Again, a domino effect of using an item that can easily and economically be replaced with alternative methods could save forest areas the size of an average state, along with the wildlife residing in it.
Some may argue that cardboard is biodegradable, so what’s the big deal? The big deal is that while it may break down in the landfills, it will produce the greenhouse gas Methane as it is breaking down. An increase in the amount of Methane being released into the atmosphere contributes to global warming as well as take up unnecessary space in the landfill areas. All in all, no matter how “biodegradable” the product is, it’s only as “earth friendly” as its ability to degrade with minimal effects to the atmosphere. More Methane gas is not a positive effect of the cardboard breaking up in the landfill, period.
For me, I realized it’s time to find a better alternative to cardboard boxes and I’m going to make a true effort in minimizing the use of them all around. I’d like to see companies begin shipping in reusable, plastic containers instead of cardboard. I’d like to see a change in the idea of moving with cardboard boxes, as they rip open because they’re over packed and too heavy, and instead using reusable containers that can continue to serve a purpose. Not to mention, maybe when I finally unload that last box 3 years from now I won’t be too upset that my favorite snuggly bear got ruined because the cardboard somehow got wet & ruined him! It seems like a pretty realistic option to me and one that can make a huge difference in our world.
Reasons to Become an Entrepreneur
Published in The Entreprenette Gazette July 8, 2010
By Sarah Shaw
I often wonder what made someone decide to become an Entreprenette. Do you? When I graduated college and got a job in the movie business, I never thought for a second about being an Entreprenette. I was just going to work in the film business forever and find my fame and fortune there. Even though I come from a long line of entrepreneurs of all kinds (Fashion Designers, Linen & Sheet Designers, Factors, Shrinks, Dentists, Deli Owners and more I’m sure), it really never occurred to me to follow in their footsteps as I didn’t feel passionate about anything in particular at that time……except for perhaps a guy or two! When I did have my Ah-HA moment – I finally understood the reason I was taking the plunge and what was so alluring about being my own boss. I love hearing others stories and thought you might too. A big thanks to my Experts who contributed their stories to inspire and guide you.
Thrills of owning a business
How to get over the first big hurdle: "I started my own business because I crave the adrenaline rush. It’s like base jumping; you are always one wrong move from failure. Although it takes time and patience, long hours and determination, the intensity of being an entrepreneur is what makes me feel alive. I’ve learned if you’re in it just to make money, you’ll be disappointed. Instead, you have to be in it simply for the reward of envisioning something and seeing it become a reality." -- Tom Cannon, co-founder and CEO of BungoBox
For 106 more reasons to launch your own business, click here.
You Can Learn A Lot From A Rodent…
Mickey Mouse once said, "Do what you do so well that they will want to see it again and bring their friends." Ok, so it was really Walt Disney. But aren't they really one in the same?
Much like Walt Disney, many companies tout that customer service is their number one priority. However, we all know that few deliver on this promise. If you own a company you must develop an atmosphere of customer satisfaction that is engrained in your culture; you cannot just write it on a piece of paper.
This means developing a culture that advocates for the customer even when the customer is not standing in front of you. The golden rule always applies: “treat your customer the way you would like to be treated”. Now take this one step further and do the unexpected, treat them better than they expect to be treated and better than you have ever been treated.
Taking that extra step not only satisfies the customer at hand, it can increase your opportunity to serve more customers in the future. Putting yourself in the mind of a customer is another great tool to make sure that your business is acting with a “customer-centric” mind. When a customer receives good service and has a pleasant experience with a company that they feel goes above and beyond, they are more likely to talk about that company in a positive light. They are more likely to suggest that company to friends, family members and co-workers alike – resulting in referrals for you. Customer service can be considered the headquarters of word of mouth marketing – and it’s value to you should never be underestimated.
If all procedures and policies are decided with this as the final litmus test, rarely will you have an issue arise. If you do have a problem and a customer is for some reason unhappy, break your rules, your procedures and your policies and make your customer happy. Always do the unexpected and exceed the customers’ expectations. The bottom line is making your customer happy no matter what the cost. It is not about being right or wrong on a given issue, it is about business and your customer is the life blood of your business. Protect your customer and empower your employees to do the same.
10 Ways to Cure Your "Card-boredom"
If you made the mistake of not using BungoBox for your last move, or for any other reason have ended up with tons of cardboard just lying around the house - here are some tips to put it to good use and have some fun (all before recycling it of course)!
1. Make a Scratching Post for Your Cat
Let your cat show cardboard who's boss! Follow these instructions for this "shred-tastic" project (courtesy of: http://bit.ly/1mGuaM):
- Cut cardboard into strips of the height you want the scratching post to be.
- Start curling the cardboard into circles, wrapping each piece around the previous pieces and attach with duct tape.
- Keep going until it's the right size that you think your cat will use.
- Use a saw/utility knife to even off any loose ends on the bottom so it will sit flat on the floor.
2. Make Your Own Computer
Follow this idea and project from a Grad Student from the University of Houston and create your own computer casing made of cardboard! As part of his graduate thesis, Brenden Macaluso developed this "sustainable casing" - featuring 8 USB ports, recyclable corrugated cardboard, less weight and a unique design. Macaluso's focus behind this creation was that products should be designed with "the end of their life cycle in mind". Since computers have a finite life and are disposed of at an alarming rate (over 1.84 million tons of electronic waste was sent to our landfills in 2007), he might be on to something here! (Read more about this project here: http://bit.ly/aLbnCf)
3. Build Your Own Office
Okay, this one may be a little tough, but still a better use for cardboard than moving! "Nothing", an advertising agency based in Amsterdam, constructed the entire interior of their office using cardboard - furniture and all. No screws or glue were used, everything is held together simply by interlocking the cardboard. It took them 5,382 square feet of cardboard for the project, which entailed creating 1,500 separate unique pieces. (See more here: http://bit.ly/aA2wcd)
4. Build a Boat and Join "The Great Cardboard Boat Regatta" Races
Increasing in popularity each year since its start in 1962, cardboard boat-building and racing would be a fun family activity! Many designs have been created, from kayak-style to pirate ship, airplanes to animals, as long as it floats you're in! In order to participate in The Great Cardboard Boat Regatta, your boat must be able to complete at least 3 trips around a 200-yard course. Be careful with paint and decorations, as some will render the cardboard non-recyclable when you're done. Even if you make one on a smaller scale, this would be fun for the whole family! (Read more here: http://bit.ly/aK3Un9)
5. Make an Eco-Friendly Oven for the Kids to Cook
Let the kids cook dinner for once without worrying about a huge mess in the kitchen and/or burned and cut fingers! Using two cardboard boxes, an acrylic cover, black paint and foil, inventor Jon Bohmer came up with his "Kyoto Box", that may be a helpful solution for those living in developing nations without easy access to firewood for cooking. CNN reported on his "accidental" creation, which started as a simple project with his daughters and ended up with him winning the FT Climate Change Challenge. Check out the Kyoto Box info video here: http://bit.ly/aGsA8T
6. Go Sledding!
Okay, so we may not have snow here in Florida to do it traditionally, but we still have some hills! Remember back to when we were creative and used things around the house for a fun Saturday afternoon with some friends. Flatten a box, find a hill and slide away (or get more creative if you wish). You can have races, get outdoors and have some fun!
7. Make a Fort or Playhouse
It's much quicker and easier than a tree house - and it uses trees that have already made the sacrifice. Have the kids help, cut out windows and doors, combine more than one box to make it bigger, decorate it and then they have their own little house! Just be sure not to leave it outside when it rains!
8. Make Your Own Composter
It will eventually even compost itself! You'll need: 2 boxes (the same size), some tape, some sticks or scrap wood (to support it an inch or so off the ground for breathing) and compost materials! When creating the compost, remember these tips:
- Always start with dead leaves on the bottom - the drier the better
- Avoid cooked foods, meats and dairy
- Combine kitchen wastes in composter with equal amounts of leaves
- Sometimes earthworms are a great addition to make the process faster
For more information on this project, visit: http://bit.ly/bMWjJU
9. Make a Car and Enter a Cardboard Car Derby
Like Arkansas' EcoFest where they have a Grand Prix intended to "promote engineering skills and alternative energy as well as demonstrate the intrinsic worth of discarded materials". Sounds like another fun family project with a good learning experience attached! To get more info on the EcoFest, including tips on building your own, go here: http://bit.ly/922KwI
10. Show Off Your Theatrical Side
By making a T.V. and/or puppet theater! Create characters from other forms of recyclable materials - paper towel rolls, paper, etc. Use some old pillowcases for curtains. Have the kids be newscasters or put on a show. Turn off the T.V. for the night and instead act out your favorite family movies, plays or shows!
So You Want to Start a Business?
You want to start your own business.
The American dream right? It seems like everyone wants to start their own business. The first question you have to answer before we discuss how to start your own business is whether you should start your own business.
Rule Number 1: Never start your own business if you can earn the same amount money doing the same job for someone else.
Why would you tackle all of the headaches, stress, grief, risk and most of all - debt - if you could do the same exact thing for someone else and earn the same amount of money? You shouldn’t, and you should seriously consider not venturing out on your own. Owning your own business should be about freedom, which is typically realized by increasing your income and wealth. With all investments, higher risk should garner higher rewards; if they don’t you are making a bad investment.
Now that you understand Rule Number 1, you need to choose the proper business to start. This is not an easy task and will take a great deal of patience. This is one of the biggest decisions that you will make in your life, so choose carefully. Think of it as a marriage and your new company is your wife or husband. This is much more difficult than you think and may take years to realize. At the end of the day, starting a new business is about seizing opportunity. You never know when this opportunity may present itself. Be prepared to take advantage of the opportunity when it arises. This means having a plan in place to seize the moment when the epiphany hits. How will you know when that moment is presented to you? You will know, because you will set the criteria for your new venture and when the idea matches the criteria, that is the moment to pull the trigger. So, what is the criteria for starting a new business? This is - and should be - different for each person. This is a very personal decision and no one can set the criteria for you. However, Rule Number 1 should be the first test. Other than that, many items could be in your business venture profile.
Here are some examples of the requirements you may set for yourself and your potential new venture:
- I want a business with a revolutionary new product or service.
- I want a business that is small and manageable with few employees.
- I want a business that has huge growth potential for a state, regional or national rollout.
- I want a business that can be started for less than $100,000.
- I want a business that can be cash flow positive in less than 12 months.
- I want a new business that allows me to get started part time, while I keep my current job.
- I want a business that makes me happy to go to work every day.
- I need to earn at least $50,000 per year by the end of my first year in business.
- I want a business that utilizes my current skill sets.
- I want a business that I could build and sell within 5 years.
You should set as many requirement points as possible. Remember, starting a new business is about you and what makes you happy. Don’t compromise on too many of your requirements; you will eventually regret your decision. These requirements are not just about self actualization issues. These requirements should include practical matters also, such as investment and profit or salary requirements.
Finally, look yourself in the mirror and ask yourself: Are you prepared to do whatever it takes to succeed? Are you willing to be relentless in the pursuit of your dream? Is your family, wife and kids as prepared as you are?
If you get to the point where you have satisfied all of your business venture profile requirements and taken the final gut check, you can now get ready for the real blood, sweat and tears and ultimately the best feeling in the world. There is no better feeling than realizing a dream, one that you journeyed towards on your terms with your rules. That feeling is the essence of starting your own business and realizing the American dream. Good Luck!
