Getting out of the rat race and starting a business sounds far easier that it actually is. It's true that it's great being in charge, but with it comes a number of responsibilities and decisions. Success or bankruptcy depends largely on planning and being able to stay one step ahead of all of the hidden costs. Many people jump into these shark infested waters, but most wind up drowning or being eaten alive. Why? Simply because there is more to being an entrepreneur than what meets the eye.

My first question would be a biggie: What about benefits? Meaning yours and the employees. Before even thinking about starting a business, stop and realize that health and life insurance combined will cost everybody concerned somewhere in the neighborhood of $1000 a month. At that rate staffing is difficult, simply because all of the assorted costs of employing somebody (even just yourself) are staggering. If your business is going to be a revolving door employer with no or few bennies, you'll still have to match the federal contribution to the social security fund. I would never even consider quitting my day job because of health insurance alone. Maintaining your own health can literally worry you to death. It might be better to let your present employer worry about it.

Quesstion #2: What kind of business is right for me, and what does the competition look like? Want to start a hardware store? You had better find out where the nearest Lowe's or Home Depot is located. Photo shop? Wal-Mart has the cheapest pictures in town. Lawn and garden? There you have Lowe's and Wal-Mart both trying to kick your head in. You need a gimmick. Restaurant? For every five that open in this neck of the woods, about .5 stay in business for any amount of time. Basically, anything you want to try has been done and is being done within a mile of your future store. It's a jungle out there!

Q#3: If I hate putting in my 40 hours now, how many will I have to put in as a business owner?
A lot more than that! Plus, the 9 to 5 routine with weekends off just went out the window. If other people are working the hours you want, when will your customers be able to buy your product? One way around working yourself to death is to properly staff your business. Whoops! We're back to health care costs, pensions, etc. again. There doesn't seem to be any way out.

Starting a small business may seem impossible after considering all of this, but Bill Gates and others had to begin somewhere. Ask yourself what you have to offer that the people need. Start slowly. Don't hire five people before you have made your first sale. There is hope, and it's all a matter of having a plan before the wheels start in motion. Know the game, and stay ahead of it. If the business bombs, it's back to somebody else's rock pile, but if it succeeds, your quality of life will be the envy of the rest of us working class lugs.

Learn more about this author, T.C Leonard.
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