Central Vancouver Island has a few thousand businesses. Some do well, others survive. If you asked all of them why they started the business, you may be surprised at the myriad of answers that you hear.
Some start it for the money. Many of the clients that I have coached in the last 5 years have had a very optimistic cash flow projection for their first year in business when the reality is, they will be lucky to break even. There are those whose dream is to be rich, but few achieve it. Money may be a motivator but it is not necessarily a good reason to go into business.
Some start a business because they have not had great experiences working for an employer. This can be from poor pay, lack of advancement, lack of training, or in some cases a toxic environment. They feel that having their own business, they will have better control over their work environment.
Some see a new opportunity, a business that is not currently serving the community. They have done the research and feel the time has come and they can be first out of the gate, giving them an advantage of bringing something new to the area.
Some feel they can do a better job than is being provided by their employer so want to start a business giving enhanced customer service in their service or trade. They feel they will have more satisfaction in what they do and the pride of knowing they are giving a quality product.
There will be many other reasons, but whatever takes a person down the entrepreneurial trail, it needs to be backed up by a detailed business plan to be successful. Cash flow, marketing, competitors, advertising, licensing, are some of the hurdles to conquer. Get help, talk to your local Community Futures office. If you are on Employment Insurance or have had a connection to EI in the past, talk to your local WorkBC Employment office as you may be eligible for assistance.
Whatever the reason for considering being an entrepreneur, it can be very rewarding, if you are prepared!
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