All posts by SUASB

Sam Lewis is a small business manager and consultant specializing in small to mid-sized businesses.
Entrepreneurship Ideas

Entrepreneurship: Should You Quit Your 9-5?

Do you have to quit your job in order to become an entrepreneur? The 40-50-80 theory will help you put things into the right perspective.

If you survey a group of would-be entrepreneurs on what holds them back from starting their own businesses, one of the most common reasons is lack of time. They already work a full-time job, so they don’t think it’s possible to pursue entrepreneurship unless they quit their jobs.

I think a bit of reframing is necessary to dispel this myth that in order to start your own business you have to quit your job first.



So here is my 40-50-80 theory. It says that if you work 40 hours a week, and sleep about 50 hours per week (7 hours per day), you still have roughly 80 hours left in a week left to yourself. Let’s call it YOU TIME. Some of your you time will be spent eating, cooking, running errands and doing other necessary duties, but that still leaves plenty of hours to pursue your entrepreneurial goals.

Entrepreneurship Ideas

80 hours. That’s DOUBLE the average number of hours you spend at a standard 9-5 job. So no, it’s not necessary to quit your job in order to start your own business and pursue entrepreneurship.

Your Current 80 Hours

How do you currently spend the majority of those non-working, non-sleeping 80 hours in a week?

How many hours out of those 80 do you spend watching television?

Playing video or cellphone games?

Going to parties or buying entertainment on the weekends?

Tweeting or reading social media sites?

There’s definitely nothing wrong with some play time, but you have to ask yourself if using the majority of those 80 hours for playtime at this time in your life is the best idea. OR do you make some sacrifices now so that you can play more later (with more cash and freedom).

How to Best Invest Those 80 Hours

Now that you’ve reframed your week a bit, here are some suggestions for how to use those other 80 hours in your week.

– Start writing your business plan outline.

– Listen to motivational and educational audiobooks written by great business minds like Napoleon Hill, Dale Carnegie, Zig Ziglar, John Maxwell and Brian Tracy.

– Spend time practicing your talent, whether it’s art, music, writing screenplays, crafting jewelry, creating designs, speaking or serving customers. In his book Outliers, Malcolm Gladwell theorizes that people who spend 10,000 hours on their talent will MASTER it, so every single hour counts.

– Schedule weekly lunches with a potential business mentor (on you of course).

Join Toastmasters in your area or a similar skill building group and attend at least twice per month.

– Start building social media accounts that are only to be used for business purposes.

– Start building a small, modest yet professional business website where interested parties can contact you.

– Create a money plan and budget that will allow you to invest a portion of your monthly check into your entrepreneurial activities.

These are just a few examples of how you can spend those 80 hours. Start off by investing about an hour or two per day into the things that you really love that could make you a profit, and you’ll probably start to look forward to getting off of work so that you can invest even more time into those things.

In fact, if you put a microscope to your average day, you’ll probably find blocks of time when you can focus on your plans. For instance, if you take a train to work, how long do you spend sitting and looking out of the window each day (back and forth)? What about your down time when waiting for your bacon to fry or egg to boil? Pull out a tablet or an actual pad of paper and start writing down notes and ideas — if only for a few minutes.

Everyone Has Potential But…

I am a firm believer that everyone has a special skill or talent that would make them a good living if they invested time and effort into it. At the very least you can make a side residual income that will be a part of your personal retirement plan for a lifetime and beyond.

BUT not everyone truly WANTS to be an entrepreneur. And that’s okay. If that’s you, then no amount of motivation can make you change the way you use your 80 hours.

On the other hand, if you’re someone who definitely wants to pursue entrepreneurship but just feels a little “stuck,” you have to be willing to put your all into it—that means making some sacrifices and embracing change. Just a small shift in your daily or weekly habits can put you on the road to being a successful working entrepreneur or solopreneur.

The 40-50-80 theory doesn’t apply to everyone—at least not those specific ratios. Your work week, chores and sleeping schedule may be more complex than the traditional 40 hour-work week (especially if you have kids).

But even if your schedule is more demanding than the average 9-5 lifestyle, you can dedicate at least 30 minutes to an hour per day to starting a small business and pursuing entrepreneurship. As you will see in the coming years, now is the best time to get your feet wet in the pool of people who choose to create an income stream for themselves.

Louise Gaillard

Louise is a prolific writer, social media manager and marketing consultant.



Audiobook Review: Earl Nightingale’s The Essence of Success

I am an avid audiobook listener, who is in love with Audible.com. I use their site to browse non-fiction titles, including business books, motivational and self-development titles.

I recently came upon a compilation of audio books by Earl Nightingale called The Essence of Success on Audible. He is a master motivator who has inspired thousands, probably millions of business leaders and wealthy people in this country. He is the co-founder of the famed Nightingale-Conant corporation.

This audiobook is just what I have been looking for — straight to the point, no-nonsense motivation with clearly outlined tips and advice for how to get ahead in life. I highly recommend this audiobook for anyone who is looking to make a big move in a new direction.

Keep in mind that if you’ve never tried Audible before, The Essence of Success audiobook (valued at about $59 as of this posting, and worth every penny) will be free when you start a new account using your Amazon login. Just click here to download Mr. Nightingale’s audiobook with a free credit.

FREE Audiobook Credit RISK-FREE from Audible.com

 

 

 

 

 

Louise Gaillard is a prolific writer, social media marketing consultant and small biz owner.



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

Woman talking by phone

800 Business Numbers Give Small Business Owners Relief

800 business numbers can help make a small business owner happier and more efficient — find out why.

1438236_63812032800 business numbers, also called toll free numbers, are ideal for busy small business people who work from home or an office. You can get an 800 number (includes 888, 877, and 866 numbers as well) online literally in a matter of minutes. Using 800 business numbers in the course of business is more efficient than passing out your cell phone or landline number for many reasons:

Business Voicemail

With 800 business numbers you can route your customers to a voicemail system that specifically mentions your business name. For instance, instead of a casual “Hey leave a message” you can say “Thank you for calling Smith & Co. We’re available from 9-5pm Monday through Friday” or a similar professional message.

Free for Customers

If you deal with customers who live in other states, having 800 business numbers is a convenience for them. They don’t have to worry about the cost of making a long distance call. The number is also easier for the customer to remember (7 digits instead of 10).

800 Business Numbers Are Surprisingly Inexpensive

If you think having an 800 number is expensive, think again. Some toll free services charge as little as $2 per month ($2 to reserve the number) plus a low per minute charge when someone calls your business. You can create a number for each division of your business if you want and still pay just a couple bucks a month.

Track Who Calls You on Your 800 Business Numbers

Toll-free providers allow you to keep a call log of everyone who calls your 800 business numbers. Just log onto your account management screen and click the call history option. You can use this information to determine how many people are calling you from a specific state or area and make pertinent business decisions. For example, if you placed a radio ad in a small town in Missouri and suddenly you start to get a slew of calls from your 800 business numbers from that specific town’s area code, then you know that ad is working. So you can funnel more money into that market.

Call Blocking

Have you ever had a client or customer who just doesn’t want to leave you alone, even after you’ve ended your relationship with him? What about when you contact another company to inquire about services, decide on another option, but a salesman from that first company decides to call you every week to try to see if you’ve changed your mind. With 800 business numbers you can block all of those annoying types from calling your company.

Just click the calling block feature in your online 800 business number account, type in the person’s phone number, and save it. Everytime they try to call you they’ll hear a busy signal and you’ll hear… nothing. What a relief. This allows you to focus on the important calls-everytime your business line rings you know it is someone you want to hear from.

These are only a few benefits of 800 business numbers for small companies-there are plenty more. It’s a cheap and effective way to route business-related calls to your landline or cell phone.



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

Woman talking by phone

Want Your Business Phone Number to Remain Unlisted?

If you want your business phone number to remain unlisted, get a toll free 800 phone number.

It’s hard running a small business. Even the smallest details, like how to establish your business telephone number, can be a complicated decision.

Woman talking by phone
© Abdone | Dreamstime Stock Photos

For instance, have you ever thought about whether your number should be listed or unlisted?

There may be a few reasons why you’d want your business phone number to stay unlisted.

For one, some businesses only work with an established set of clients. For instance, if you own a small graphics design company that only works with a few large clients, there is little need to list your phone number in a phone book.

Not to mention that when you do, anyone can mine your phone number and call you for various matters that you just don’t want to be bothered with. You might hear from people who waste your time and are not really serious about hiring your business. You could get a random call from someone who is only trying to find out about your business for research and competitive reasons. And you may also just get a slew of sales calls from other businesses who purchase your name from a list and want to sell you something. Who has time for that?

Basically, your business telephone number is up for grabs when you list it in the phonebook through your telephone company.

The best way to keep your business number off the phone book rolls is to get an inexpensive toll free 800 phone number instead. When you sign up for a toll free number the number does not automatically go into the next edition of the yellow pages-it is a fairly private number that you can distribute to your targeted group of customers and business contacts.

Not only is the number kept private, there are also a number of benefits of using a toll free business phone number instead of adding a standard business number from your local telephone company to your line.

For one, you can block unwanted callers. So even if a pesky salesman somehow gets your 800 number and calls, you can set your 800 number to block him. Whenever he calls he’ll hear a busy tone or a message stating that “this number is no longer in service” or similar (even though it is).

You can also manage your callers with a toll free business phone number. Let’s say your service only applies to residents of Ohio. You can make it so that only Ohio callers, in a certain area code or from the entire state, can reach you through your business line.

So if you want your business phone number to remain unlisted and also want to better manage your business calls, get a toll free phone number (800, 888, 877, or 866). They are very inexpensive-only $2 per month for some services-and convenient for medium and small business owners.



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

Running a Consignment Business

This is a discussion regarding consignment businesses–types of consignment businesses, advantages, disadvantages, and opportunities.

There is a good chance that you have patronized at least one consignment business in your life. Consignment businesses are stores that sell items that they have not yet paid for. The store owners contract with suppliers (usually small business people in the area) to display products in the store for sale to the public. The supplier is only paid if and when the store sells an item to a customer.

Advantages of a Consignment Arrangement

The advantages of consignment arrangements are mostly one sided in favor of the consignment shop. Consignment businesses can display and sell items without ever having to make an upfront investment related to stock; they only pay rent and overhead. Consignment business owners are basically go-betweens, connecting artists and small manufacturers with the public. The most popular consignment shops you will find usually sell artwork, clothing, and other small trinkets.

The plus for consignment shop suppliers is that they finally have a venue to distribute their products. This is an ideal situation for business people who do not have a storefront, such as a furniture maker who manufactures products from home or an individual looking to unload used items of value.

Challenges and Payment Concerns

The process of setting up a consignment arrangement seems pretty basic, but there are some downsides and challenges. The biggest issue that consignment businesses have to manage is how to pay their suppliers once the products are sold.

The shop and supplier will agree upon a fair split, usually about 60/40 in favor of the supplier/artist. A meticulous consignment shop owner will call a supplier immediately after an item is sold to tell him to come pick up his check. This makes for better accounting and is a common practice for consignment businesses who work with more expensive items, such as artwork.

On the other hand, many consignment shop owners are not as consistent with their bookkeeping and won’t call their suppliers regarding payment. Instead, the supplier will have to call constantly to check on her products. This process can create potential problems for both sides.

For one, there is an increased possibility that there will be discrepancies and disagreements between the shop owner and the supplier as time goes along. Suppliers can become increasingly mistrustful of the shop owner when they go months and even years without receiving proper payment. It is also sometimes difficult to end a consignment arrangement.

For a consignment business, the customers are number one, but the suppliers are a very close second, so the best practice when operating a consignment shop is to maintain very regular communications with suppliers and pay them promptly.

Online Consignment Businesses

With the growth of the wildly popular web auction site Ebay, there has been an explosion in online consignment businesses, sometimes called drop off stores. Many brick and mortar consignment shops are set up with the sole intention of selling the products people bring in on Ebay and other online sites. The overhead costs are minimal and online consignment shop owners can sell the consigned items from the comfort of their home offices.

Are Consignment Businesses Viable?

It seems that nowadays, due to increasing costs across the board, setting up a consignment business is only practical when the sales are being made online. More and more customers are choosing to forgo the physical shopping experience and buy their items online to find the best deals possible. In addition, rents in popular shopping districts are sometimes prohibitive for new business owners.

If you are thinking about starting your own consignment business and want to learn more about the advantages and challenges, the best thing you can do is gather as much information as possible from existing business owners.

Ask your local shop owners about their business model and browse online forums to read what other online and brick and mortar consignment business owners are experiencing. Setting up a consignment shop may seem easy, but just as with any other business idea, you need to be 100% positive that you’re fit for the task.



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

How to Buy Direct from Manufacturers: For Small Retailers

So you wanna buy direct from manufacturers to start a small retail or distribution operation? This quick article will help guide you in the right direction.

In many cases, a manufacturer prefers to distribute its products to an established retailer or distribution company rather than dealing with an unknown individual. Even if an individual who claims to be a business contacts the manufacturing company he may need to provide proof of his business status. Additionally, the manufacturer may request a bulk purchase. So if you want to buy items directly from a manufacturer on an ongoing basis in the course of business as a small retailer or distributor you’ll need to get a reseller’s permit from your state.

1. Contact your State Franchise Tax Board division or finance department to request an application for a reseller’s or seller’s permit. This is a permit that establishes your company as an official business that plans to resell goods to end users. You’ll likely have to pay a fee for this permit and provide detailed information about your intended business activities. You may also need to register your business with the state before receiving the reseller’s permit.

2. Wait to receive your reseller’s permit in the mail.

3. Call the manufacturer that you want to do business when you have your reseller’s permit and explain your desire to establish a vending relationship. Provide details about your company, including the locations where you plan to sell the items (such as online or in your physical store). The manufacturer will consider establishing a business relationship with you based on your business plan, reputation and company credit report (if available).

4. Fill out a credit application as required by the manufacturer if you want to receive the goods on credit. Negotiate a discount rate and invoicing terms. Fax, mail or email a copy of your reseller’s permit to the manufacturing company to wait for final approval for your distributor account. You may have to sign a distribution agreement with the manufacturer that lists terms.

5. Request a catalog of current available products that you wish to sell to your customers. Submit a purchase order (see here for an example) to the manufacturer listing the items you wish to buy and your delivery address.



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

Advice for Starting a Real Estate Business

Downward trends in the housing market between 2007 and 2009 caused real estate professionals to become concerned about the future of the industry. However, since real estate is a necessity for most, like food and water, some small business owners still choose to enter this industry.

Wooden house
© Josefuente | Dreamstime Stock Photos

If you’re interested in starting a real estate business as your small business idea, do a thorough analysis of the real estate industry first to prepare yourself for the various challenges you may face as well as potential opportunities.

Types of Real Estate Businesses

You have a few different options for starting up a real estate business. Some people start as real estate investors or “flippers.” A real estate investor purchases properties with the intention of fixing them up and reselling them (or becoming a landlord) at a profit. You can also establish your own real estate agency (franchise, independent operation, or partnership), which requires a real estate license and training. Real estate mortgage brokers (professionals who work with big lenders) and construction professionals are also important role-players in the real estate business.

Home Prices and Home Sales

According to a 2009 study by Altos Research home prices dropped in 20 major U.S. cities, which in turn helped increase demand for homes. Michael Simonsen, chief executive of Altos Research confirmed this trend saying, “The percent of homes on the market with price reductions is a really insightful indicator of organic levels of demand.”

Despite unfavorable economic news regarding the real estate market in 2008 and 2009, including an increase in foreclosures and home debts that exceed the value, Plunkett Research estimates that existing home sales increased from 4.69 million in 2009 to 5.02 million in 2010.

This news is an indication that someone going into the real estate business post-2009 will likely have plenty of opportunities to make money. An increase in home sales and demand is good news for everyone in the real estate business, from investors and to brokers.

Trends in the Real Estate Business

Plunkett Research reveals that the popularity of the Internet will likely change the real estate industry significantly. Traditional residential brokers may not be able to compete with internet-based real estate operations. This puts a spotlight on the importance of establishing an internet presence as a real estate business owner, including social media and web blogs. Plunkett also recognizes a trend in “green” (environmentally friendly) buildings and smaller homes as opposed to “McMansions.” These are all important points to consider as you navigate any level of the real estate business, from construction to selling.

Innovative Solutions

When the real estate business is slow, as it was after the housing market crashed in 2007, small business owners sometimes find success through creativity. For instance, Kevin Lisota and Shannon Ressler of Findwell, an online real estate company, found success by holding seminars and taking advantage of social networking websites. In an article published in the Puget Sound Business Journal Ressler states, “We’re finding that giving away free advice is working for us.”

If you’re interested in starting a real estate business, it’s crucial that you stay updated on the various trends and news about the industry to ensure long-term success. Subscribe to real estate newsletters, journals and magazines. Also, follow plenty of other real estate entrepreneurs on social media, including Twitter, Google Plus and LinkedIn, to stay in the loop and always be prepared for new opportunities.

 

Sources:

msnbc.msn.com/id/32970895/ns/business-forbescom/

plunkettresearch.com/Industries/RealEstateConstruction/RealEstateConstructionStatistics/tabid/278/Default.aspx

businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20100519007025&newsLang=en

seattle.bizjournals.com/seattle/stories/2009/02/16/smallb2.html

work.com/starting-a-real-estate-business-742/

 



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

Dealing with Indecisive People

Tips for Managing People Who Can’t Make Up Their Minds

Indecisive people are a frustrating part of life. Here are some tips for dealing with an indecisive person and helping them make up their minds already!

We have all had to deal with indecisive and difficult people at some point in our lives. Whether it be the manager who can’t decide on how to format a report, or a wife who can’t make a decision on whether you should go to Olive Garden or The Spaghetti Warehouse, indecisive people are a frustrating part of life. Here are some tips for how to deal with an indecisive person and help them make up their minds already!

Limit Their Options

When dealing with an indecisive person, you simply cannot offer them an unlimited list of options. You have to narrow down and limit their options to two or three choices; no more than four. If you allow them more than four options you will find yourself in for a very long day… maybe even longer.

Take Them to Task

Most of the time, an indecisive person will be the type that doesn’t really want to do anything physically. They just want to talk about things forever. So I find that one way to get indecisive people to make up their minds is to take them to task on their “visions.” Let them know exactly what they will have to do in order for certain choices before them to be carried out. This will also help narrow down the list of options because more than likely, once the indecisive person hears about all the work they will have to do in certain cases, they will be less thrilled about those options.

Clearly Outline the Benefits of Each Option

Sometimes indecisive people have a problem deciding because they are not able to process information well. They sometimes have a hard time deciding what are the pros and cons of a situation. Help them out. Give them specific reasons why each option would be ideal. Just two pros each will do. When you find that they are favoring one or two choices over the others, that’s when you hit them with the biggest “con” or downside of one of those two narrowed down choices. BAM. They will think about it for a few moments, and after a short while will probably choose the opposite option.

Wrap it Up

Now that you have gotten them to commit to one option, you have to wrap things up quickly. Do not allow them extra time to think about the decision they just made. Tell them: “Great, I will get this going.” Reassure them by saying things like “This will be great” or “I’m glad you made this choice,” and then leave the room to get things started.

Be Firm

The most important advice you can get when dealing with an indecisive person is to be firm with them. Don’t waiver like them or play into their dysfunction. They will start to think this is a fun game and you will end up going back and forth forever. So put your foot down, let them know that there is a firm timeline that you have to follow, and stick by your narrowed down options. One sign of weakness, and an indecisive person will have you tied up in knots.

Don’t think you’re alone if you frequently have to deal with indecisive people in your everyday life. They may seem impossible to work with at first, but if you implement these options, remain calm, and use your charm and wit to get things done, you will find success dealing with indecisive people.



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

3 Ways to Sell Shoes Online

If you have shoes that you want to sell, whether they’re used or new, online outlets make it easier to advertise and sell your wares.

If you are a shoe fanatic looking for a low-maintenance way to make money online, consider combining your two interests. Sell shoes online for a profit as a small business idea. You choose the latest styles to feature and push your fashion ideas to the public while making money. When you decide to sell shoes online, you have a number of options to choose from to accomplish your goal.

Sell Shoes Online Using Amazon Services

Sign up as a professional seller with Amazon Services. This program allows you to sell your shoes on the popular Amazon website. You will either pay a per-item fee (small individual sellers) or a monthly service charge to keep your account open (professional sellers) in addition to a few other expenses. You can establish and design your own seller store where customers can view your shoe catalog. Amazon is an ideal way to get your small online shoe store exposure fairly quickly because of the millions of visitors to this website. Choose between a monthly plan or a per sale arrangement to get your Amazon shoe store started.

Sell Shoes Online on eBay

Set up an account on eBay.com as an alternative. eBay is an ideal choice for someone who wants to start off small to test the waters with a few pairs of shoes, gauge demand, then grow by posting more shoe styles. You’ll pay a per-listing fee for each item you want to sell. Enter information about the color and style of each shoe you are selling. If you are selling a “lot” of the same style of shoes, select the “Fixed Price” option on the “Sell Your Item” wizard. Set the duration of the eBay listing for as long as possible (at least 30 days) to allow plenty of time for shoe lovers to find and browse your collection.

Sell Shoes Online by Creating Your Own Website

Create your own web store to sell shoes online. Sign up for a web-hosting service that has a “web store” feature and start adding shoe pictures and descriptions as well as available sizes and colors to your product catalog. If you don’t want to apply for an internet merchant account, you can sign up for a business account with PayPal to accept payments from customers. PayPal also allows you to set up an online store without any additional monthly fees. Keep in mind that this option requires a lot more work than selling on an established website. You have to generate traffic to your website, design the site from scratch and develop a reputation with customers all on your own.



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.

A “Crazy” Idea: Instead of College Loans, Fund an 18 Year Old’s Small Business Idea

I received a tweet from Forbes magazine today that says the United States is now $1.2 trillion in tuition debt. People are taking out college loans for students at an alarming rate.

In light of these startling stats, I think it’s time we got off of the “gotta go to college at 18” train for a moment and start seriously considering alternative ideas .

Parents in Debt

Pocket Watch And Five Dollar Bills
© Alan Crosthwaite | Dreamstime Stock Photos

Parents are going into serious debt to help fund their kids’ college education. Many of them still have this debt at age 50, 60, 70 and beyond. Some of them are literally *dying* burdened with this debt.

Then the cycle continues with their children, who also find themselves in debt with private and public loans. When their kids’ kids reach 18 they will also feel the pressure to take out tuition loans. Then those kids will have to go through life with this great burden. And so on and so forth.

I believe the main source of this grief is colleges, who keep increasing their tuition costs year after year because they know how easy it is for parents and students to get these college loans. They should be ashamed at how they are sucking families dry, but as corporations they are mostly concerned with making their shareholders as wealthy as possible, so they’re not ashamed one bit.

The only real answer is for the general public to get off that merry-go-round ride that tells us we have to do whatever possible to send kids to college at the age of 18.

A New Idea (“Crazy” Talk)
So here’s a new “crazy” idea for parents to consider for their 18-year olds:

– Save as much money as you can from the time your child is a baby if possible. Even if you put just $30 per month into a savings fund earning 6% per year your child can have at least $12,000 saved in an account by the time she’s 18.

– Enroll your 14-year-old child into a local or nearby entrepreneur school or take him to an SBDC center to learn about entrepreneurship. Ensure that the child attends classes at least once every month up until he is 18 and starts running a business by 16.

– At age 18 give the child a choice: 1) take the money you have saved to put toward a college education 2) put it toward his business or 3) put half toward starting a small business and the other half toward going to college in the near future.

– Encourage, promote and fund self-education for your child (books, audiobooks, courses) while she’s in high school about her industry of interest, marketing, sales and general self-improvement concepts.

– If the child chooses option 2 or 3, encourage and assist her with growing her small business so that in 2-3 years she is making enough income from it (still living with you) to afford to pay for her college education. Every dollar of profit she earns from running her business should go toward a fund to help pay for her education.

– After 3 years has passed, the child can still enroll in college if she chooses. She may even decide at that point that college isn’t that important because of the success of her small business, which she can run and maintain for as long as she wishes.

Here are the benefits of this “crazy” idea:

– You teach your child from a young age about entrepreneurship. You also teach her from age 14 that going to college at 18 doesn’t have to be her only choice for success.

– You teach your child from a young age that she doesn’t have to go along with the “crowd” (all you have to do is show her what the “crowd” is doing when they’re 40,50, and 60 years old and still knee-deep in debt).

– Your child still has the option to go to college if he wants, if only for having a chance to live the “college experience.”

– You jump-start your child’s future, giving her a real shot at becoming a millionaire instead of limiting her mind to being happy with a $35,000 per year 40 hour, 9-5 job for the rest of her life.

– You give your child the opportunity to avoid being burdened by large amounts of debt at a young age

– YOU avoid being in debt with college loans for your child until you’re 100

Also, if enough people were to take this or a similar route for educating 18-year-old kids, colleges would eventually be forced to reduce or plateau their tuition costs just to stay in business.

College Loans for Students – Something to Think About
This may not be a perfect alternative for every case, but it’s something to think about, right?

Remember that high school education is a necessity but a college education is not (unless your child is determined to become a doctor, lawyer or engineer). Ask Bill Gates and most of the country’s self-made millionaires.

Parents of today who have already taken out college loans for students may have to deal with this great tuition crisis, but we can start making changes today so that young children don’t have to go through the same situation. Giving your child an education in how to be financially independent and run his own business is just as valuable if not more than a basic college education.

 

Louise Gaillard is a prolific writer, marketing consultant, small biz owner and author.

 



Starting up a small business, even if it's just on the side, is no longer an option -- it's a necessity. Why? Because everyone needs an additional source of income in our new economy. Click here to sign up for educational and motivational posts to keep you on track.