By Ron Kustek
Hear me out.
Many businesses have closed their doors for good over the last 6 months due to Covid-19’s impact on the economy.
Many of these businesses appeared very successful, as they always had customers and had been around for a number of years.
But some of these businesses faced three options: They may have decided they made their money and it was time to get out, or they may have wanted to sell during this unfortunate time, but there was no one willing to buy their business due to the fear and continuing pandemic issues, or they were making great profits and didn’t want to stop, as they may not have planned for a “worst case scenario” where customers disappear.
Let me remind you of the “Big 3” over the last 20 years: 9/11, global financial meltdown and now Covid-19. If these frequent catastrophic events are not enough to give a person pause to reflect, then perhaps you’re not a person believing that “Stuff Happens.”
For perspective, I owned my own business during 9/11 and also during the global financial meltdown. Scary times. But like many business owners, I was happy and thrilled to be making profits, reinvesting in the business, taking vacations, and living the way I wanted to.
Successful adjustments were made, but we can’t plan for everything. Like it or not, sometimes “Stuff Happens.” Besides the previously mentioned events, many other things can change your business and your life — from sickness, divorce (in my case) or even death of a partner. These may be more common than the “Big 3” in the last two decades, but they can impact every business owner.
So, why would NOW be the BEST time to start your own business?
We all know of someone who has lost their job in the last 6 months, and our hearts go out to each person and their families. When there is another person or group in charge of determining the livelihood of employees, it’s a great responsibility.
Whether you’re a large corporation (J. Crew, Neiman Marcus, Gold’s Gym, JCPenney) or an independent business owner, having the right financial structure and business model is critical for short-term and long-term viability.
Thousands, perhaps millions, of people have become unemployed for good. This is because they’ve chosen to work for someone else, or for a well-respected company. Through no fault of their own, they are now facing the biggest decision of their lives, with huge consequences, both financial, emotional, spiritual, familial – and for one’s own existence whether that’s individually or with a family.
Working for someone else gives them control of your life.
If you were planning to open your own business today, you would certainly have the sensitivity and knowledge that things could go wrong, and that operating a business that cash-flows for only 30 days (but you have no reserves) may not be the best business model. That’s why NOW is the BEST time to think about and plan, what you want to do with your life. This is how you can be the one in control.
Living with regret of not doing something, is one of the hardest things to live with. So, if you find yourself in a place that affords you this crossroads, now is the time to take control of life’s steering wheel.
Good News: You have options.
There are many great resources available to you here in Santa Cruz. You can work with the Small Business Development Center, which provides free resources to help you plan, manage and finance your dream business.
There are business courses at Cabrillo College that start Aug. 24, that will help you plan with great detail, the business you want to start — whether that’s a “brick & mortar” business, or “ecommerce” only business, or a combination. (and yes, I do teach both — so register asap). I highly recommend Cabrillo’s business courses with personal and committed one-on-one teaching,
providing great attention and feedback that can help you now — for your future.
The resources in our community are amazing, and getting expert advice that challenges your thought process is easily attained before you make your investment into the rest of your life. Take control.
This is no time to be a victim, as you — like thousands of others — have found the way to rise above adversity and be the person you always wanted to be, fulfilling the dream you’ve always had — without regret!
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Here are resources for starting your business.