The American middle class is no longer the richest middle class in the world.
So say the authors of an April 22, 2014 NY Times article. Data can often be interpreted in several ways to reach a variety of conclusions. We won’t touch on the politics of the topic, but one thing struck us here at Outpost Retail Systems- Possibly the best way for people to increase their earnings, income potential and help themselves and their families is to start a business for themselves.
If someone feels stuck or limited, maybe the best way to get ahead is to take a step forward.
Ask yourself questions like: What’s the best business to start in my area? Should I buy a business or start a business? What skills or assets (Time is an asset.) do I have that I can use to help me be in business for myself?
If the job market isn’t or hasn’t provided the income you want, decide to start a business and work for yourself. This can be done as a side business, so you can continue to earn your regular paycheck, if you have one. Or, a person could dive in and start a business as a full time startup, assuming they have enough money saved to cover their home and business operating expenses until the new business can break even and earn enough profit to cover basic, necessary expenses. Maybe a spouse’s income could be the cash flow bridge needed until the new business startup is profitable.
One thing that stood out more than anything in the article was that the median per capita income was only $18,700 in the United States in 2010. Earning that much in a side business is very doable.
For those with very little startup capital, businesses to start with limited money include: landscaper, property manager, senior helper. Examples of businesses to start that require only small amounts of funding include micro-retail offerings like food carts and retail mall carts. A Movie & Game Rental Kiosk business can be started for under $23,000, and Owner-Operators are seeing that investment being earned back in the business’ first year of operation working only one hour per week. And, it’s not unheard of to generate over $40,000 / year in profit with one kiosk. All these businesses can be started small and grown.
The bottom line is that in life we have to play the hand we are dealt. Oftentimes, the best way to make a change for the better, is to make a change. Start a business- what’s the worst thing that could happen? We recently were sent a quote attributed to Shirley MacLaine: “Don’t be afraid to go out on a limb, it’s where all the fruit is.” Well said!