On Your Own

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If you want to start a business, you should be as realistic as possible about how much money that business can earn. Your profit margin must be adequate and you should anticipate the possibility of expansion. You must know the ultimate potential of your business, even if that ultimate potential will not be reached for five years. If your business could gross no more than $10,000 in the best of years, will you be satisfied with this amount? Many beginning businesses make no profit at all for the first few years . . . will you be willing to tighten your belt if need be? Or do you have people depending on you for a certain income?

In addition to these five very tangible basics, you must consider your own personality, ability to work with others, energy, perseverance, time-consciousness, and decision-making ability. If you want to open your own business, you must remember that you'll be the boss—with no job security, responsible for everything, always in competition. And your work will almost always come home with you. Can you handle it all?

Robert Smith, who teaches a course in Chicago about beginning small businesses, gives the following rules for initial success:

Do as much as you can yourself Learn your business from top to bottom Maintain the highest quality at the lowest cost Never let your customer down Watch the competition Pay your bills and taxes on time Use your imagination Be prepared to work harder than you've ever worked before

FOR MORE INFORMATION, CONSULT:

The Small Business Administration (1441 L Street N.W., Washington, D.C. 20416), which issues a wide range of publications designed to help prospective owners of small businesses. A complete listing of currently available material should be requested from your nearest SBA office or SBA, Washington, D.C. 20416. Ask for these two free lists: SBA 115A Free Management Assistance Publications, SBA 115B For Sale Booklets.

The Small Business Administration also sponsors SCORE (Service Corps of Retired Executives). These retired business people, men and women, are available to counsel you if you want to go into business or want advice on managing an existing one. There is no charge for these services. Write to them in Washington for the address of a SCORE office near you.

How to Start and Manage Your Own Small Business by G. Gardiner Greene ($1.95)New American Library
1301 Avenue of the Americas
New York, N.Y. 10019

"Tax Guide for Small Business" (IRS Publication 334, 75¢)

Designed to assist businessmen in preparation of tax returns, it is also useful as a guide to conducting a trade, business, or profession, or acquiring or selling a business. It can be obtained through the U.S. Government Printing Office, Washington, D.C. 20402.

"Trade Practice Rules"

These are free pamphlets geared to specific businesses. Ask for "List of Publications, November 1971," from the Federal Trade Commission, Washington, D.C. 20580.

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