Starting A Small Business Is The 2010 Top Employment Market
25. Mar, 2010 
12 Comments
According to the US Department of Labor this year – the self-employment sector (aka home business industry) is expected to be the dominant employment growth market. This segment is now expected to become the #1 employment group this year in 2010! One of the hottest search topics on Google is starting a small business and related type searches. Maybe you find yourself thinking about joining the ranks of a small business entrepreneur, beginning a sole proprietorship small business or starting a home business. February 2010 was actually called National Start A Small Business Month!
Interestingly enough a recent National Survey on small business ideas and why people start their own small businesses returned some very interesting reasons for starting a small business. The answers may be quite surprising:
- Be My Own Boss - 59%
- Financial Ambition – 53%
- Frustration with how big companies operate – 38%
None of those stated reasons are: Because I had this great small business idea. The majority of entrepreneurs and sole proprietors start small businesses because they are frustrated in their J-O-B and they have a huge personal motivation or dream like:
- Financial Independence
- More Long Term Security
- Personal dreams and ambitions
- More Freedom
Again, they did not start with a great business idea or product or even as the story goes…this great food service/restaurant idea.
Therefore, now that you have the personal reason you most probably are wondering what is the best business plan to follow to start a home business. I am willing to wager a few of you are even wondering how you can kick-start your home-based business start-up that has been floundering for a few months or heaven forbid a few years.
Is there really a simple secret to starting a business! The best business to start for so many small business entrepreneurs is a sole proprietorship small business that you start with your own efforts, that leverages your passions and knowledge and will propel you on your way to your personal mission in life. Yes that one that you are chief cook and bottle washer! Wait you might right now be saying that sounds like a J-O-B Our idea is that you start it that way, with more control but always building your systems and processes to outsource and hire so you build long-term a business model that is sustainable over time.
Here is our simple 4 step plan to starting a small business.
- Honestly evaluate your talents and List your relevent skills.
- Focus your efforts on your strengths and plan to hire/outsource the gaps. This is not another pay-for-education opportunity. Hire what you can’t do – Don’t try to learn it all.
- Figure out and understand completely the revenue and profit model before you start
- Create a detailed business plan in segments to get you through your first month, first quarter, first year as well as when to measure and adjust. Then before you end your first year build a good 3-5 year plan based upon your solid foundation. Go get the money for financing a small business and get the people to get you there and make it happen
Related posts:
- Starting Small Business Made Simple | Five Rules For Success
- The Basics Of Starting A Great Internet Business?
- Small Business Plan Sample | How To Write Your Business Plan!
- Starting A Small Home Business
- Small Business Startup in 2010 – Are You On the Front Of The Wave?
Loved the early point about why the majority of entrepreneurs start businesses. NOT running the restaurant because they like to cook! But because they are in pursuit of a personal dream. Not to offend international readers… but it’s what the American dream is about… being your own boss, not necessarily getting paid for selling a widget you make in your hobby!
What was great was that you said “The answers may be quite surprising” in regards to why people start a small business And that I really was surprised by the answers. refreshing! Its great to know that more people are motivated to take control of their life instead of out of fear and frustration.
Interest concept! I would have thought one couldn’t be in the position to start a business without an “idea.” Actually the way to start a business is to follow the expert, build the plan and follow it! Good advice. I agree, it is the American Dream and if the Department of Labor says it’s so, maybe we have a chance.
It’s interesting that of all Small Business owners surveyed, NOT ONE mentioned having decided to start a business because they had a great idea for a product or service!
I think everything starts with a “why.” You need a good strong “why” that’s going to get you through those tough times when you are “chief cook & bottle washer.”
Can anyone find more up-to date small business facts and statistics? I found this link http://www.ntia.doc.gov/opadhome/mtdpweb/sbfacts.htm but I have to assume this is old data. Thanks.
Nancy – thanks for your comments, conversation and readership. It will be interesting to see if the industry does lead us out of this recession/depression and whether the job growth sustains.
I think that people decide to start a small business because they are sick and tired of being sick and tired. It takes a lot of guts to put your “idea” into action. This article emphasizes that. Great job!
These are amazing reasons people are starting a small business. Not about the great business idea but about pursuit of the great dream and vision. Your 4 steps to starting a small business are right on – especially breaking your plan into smaller bites
Was just reading your other posting on small business startup in 2010 and stopped in to check this article – liked your different angle on the topic of small business startups. Makes one wonder too – just what the real unemployment rate is if the small business and business opportunity market wasn’t so vibrant and dynamic right now! Your statistics on reasons for starting a small business are quite eye-opening – not what I would expect either!
Wishing you continued success!
Thanks
Time has changed since good old industrial revolution days,anyone relying on a job nowadays is probably living on a different planet.Gone are days when people had jobs for life, we are in different era now with globalization and strong competition for jobs,having a home business is a good strategy if for no other reason.
Cheers
Enjoyed reading your posting on starting small businesses in 2010. I am a grad student training/enhancing my skill level to start a business of providing security upgrade/monitoring services, business systems analysis proposals/contracts for support services in information technology. i find that you are absolutely correct on the reasoning factor of the home business sector. Information research has flowed quite easily on getting the exact details of the start up procedures, funding, licenses and all other steps to get operating. The internet is an up to date source of factual info. People should be thankful for the participants. Bless you for your educational material. Maybe we can turn around this staggering financial market and build some reliable strategic business opportunities for people that believe in the provide excellent quality services to educated consumers. Thank You. From/Georgia-USA