Dreaming of Your Own Business? Here's How to Do It Without Financial Risk

Anyone who dreams of their own independent business can vividly describe the wonderful feeling that this vision brings. "It feels so great to wake up one morning and be the one who decides how much to work, on what, and which services to offer," says anyone with such a pulsating vision. The question arises - where do you start, and how is it that despite so many dreaming of it, the percentage of self-employed individuals remains under 15% of the population?

One reason is the internal fear that many of us experience, primarily the nagging question: "What if it doesn't succeed?" This concern is not entirely unfounded or unjustified. After all, no one guarantees us a steady salary and coverage of expenses. However, those of us who are brave might want to try and not succumb to the negative voices urging us to give up.

The first rule is to believe in yourself. You don't necessarily need a lot of experience or to be a certain age. Your customers will take you seriously if you carry yourself with the confidence and faith that you can do it. Show reliability and seriousness, and let those around you—clients and suppliers—feel they can trust you to deliver. Mutual trust is among the most crucial things in life, and especially in business.

The second rule is to understand exactly what kind of business you want, and to see it in detail. Take a pen and paper and write down exactly what your expectations are, who it is intended for, what it sells, the initial investment amount you want to commit, and how you intend to recoup this investment. At this stage, think about the demand for the product or service you are offering, and what makes you unique compared to other businesses in the same field.

The Secret: Think Big but Start Small

The next step is to draft a business plan that quantifies your knowledge in numbers and outlines the sources of funding to start the business. The business plan should include questions like: What raw materials will I need and how much will they cost? What are my monthly fixed expenses? How much do I expect to sell in the first year and in subsequent years? How much tax will I pay and what will my profit be?

The third rule is to start small. Don’t rush to invest tens of thousands before you’ve seen significant returns. Even a small financial investment can propel you toward the final goal, but what's important until then is to make the right choices that won’t financially cripple you.

The fourth rule is to mentally prepare for the hard work involved in launching an independent business. Time, discipline, and quite a bit of thought are needed here, so plan accordingly.

The fifth rule is not to be afraid to ask for help or even pay for it—there’s no shame in learning and improving your knowledge. True, you need faith and confidence—in yourself and in Hashem—but remember "the work is not yours to finish alone." It’s important to seek help from experienced individuals who can assist inexperienced entrepreneurs.

The sixth rule is to stay organized and keep every receipt. File receipts in a special folder and save all correspondence and discussions. This way, you'll know you are backed up against the authorities, if necessary.