Economic Downturns is the Breeding Ground for Innovation
It is an exciting time to start a business! Our history shows economic downturns have created innovators. New companies are birth and seasoned companies are rebirth. During the great depression, which took place from 1929-1940 many companies were started during this time and still exist today. Macy’s (1929), Fisher-Price (1930), All State (1931), Volkswagen (1937), Samsung (1938), and Sara Lee Corporation (1939) just to name a few. I’ll say it again… it’s an exciting time to start a business!
Two good reasons to start a business:
A business will allow you to showcase your passion and get paid for it. You know that one thing you love to do. The one thing that you are passionate about for example taking photos, making blankets, baking or helping young people. That’s your passion, the thing you get joy from doing. The question is…why not get paid to do what you enjoy. You are already doing it and the extra cash can come in handy.
I am not saying run out and rent a store front, hired staff, and get a business loan. What I am saying is start small right from your home. Start at the kitchen table, move to another room of the house and one day the store front will be yours. There are a lot of tax benefits from owning a business especially a home base business. You will be surprise what you are able to write off on your taxes.
Fun Fact: Wendy Hilliard is a Passion Driven woman. Ms. Hilliard was the first African American to represent the United States at the Olympus (1978) in the Rhythmic Gymnastics (the same as Gabby Douglas Olympus winner 2012). She has taken her passion for the love of the sport and created the Wendy Hilliard Foundation located in New York City. This foundation has helped many children within the New York City area, along with children around the country. It is her passion that keeps her going and without the passion she would have never made it this far and impacted so many lives.
A business allows you to create a Legacy.
Most people believe they do not have anything to leave the next generation, which is not true. We all have something to leave. A Legacy is the passing down of something, from money to family favorite recipes. By starting a business you are creating a legacy.
Notice all the companies in the opening paragraph; they are legacy companies that have been passed down through the generations. It is so important for us to leave the next generation a part of this generation we live in. Not only are you building a business, you are building lives for many generations to come, while making a positive impact. It is our duties to create new legacies and continue to build on the ones that were left for us. So, start your legacy with your passion and build a business.
Fun Fact: Madam CJ Walker is a Legacy Creator. Ms. Walker is regarded as the first female, self-made millionaire in American. She became a millionaire from developing and selling beauty and hair products for African Americans.
The main reason to NOT start a business:
Do Not start a business for the only money.
If your ONLY reason for starting a business is to make money, it will not last. You will be chasing a dollar that will never come. Understanding your “WHY” will carry you through the hard time when the money is slow. Your “WHY” is the reason you started the business in the first place. The personal reason; for example I started my second business to create wealth for my god child. I wanted to give him a head start and a business he could call his own. I wanted to give him something I did not have and I knew he wasn’t going to get from his own family. Your “WHY” needs to be personal because it will be the fuel that keeps you going.
When I graduated from college I started my first business because I wanted money only. When the money slowed down (as it will do from time to time), I threw in the towel and got a second part-time job. I had no loyalty to my business. I jumped on the next thing moving with a dollar sign. I always wonder if I did not give up and if I had a different “WHY”, where would my first business be today.
As we go through these economic changes good and bad, there are always opportunities for you to turn your passion into profit all while creating a legacy for your family and the next generations. Take some time and think about if starting a business is right for you.
Once you made the decision to start a business, here are two website you should visit for more information: www.irs.gov and www.sba.gov .
Also check with your local county and state offices because money and state contracts are available for “Woman Owned Business” and “Minority Owned Business”.
Kim M. Sudderth aka The Business Brick Layer helps people to understand the importance of building a strong foundation for their business at the infancy stage.
Learn more about turning your passion into purpose!