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Learn about Small Businesses
What is a particular business like? What will it demand
of me? How much will I earn? How well will it match my
knowledge, skills, and personality? How hard will it be
to succeed? Here are five ways of answering questions like
these:
- Interview
people who have a business like the one you are considering.
Of course, since you are a potential competitor, they
may be unwilling to talk with you. And if they
do, they may be cautious in what they say, or even mislead
you. Nevertheless, it is worth the effort. You may try
contacting business owners that are geographically distant
enough from you to eliminate you as a potential competitor.
Another option is to find a business owner whose business
is similar in type to yours, but not a competitor. For
example, if you are considering starting a franchise
in rental cars, try contacting a franchisee in rental
moving trucks or equipment rental. Experiences in handling
inventory, personnel, and maintenance costs may be similar.
- Study
the occupations that you identify when you take the
Career Key S-E. Click on each one, and you will
learn about them from the best source: Occupational Outlook Handbook (OOH). Bookmark
them, also, so that you can return to them later.
- Explore
these parts of the OOH: Career Information, Education and
Training, and Financial Aid
Information. They are excellent sources.
- Go
to the Library. It is an excellent resource. In addition
to its books and other print material, it can give you
valuable information about organizations and government
offices that can help you. For example, you can find
out about opportunities to learn at your local schools
and colleges, as well as business oriented groups that
help people going into business. Be sure to ask
the librarian for help.
- Learn about how self-employment can impact your personal
financial picture in areas like health insurance, buying
a home, and saving for retirement. There are pros and
cons that may not be immediately obvious unless you dig
for the information - so make sure you think about and
ask questions in this area. Informational interviews
with actual business owners (as recommended above) and
visiting websites like those listed in our Recommended
Resources section are a great start.
- Explore the Internet by starting with our Recommended
Resources.
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