Our business ideas revealed — Forever 39 Podcast
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On days when your full-time job is a total drag, do you daydream about being your own boss?
For some people, the desire is so strong that they take the plunge and start their own small businesses. Can you relate? Whether your dream is to own a local coffee house or a consignment shop that specializes in fashion for plus-size women — being your own boss can be worth the challenges you'll face running your own small business.
One of the biggest challenges with starting a small business is success. Small Business Trends lists a number of jaw-dropping statistics on its website that would make many entrepreneurs think twice before leaving the stability of a full-time job.
According to Small Business Trends, 30 percent of small businesses continually lose money, while another 30 percent break even. Even more troubling, over 50 percent of small businesses fail within four years of starting.
Considering that the majority of funds to start a small business come from personal savings, a 50 percent failure rate can be tough to overcome. According to Small Business Trends, 77 percent of small business owners use their personal savings to fund the initial startup costs of a business. Not knowing how big of a hit your personal finances might take can stop a lot of people in their tracks from wanting to move forward with their business dream.
There are some small businesses that are more successful than others. Small Business Trends said small businesses with the highest success rates include real estate, insurance and finance. Some of the least successful ones include grocery and liquor stores, gas and oil extraction and car dealerships. Click here to find the list of the most and least successful small business ventures.
On this episode of Forever 39, we reveal the six small businesses that we dream of running in New Jersey. Click on the podcast player above to find out what they are, but here's a hint ... three of them deal with dogs, accessories and food. Some of our favorite things!
Also from this week's Forever 39 podcast — How to handle a partner's midlife crisis. PLUS: Are you 40? It's time to stop doing these things. Share your thoughts on all of them below, on Twitter, on Facebook or at firstname.lastname@example.org.
— Annette and Megan, Forever 39
Join us for next week's special summer podcast episode when we talk about all things summer including new adventures at the Jersey Shore, swimsuit horrors, and creating a smart summer vacation budget.