When I was studying to obtain my undergraduate degree in business, there were two common things that most students said.

1. Someday I’m coming back here to conduct guest lectures and/or teach here at the university.
2. At some point, I want to start my own business.

     Studies show that #1 rarely happens, and I can tell you that #2 also rarely happens. I’ve talked to hundreds of people throughout the past several years about business ownership and unfortunately, life’s circumstances usually prevent it. A few common reasons that keep people from starting a business:

• People become more risk averse as they start families.
• As employees climb the corporate ladder, they build a lifestyle that keeps them being able to walk away from their current income.
• They are bound by “golden handcuffs,” large payments/bonuses that vest at a later date.
• The timing never seems right.
• They find something they love to do and no longer desire to start a business. That’s actually a great reason!

     When I have the opportunity to speak with people who are considering business ownership, a few common motivations for inquiries are:

• I’ve plateaued in my career.
• I have the capital and want to pursue my passion.
• I’m sick of making money for everyone else, I want to be the boss and owner.
• I’m ready for a different professional role, but my salary has priced me out of going to other companies.
• I’ve recently lost my job and don’t want to make myself vulnerable to layoffs again.
• I’m not ready to retire but am finding myself without a job.
• I’m an empty-nester and am ready to do something for myself.
• Several of my colleagues recently got downsized. While I kept my job, I don’t want to vulnerable in the future. I want to start a side-business that I can eventually join full-time.
• I’m looking for alternative investments.

     Owning a business is not for everyone. Most people envision business ownership as requiring an 18-hour workday, 7 days a week. While this is true for some businesses, many don’t require that amount of commitment. Another common misconception is that owners will be managing minimum-wage employees. While some businesses require this, there are many other opportunities. Taking a step back and assessing your professional goals, your skill set, your passions, and the type of lifestyle you want can help to ensure you achieve the right opportunity.

      I recently worked with a very successful corporate executive who lives in Charlotte, NC. He was interested in starting a business part-time with the goal of migrating to the business full-time. He called me one Monday morning extremely excited. He said, “Kevin, I found a concept while traveling this weekend that will do great next to the Charlotte Speedway!” He then told me it was an automotive-related restaurant. My response was, “Two weeks ago, you told me that you hate working with blue-collar employees. While I’m sure it will perform well, you’ll be miserable.” The moral is to find something that will be enjoyable AND successful. You probably won’t start your own business multiple times in your life. You should make it count.

     There are several ways to start a business with various costs. However, two common themes when starting a business are risk and independence. Here are a few ways to get started in business and some items to consider.