Self - Employed Business Makes $20 000 on a $50 000

Self - Employment Business

Self - Employed Businesses  sounds fun, unfortunately, the  first time Self - Employed Businesses and Startup Companies tend to fail within the first 5 years.  Although this reddit user made $20 000 off his $50 000 in the first year. The reality is he is lucky. When poeple go into business for themselves, most if not all, do not see the risks involved in Start Up Companies and Self - Employment.  Poor planning is the core reason of the company's failure to servive the first 5 years. Some even within the first six months to a year. Should Self - Employed people and Startup Owners have money to throw out the window, that is a red flag to concern yourself over. 

These risks include but not limited to: Lack of experiance; Poor Enviromental Conditions; Swindlers Pretending to be Investors; Co - Signers who skip town (yes I have heard this happening which costed an owner since the restaraunt did not even make the opening day much less the six months); Recession; To much competition (Not so much the restaraunt itself but the product sold); Rent - Owners pay rent too; Staff issues - Over staffing/Understaffing, Sickdays needed, Staff With Health issues, Transit issues, and Theft; And location - Sometimes taking a cheaper place cause rent is scarce can create less foot work all the while over projecting advertisments can still cost you money. I worked for a startup franchised where all these issues were in place at once. Employees do not want to show and/or leave early costing customers, the location costed the company pedestrians because of location even when he invested heavily in advertising.  Even renting a Food Truck/Trailer to help sell more of the product.   

Should individuals decide to go into business for themselves. Homework needs to be done first before Starting up a Business or Self - Employement.  I have grown up learning about Self Employment and Family Run Businesses since my dad had his own Brick Laying Business. And my mother knew people, Most in the construction industry, who were Self - Employed. I would be completly skeptical if any of them had millions dollers to piss up a tree. If they did then that is a red flag to concern yourself over. There is no such thing, from what I have seen, as rich quick scheme from a Self - Employed or start up company.  It takes way too much time and effor for a company to start generating money much less a sustainable income. 

Kevin Miller