Got ambition but no startup funds? You can still be your own boss

A group of people are at a kitchen table reviewing materials, smiling, and drinking XS Energy drinks.

It’s your ideal gig: Working for yourself. Being your own boss. Setting your own hours. You’ve always believed you have the drive to be a successful business owner. You can do this!

There’s just one little problem. One important detail that stands in your way: You don’t know where to find the money to get started.

Shared challenge

If this sounds familiar, you have plenty of company across North America and even all over the globe, according to the 2018 Amway Global Entrepreneurship Report (AGER). This was the eighth AGER commissioned by Amway and it’s based on interviews with 50,000 men and women.

So what does it take to start a business? Start small or go big? What details should you work out first? Is direct selling a viable option without large startup cost or risk?

All good questions. But first, back to you.

Take the survey

Consider how you would respond to the following AGER question:

Please imagine starting a business. With which of the following statements about yourself do you agree?

  • I can develop business ideas
  • I am willing to take the risk of failing
  • I am willing to sacrifice my free time to work on my business idea
  • I think that my family and friends are supportive
  • I know how to raise money for my business idea

If you confidently answered “yes” to most of these, but weren’t quite sure about that last one, you’re in line with most North American respondents.

Eighty percent believe they can develop business ideas, and 73 percent are willing to take the risk to pursue that dream. Seventy-seven percent are committed to working hard on their business, and 89 percent believe they would have the support of friends and family.

But when it comes to raising money? Not so much: Only 52 percent believe they know how to do that. But fear not. There are ways to start your own business without hitting the lottery.

Direct selling is an option

Direct selling is one of the most popular options. Before jumping into a direct-selling business, you’ll want to ask some questions – even if you are among the majority willing to take a risk as an entrepreneur.

First, do you believe in the products? This will be important – if you don’t like the products you are selling, how will you convince someone else to believe in them?

Second, does the company have training and support to help you be successful? Sure, we know from AGER that most people have confidence in their business ideas and willingness to work hard, but you don’t want to go it alone. Many companies, like Amway, will offer training resources and guidance to make the most out of your opportunity.

Low cost, low risk

And third: What will it cost, and what is the risk if it doesn’t work out?

Reputable companies like Amway make it easy to get started. For example, in the United States it costs $62 to become an Amway Independent Business Owner; in Canada it’s $67. And the company’s AmwayPromise offers you a refund if you decide being in business for yourself isn’t right for you.

It also offers a 100 percent satisfaction guarantee, warranties, customer services and the right to know the details of all consumer protections and inventory buy-back policies.

It ensures that the Amway business is a low-risk, low-cost opportunity.

1 Comment

  • Sarah Cummings says:

    Some great advice here. There are also lots of startup communities that you can join which brings new businesses, their founders and entrepreneurs together.

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