How Long Will Your Home Biz Company Be Around?
This article is describing what your expectations should be on how long you can make your home buisiness a success. It will give you some ideas on how long you can expect youe business to last depending on your drive and motivation.
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Often someone will ask me if Ive heard of a certain company, or if I know how long theyve been around. But the most interesting question that I am sometimes asked is, how long do you think they will be around?
That last one is not only an interesting question, but its one that really no one can possibly have an answer to.
Just in the weeks prior to this article being written two of the Worlds largest corporations, General Motors Corporation, and Ford Motor Company, had their credit ratings downgraded to junk bond status by the industrys credit and investment rating services such as Standard & Poors and Fitch Ratings. And of course many people will remember Chrysler Corporations brush with near bankruptcy in the 1980s.
It is only coincidence that two of the largest automakers were in the news when I wrote this article, but certainly many corporate giants in numerous industries have faced tough times, including Kmart, Sears, and most of the major airlines.
Excel Communications became one of the most successful companies in the home business industry, and in American business history, only to later end in bankruptcy due to corporate greed and mismanagement.
Despite examples like those above it is certainly not all doom and gloom. In fact, with the exception of Excel and some of the airlines, such as TWA, every one of the companies mentioned above is still in business.
I started with the examples above to illustrate that no company is immune from ups and downs, regardless of how large or how well established. But that certainly doesnt mean that you cant stack the odds in your favor when considering home business opportunities. In fact, some of the criteria that you can use to make your evaluation are incredibly simple. But many people still choose to ignore good advice when it comes to making such decisions.
We could go into more detailed considerations of such things as company management, the lineup of products and services, etc. (all important factors). However, not only can it be difficult to judge such things, but even those and many other factors arent as important as the test of time.
Simply choosing a company that has been around for a while (with a while being a minimum of 2 to 3 years and preferably 5 or more) will automatically stack the odds in your favor as opposed to people who choose to go with risky startups and pre-launches.
Most new businesses fail, and thats a fact that is now so well documented that it might as well be cast in stone. And, again, were not just talking about the home business industry. Its a statistic that applies to businesses of almost every type. However, once a business is no longer, new, after it has proven that it can survive beyond those first critical months and years, its chances for continued success simply continue to increase over time.
There can be no assurance that even a company that has been around for a long time wont experience bumps in the road, or even major problems, but history clearly shows that the longer the company has been in business, the longer they are likely to be able to continue to survive and be successful.
Of course, there are some who enjoy the potential rewards, and substantially much higher risks, associated with new companies. However, in reality, most people who become involved with such companies only do so because they arent aware of the statistics regarding business success and failure. And then also many people become so wrapped up in the hype, emotion, and sometimes even greed (of promised skyrocketing profits due to being in on the ground floor) often associated with new companies that they throw all caution aside and jump in anyway.
You dont have to become as knowledgeable as a business analyst to boost your chances of success tremendously simply by following the one simple rule of picking a company that has been around for a while.
Can you or anyone else guarantee that any particular company will be around 5, 10, or 20 years from now? Absolutely not Can you stack the odds in your favor and make it much more likely that your company will still be around 5, 10, or 20 years from now simply by avoiding startups and new companies? Absolutely the answer is yes!
The choice is yours.