I hate barriers of entry. Barriers of entry are those things that ultimately prevent you from doing something, regardless of how much you want to do it.
For a lot of people, the most significant barrier of entry to starting their own business is money (coupled with responsibility). If you are raising a family, entrepreneurial motives seem pretty far fetched at times. Even if you feel that you can run a side business and work your day job, time is still precious.
I think that is one of the reasons that you see so many college students and young entrepreneurs. They haven’t had a chance to really start anything. They might have a girlfriend or a dog, but their cost of living is minuscule compared to an adult’s. For this reason, entrepreneurs need to take a very close look at finances.
Radiating through the blogosphere, you hear about this company getting venture capital and this startup getting funded, but generally you don’t need it. I have long been a believer in bootstrapping a business. You make a little bit of money to pay the bills and reinvest the rest.
In fact, contrary to popular belief, banks can be your best friends. Your business account manager has quite a bit of power in your startup, because they want you to succeed. If you succeed, you start saving more and investing more. More money starts to run through your account, which makes your bank very happy!
Aside from your bank, there are countless resources, such as this debt management site, that will help you in your endeavors. Not only is there information on establishing credit, there is a material on digging yourself out of debt. And as I said before, business are in it to make money, so why not make it a priority?
When I started, someone told me that your best friend was your banker. I didn’t believe him, at all. Bankers are those people that are always trying to sell you more accounts and charge you incredible fees. They aren’t. If you are ever in the negative (especially when you are first starting out), call them. They might not be happy, but they are looking out for your best interest. They want you to be successful, so you might as well take them up on it!
