Entrepreneurship is a hot spot in the upcoming business community. Not only do a rising number of young people want to start their own businesses, Denver has been named one of the top cities to grow a startup by Forbes, USA Today and Business News Daily.
Running a startup, purchasing a franchise or investing in an opportunity all come with significant risks and usually involve some level of trust in others. So how do you know who to trust?
All Your Dreams Can Come True!
One of the first things to remember is that if it sounds too good to be true, it usually is. Typical of work-at-home scams and investment fraudsters, don’t trust an opportunity that paints an exciting picture of wealth and success, but is vague on the details and hard facts. Also beware of those that emphasize: “no risk”; “minimal investment”; “it’s so easy” or other similar statements while simultaneously promising the moon.
You Can’t Fail!
Don’t trust anything that claims to be “fail-proof.” Any real business venture will either succeed or fail. Specifically regarding startup businesses, some of the top reasons for failure relate to pure incompetence. Such pitfalls as living beyond your means, not paying required taxes, and lack of experience with pricing, planning, financing, and record keeping are top causes of small businesses failure. Hire trustworthy, BBB Accredited professionals and consultants for help in these areas, especially in the beginning.
Business opportunities are well regulated by the Federal Trade Commission. Sellers must provide you with extensive disclosures regarding details and facts about the opportunity, earnings claims and unlawful practices. Know your rights and requirements of the Business Opportunity Rule before making any decisions.
For more valuable tips and tools, visit bbb.org/smart-investing.
What kind of business would you like to get into? What experiences have you had? Tell us your thoughts on entrepreneurship and business opportunities.