glimmer
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Feb 8, 2006, 10:26 AM
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How much profit does one make? (article)
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From CNN's website: (I like the last two lines)
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Like any den mother, I felt the thrill of pride -- and a twinge of anxiety -- when I learned that four of the Women in Red were planning to launch their own businesses and take on new debt to do it.
Marian decided to parlay her experience as a financial planner for divorced women into a temp agency for paralegals (a niche that needs to be filled in her area). Planned new debt: $100,000.
Tricia, flying under the WIR radar, recently announced that she has opened a formal-wear consignment shop with a friend. It's a supplemental source of income for her now that she hopes will grow into a full-time enterprise. New debt: $7,000.
Jill, who works with computers, confessed her longtime dream to open a spa! She's fleshing out her business plan and figuring out the financing. New debt: Unknown, but likely to be in six figures.
Beth, who was laid off last June, just embarked on a program to become a licensed massage therapist and may go into private practice when her training is finished next year. New debt: Unknown.
Fantasy meets reality
As dazzling at it sounds to start your own business, let's look a little harder at what the average entrepreneur is up against. After all, the prevailing fantasy of becoming a self-made woman or man in this country tends to be steeped in rosy visions of ending up like Oprah.
In reality, according to the latest statistics from the Office of Advocacy in the Small Business Administration, there were about 24.7 million businesses in the U.S. in 2004. And 99.9% of those were small businesses (with fewer than 500 employees). Of those, more than three-quarters, or about 19 million businesses, were sole proprietorships.
According to the latest figures from the Internal Revenue Service, the average sole proprietor (i.e., non-farm businesses that filed a Schedule C) reported net receipts of about $53,272 in 2003.
The average net profit: About $11.
Like any den mother, I felt the thrill of pride -- and a twinge of anxiety -- when I learned that four of the Women in Red were planning to launch their own businesses and take on new debt to do it.
Marian decided to parlay her experience as a financial planner for divorced women into a temp agency for paralegals (a niche that needs to be filled in her area). Planned new debt: $100,000.
Tricia, flying under the WIR radar, recently announced that she has opened a formal-wear consignment shop with a friend. It's a supplemental source of income for her now that she hopes will grow into a full-time enterprise. New debt: $7,000.
Jill, who works with computers, confessed her longtime dream to open a spa! She's fleshing out her business plan and figuring out the financing. New debt: Unknown, but likely to be in six figures.
Beth, who was laid off last June, just embarked on a program to become a licensed massage therapist and may go into private practice when her training is finished next year. New debt: Unknown.
Fantasy meets reality
As dazzling at it sounds to start your own business, let's look a little harder at what the average entrepreneur is up against. After all, the prevailing fantasy of becoming a self-made woman or man in this country tends to be steeped in rosy visions of ending up like Oprah.
In reality, according to the latest statistics from the Office of Advocacy in the Small Business Administration, there were about 24.7 million businesses in the U.S. in 2004. And 99.9% of those were small businesses (with fewer than 500 employees). Of those, more than three-quarters, or about 19 million businesses, were sole proprietorships.
According to the latest figures from the Internal Revenue Service, the average sole proprietor (i.e., non-farm businesses that filed a Schedule C) reported net receipts of about $53,272 in 2003.
The average net profit: About $11.
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