The Biggest Risk for the Newly Self Employed

To understand what fear is and what the risk it poses for somebody who is self-employed, we need learn all about it.
 
Fear is an instinctive emotion felt by both people and animals. It is a survival mechanim that is triggered automatically in anticipation of danger and it affects the body.

When this mechanism is triggered, the brain produces adrenaline, preparing the entire body for strenuous physical activity. The greater the danger is perceived to be, the stronger the physical response. Large amounts of blood flow to the muscles and the heart rate increases to supply oxygen quickly. The pulse also quickens to meet these demands.

Think back to your schooldays, when you annoyed the class bully... Remember how you felt? He suddenly takes off after you. You escape from him in a total panic. While running, you realize that your need to escape gave you the ability to run faster than you ever had before and you were able to get away from the best runner in the class.
 
This is all true, because what motivated him was anger or revenge, the desire to catch you. However this is not as strong as the power of survival. Fear is the greatest power of all. For example, look at the many regimes around the world that tightly control their peoples through fear they instill.
 
After we understand that fear is part of us, we have to learn not to nurture our fears. To keep them for extreme cases.

The greatest risk to any person is to empower their fears.
Remember we all have the courage to stand up to our fears.

A grandfather and grandson sat together.
The grandson asked, "Grandpa, why are there rich people and poor people in this world?"
The grandfather responded, "My dear grandson, everybody has two tigers in their stomach. One contains all of our fears, and the other contains our courage and desire to emerge and express our abilities.  The two tigers struggle against each other their entire lives."
The grandson asked, "And which tiger will win in my body, Grandpa?"
The grandfather responded, "The one you feed."

And if we're discussing courage and fear, let me warn you:
The most dangerous consultants are those who love you. Watch out for family members or friends who give you advice. Very often, friends and family who reject your ideas are actually voicing their own fears... Don't let them influence you!
 
For example, when I decided to study locksmithing professionally, I asked my relatives for advice. Unfortunately, I got strange warnings. The warnings actually came from people who truly love me, so I am sure they only wanted what was best for me, but what they said was grounded in their own fears. In fact, without realizing it, they put their fears on me.

I received many warnings when i set up as a locksmith:

1 Don't do it. If it were good, lots of people would work in the field."

2 So why aren't there many, huh? That just goes to show you it's worthless."

3 If you become a professional locksmith, two thugs will come, take you to the bank and force you to open the vault at the bank."

4 If you become a professional locksmith and people call you to break in at night, when you open the customer's door, there will be a big dog that thinks you’re a burglar and will bite you.

When i set up training folk said i,d be training criminals, they didnt realise that i would do a police check on every applicant.

One of the most absurd warnings I heard was the following: "If you succeed and earn lots of money, the income tax people will come after you."

 
So, please, let me give you two pieces of advice:
The first is never let fear stop you from moving forward in life.
The second, registering as a business with the income tax authorities is not the same as having a criminal complaint registered against you with the police. Everybody is afraid of the tax men. So? I sincerely hope you see the day, when you will have to pay very high taxes. I'm pretty sure that Donald Trump and Bill Gates pay millions of shekels in taxes each month, and I don't know anybody who wouldn't change places with them in a flash. So first try to get to a place where the tax men want to get you. You’ve still got your work cut out for you...

When fear strikes, we usually have only two options: fight or flight, every trainee how ive taught has fought to succeed in locksmithing and have ended up being a good locksmith.

Owning a locksmith Business

There are basically 2 ways to run your business.

1. Using a mobile service

2. Using a storefront service

Each of these methods provides its own benefits and limitations.

Mobile Service

Storefront Service cost

Less Expensive ~ £1000.00 working a van.

£50000- 100000 working from a shop.

Start up time

Quick – work out of a van!

Could be months to get shop sorted out the way you want it and kitted out.

Inventory costs

Low – minimal inventory required in a van.

High must stock may locksets, keys, machines, etc kitting out a shop.

Revenue Potential / month

??? van

???? shop

Utility and maintenance costs

Fuel and regular car maintenance - van

Electric, A/C, rent, fixtures - shop

Customers service

Must go to customer - van.

Customer come to you and you may not be able to leave the store to service them unless you have employees.

From this chart you can see that there are many benefits to running your business as a mobile service especially when starting up your business. It is a great way to get experience as well.   Once you are established you can always open a store and add those additional services to what you offer your clients.