After Fiona Merry of Halifax was injured, first in a car accident and then at work, she realized she had to find something less strenuous than her retail position. Knowing only that she wanted to open a business unique to the Halifax area, Merry began to talk to people. When she heard of internet caf s in Toronto, Merry and partner Moira Lloyd recognized an opportunity. With limited backgrounds in computers and the hospitality industry, the women took a chance and are now nearing the end of their second successful year of operating the Ceilihd Connection. Find sufficient financial backing.
Money is probably the major cause of stress for beginning entrepreneurs.
He suggests keeping a part-time job to pay the bills while waiting for the money to start coming in, especially if you don't have a strong financial backer. Like actors, it's a good idea to do something on the side until you're 'discovered'. For Merry, the fear was of letting her backers down. First and foremost, I was petrified of losing the money our families lent us. Wood suggests taking the pessimistic view about your expected cash flow, especially if you rely on others.