Why Business Ownership?
My website is built around the idea of Teacher Owned Businesses. As I build my site and my blog, I think it is important to consider the question “Why Business Ownership?” Why do I think Business Ownership can improve the quality of a teacher’s life? One of the main reasons I believe so strongly in business ownership is the difference it has made in my life, and in the lives of many of the teachers that I have come to know over the years.
I believe that business ownership may be the solution to many of the financial concerns that plague teachers today. Concerns such as:
- Will I be able to afford a home?
- Will I be able to support a family?
- Will I be able to achieve the lifestyle that I desire?
- Will I be able to send my children to college?
- Will I be able to afford to retire some day?
Many of the above concerns are relatively new to teachers. There was a time that two teachers could get married and know that they would be able to afford a home, live a middle class lifestyle, put their kids through college and have a comfortable retirement. Unfortunately, those times have passed. I know young teachers that are now questioning whether or not they will be able to stay in the profession they love because they have never had a raise and are still being paid as a first year teacher, even though they now have three to five years of experience. I know other teachers that are considering leaving the profession because they fear they won’t be able to put their own children through college on a teacher’s salary. I know other’s still that are concerned that they won’t be able to have a comfortable retirement because the state in which they live is reducing pension benefits for teachers after those teachers have given their lives in the service of education.
I believe the answer to all of these issues is small business ownership. I know teachers have limited time, but I also know that they need to do something to be able to pay their bills, be able to have a vacation occasionally and maintain a decent standard of living. The incremental raises that teachers used to be able to count on have been eliminated in many states and many others have seen their wages frozen. Many teachers are asking themselves how they will be able to make ends meet. I believe that many teachers would breathe a huge sigh of relief if they could generate an extra $500 per month in net income. An extra $500 per month of income that could be used for a number of things such as:
- Increased savings
- Car payment
- Increased funding of retirement accounts
- Vacation fund
- College fund
- Increased charitable giving
- Regular date night with a spouse or loved one
- Paying off your mortgage early
- Creating financial margin in your life
- Investing in securities
- Investing in real estate
The point that I am trying to make is that, it is very realistic for most teachers to be able to make an additional $500 per month in their small business. Depending on the type of business they start they may only need one or two jobs per month to make $500. In the summer, when they have more time, they may be able to make considerably more. I know of Teacher Owned Businesses that generate between $15,000 and $20,000 per month! Think of the difference that kind of money could make in your life!
If teachers made a concerted effort to support Teacher Owned Businesses I believe that many of them could make more than $500 per month, primarily from other teachers. Just in the Ft. Wayne, Indiana area there are Teacher Owned Businesses in the following industries:
- Computer IT Consulting
- Photo Booth Rental
- Golf Course Ownership
- Engraving and Gifts
- Wood Floor Sanding
- Educational Consulting
- Scuba Instruction
- Rental Properties
- Landscaping and Lawn Care
- Jewelry Sales
- Mary Kay Cosmetics
- Self-Storage Rental
- Trophy and Gift Sales
- Coffee Shop Owner
- Real Estate Sales
- Insurance Agent
This list is not exhaustive. It is a short list of the ones that I could come up with off the top of my head. The contact information for many of these businesses can be found in the Teacher Owned Business Directory of TeacherEntrepreneur.com. You must be a member to access the Teacher Owned Business Directory and remember that MEMBERSHIP IS FREE and IS AVAILABLE ONLY TO EDUCATORS. My hope is that next year at this time, there will be hundreds of Teacher Owned Businesses listed on our website and that teachers from around the country will use our website as a resource to find and support Teacher Owned Businesses.
My greatest hope is that there will be new Teacher Owned Businesses started in the next year, as a direct result of the resources and support that they find at TeacherEntrepreneur.com.