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Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review Jan. 5, 2006 / 5 Teves, 5766

Low-risk, high-payoff self-employment ideas

By Marty Nemko

Nemko
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http://www.JewishWorldReview.com | So many people would like to be self-employed, except for one thing: the risk.


Fortunately, some businesses entail much less risk than others. They avoid the six major sources of risk:


New idea risk. Many aspiring entrepreneurs think they must come up with a novel idea. That's foolish. Why be a guinea pig for an untested idea when there are plenty of proven ideas that you could implement in a different location? Most new ideas fail, and you probably don't have deep enough pockets to endure even one failure. If you want to be innovative, don't worry. Even the most tried-and-true business provides plenty of opportunity to innovate, for example, in advertising, décor, motivating staff, and theft control.


Trend risk. Today's hot idea is often tomorrow's has been. Cigar shops were smokin' in the 1990s and burned out by 2000. You want a business that has stood the test of time.


Large investment required. Last I checked, you weren't rolling in dough. If you're not and your business requires a large investment, it means you'll have to mortgage yourself to your eyeballs. If your business gives you unexpected problems (and they usually do), even for a short time, you could find yourself out of money and into overwhelming debt. Fortunately, many good businesses don't require a large investment: especially home-based businesses, service businesses, internet businesses, and cart businesses. (See below.)


Long time to profitability. Tivo is one of the late 20th century's greatest inventions. Unfortunately, it took the public until well into the 21st century to realize it. As a result, Tivo lost $600 million in its first five years. Do you have that kind of staying power?


Competition risk. You want to go into a business with little competition unless you know you can quickly decimate the competition. For example, for decades, Blondie's Pizza was the only pizza-by-the-slice place within a block of the University of California, Berkeley's main entrance. The pizza was just okay. Enter Fat Slice, virtually across the street. The slices are not just bigger but better, and the place is brighter. Today, there's always a line in front of Fat Slice and Blondie's is moribund.


Five High-Payoff, Low-Risk Businesses


Of course, before starting any business, it's wise to consult a professional to help you assess whether a business is right for you, but I believe each of these businesses to be low risk in all of the above areas yet offering solid potential to generate a good income.


A small chain of espresso carts. Think Starbucks without the rent. In fact, placing your cart opposite a Starbucks and calling it "The Uncorporate Café" might work well. Certainly pick a location with great foot traffic: next to a bus or train station, in a large office building or hospital lobby, in front of a busy supermarket, big box store, or a stadium on game days, etc. Why espresso? Coffee drinks have a higher profit margin than cocaine. And carts cost so much less than a storefront. Plus, in the right location and run well, a cart business can generate real money from Day One. And, there's no trend risk. People have been craving their caffeine fix for centuries with no sign of withdrawal. Other items that can be sold from carts: gift soaps, jewelry, soup. (I like names such as Auntie Barbara's Soup and The Soup Nazi.) Worried about status? No one's asking you to man the cart yourself. You're the president and CEO of the Continental Cart Corp., with five branches to serve you.


Consultant to college-bound students and their families. The hysteria around getting into the "right" college seems only to be accelerating. It's become almost de rigueur for upper-middle-class parents to spend thousands of dollars on a consultant to help pick out the colleges apply to, with applications, and with obtaining financial aid. This business requires little money to start, but be sure you're willing to market, market, market. That could mean, for example, doing free workshops at suburban public and private high schools, as well as at places of worship in upscale areas.


Mission-critical repair. Newspaper and magazine printers can't afford for their machines to go down during a print run. Yet these massive machines have many moving parts and are trouble-prone. That's the sort of repair business that can be lucrative. Other examples: machines used in hospitals, especially in operating rooms, commercial airplane engine and avionics repair, parking meter repair.


Government contractor. The government is an excellent customer. The government pays its bills and often is less price-conscious than private sector customers. An excellent introduction to becoming a government contractor is at www.captureplanning.com/articles/26973.cfm.


Online Dating Consultant. For many people, nothing is more important than meeting Mr. or Ms. Right. And to do that, ever more people are turning to online dating. But they often struggle in writing their profiles and getting good photos to post. That's where you come in. Advertise on singles sites.


Advice I'd Give My Child
Ignore the conventional wisdom dispensed by MBA schools. They encourage people to tackle intellectually interesting innovations because they're fun to discuss and because the professors aren't risking any money. But in the real world, key to a business's success is risk reduction. And above all, that means don't innovate; replicate.

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400+ of Dr. Nemko's published writings are on www.martynemko.com. Comment by clicking here.

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