I would like to be self-employed within five years. Evidently, with the huge population in Charlotte NC and increasing risks of unemployment, self-employment serves as the safe option for the young generation. The unemployment issue is an aspect that cannot be managed by the current economic situations and it is prudent for people to consider being innovative (Atkinson " Storey, 2016). However, another challenge that regards self-employment is that in most cases people face the challenge of raising resources to run personal businesses (Asaju, Arome " Anyio, 2014). With this in mind, I believe that with a saving culture in two years I would have generated enough capital to start a business. The two-year plan is considerate because with such a period I would have sought various employment opportunities that will support the investment plan.
Next, the idea of engaging in a low-cost business is meant to address issues of financial constraints. However, I believe that with meager savings but coupled with creativity I will be able to have a profitable investment. The hospitality industry such as an eatery in Charlotte is likely to be ideal. The budget for this is around 7,000 to 9000 USD. The place will not be large, but I will invest in excellent culinary skills. The focus is to have a strategy where people do not get attracted by the facilities but the food; this is ideal because it is an appropriate customer strategy but also cost-effective. Lastly, the plan does not end up with setting up a single eatery in Charlotte NC, but I will utilize the wide market and expand the business to cover various places.
References
Atkinson, J., " Storey, D. J. (Eds.). (2016). Employment, the small firm and the labour market. Routledge.
Asaju, K., Arome, S., " Anyio, S. F. (2014). The rising rate of unemployment in Nigeria: the socio-economic and political implications. Global Business and Economics Research Journal, 3(2), 12-32.
