What Kind Of Business Should You Start?
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You look to be on your way to starting your own business, but you’ll need to decide what kind of business should you start!
The 5 Factors of Influence:
Do you currently have a job?
Are you happy in your job?
Do you like your boss & co workers?
Starting a business while working full time can be challenging and stressful, but it can offer you extra income and security.
What sort of debt do you have?
Do you have savings?
Do you have starting capital for your business, or will you need to qualify for a loan?
Are you able to cover monthly living expenses without steady income?
Starting a business can have unseen expenses, are you comfortable starting a business in debt? As Mark Cuban would say, “Only Morons Start a Business On a Loan”.
#3 TIME COMMITMENT:
How much time can you contribute towards your business?
Do you have a family, social commitments, or a job that requires you to be on call constantly?
You are the main driving factor your business will only grow based off how much time you can work to grow it.
One of my favorite quotes is “If you don’t sacrifice for what you want, what you want will become the sacrifice”.
What sort of resources do you have access to?
Local or Online Mentor-ship, courses, financing, family support and many others count as resources.
We live in the day of the web, look for online groups using Facebook, Meetup and many other social media platforms to network.
#5 RISK TOLERANCE:
What is your level of risk tolerance?
This is the toughest one, because everyone has a different risk tolerance, many business owners feel more comfortable scaling up from a side hustle and freelance to full time.
Others jump head first without looking back, this is generally because they are young and able to take these bounds early due to living situations, financing, etc.
Choose A Side Hustle That Fits You!
There is no one “business model”, so go with what you love and could see yourself do long term.
- Plan on using your current income, or savings to fund your new business.
- Put a business plan together, and share it with your family and friends in order to test your business idea first.
- Is your business Scalable, look at the time to value and ensure as you move forward it is able to out value your current employment.
Go Full Time When You;
- Have a steady paying customer base, or clients who will provide enough monthly revenue.
- You have enough savings, to self sustain the business until you’re profitable – this is risky, but depends on your situation.
- Are committed to growing and scaling your side hustle into a full time business.
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I am not a Financial Adviser, Attorney or CPA and no financial, legal or tax advice is being provided.
State laws and individual circumstances may vary, consult your Financial Adviser, Attorney, or CPA before you make any decisions or take any action that could affect your business.