You first will probably need a part time job to supplement your small business

[Enjoy The DeclineParticipant 1719]

It is a well known problem for the informed people that a lot of businesses fail the first couple of years. They obviously fail because they do not make enough money to keep the business a float after a first few months even, especially during the first year. If I have a business though, you know how I would do to make enough income to at least give the business enough investment and time to actually grow to the point of prosperity? I would probably work part time in a stable job of my choice with stable work hours and then the rest of the time, I would do some sort of business where I can do my hours whenever I want like a service business for instance. For instance, let’s say you have a small business which involves maintaining a web site. You would first work the job of your choice which has stable hours and where you do not like the job to the point where it would effect you in other areas of your life. Then you can make your own hours to maintain your web site business in whatever way you want. Once you reach a point where your business alone can make enough money to supplement your lifestyle to at least have a frugal life, that is when you can finally afford to stop working at that part time job. So overall, this is how I think it should be done and I am sorry to bring bad news on how hard it is to even have a profitable business, but at least I pointed out a solution.

"Question everything" - Albert Einstein

[Anonymous 11]

They say it takes five years to get a business established. I’m right at five years and am getting more work than I can handle right now. I won’t hire anyone due to governmental regulations and paperwork so I’ll now begin raising my rates.

I lived off the savings I banked over the years while I had a corporate job. The first year was very rough. Too bad vet bills(For a cat my deceased mother left me) just wiped out any financial surplus I had leftover this month. Also, my personal rate of inflation is 12 to 15% so that makes it even more difficult.

My problem with a part time job is that one single billable hour generates more after tax income than a full day at a part time job. I get the same benefits too, zero, plus no piece of s~~~ boss hounding me.

[VarunParticipant 2981]

Well start-up businesses always need more resources to be put into it.

An even better option than a part-time job is to find an investor. Sure, its harder but it really pays off….and two heads are always better than one.

A bird in the hand is worth two in the bush.

[RhinoParticipant 3477]

Don’t put your eggs all in one basket when you start your new business venture. The mistake I made when I started out was getting involved with a friend who was a partner. Never take on a partner they will kill your business. If I had to do it all over again I would do what C-Pig suggested and save up at least 2 years for rent/mortgage and expenses on top of your start up costs before starting the business. There are other ways to make money on the side like Stealthy is doing in real estate you just have to be handy. Part time job can work if you are the type that doesn’t need a lot of sleep but with that said if you want to really be successful in business you will need to put in 12 hour + days for at least 2 years before you start making money. The hard work will pay off down the road.

[Mr. ManParticipant 2916]

You nailed it. Have a solid baseline of cashflow before pulling the plug on your day job. That’s what I’m doing right now. I have a full time day job, but it’s an easy one, so I don’t come home exhausted. It’s also such an easy job that I can work on personal business on my laptop.

Do you have an internet business right now? I’ve got a diy home improvement blog that gets c. 500,000 uniques/2 million pageviews a year, and that number just keeps on growing. But I have no products to sell all of those loyal readers. So I’m setting up a Shopify store. I’ll start with selling products that I design and make myself because they have the highest margin, but after that, when I can quit my day job, I’ll source products from wholesalers to add to the store.

I’ve used Google Adsense for four years, and at its peak made me around $400.00 a month of passive income, after taxes. But the more traffic my site got the less money I made. The income was so unpredictable in the best of times. And because people’s browsing habits change as technology changes, running Ads on a website is not a good business model. Right now I make less than a hundred dollars a month with those same ads.

There is a concept called “1000 True Fans.” Google that and give it a read. It’s the concept I’m betting on, and might be just what you’re looking for as well.

[Anonymous 42]

I always supplemented my business with other ventures, never waiting around for work, plus I supplemented my own life with my acquired tools and knowledge from these businesses, I get to customize whatever I want in wood brick steel and stone!

Knowledge with the quest for knowledge and skill and never foolishly realizing the words “I can’t“, has opened endless doors of opportunity for me (otherwise I would have been another donkey tied to a plastic chair).

I’m doing damage control and surviving the worst economic desperation I’ve ever seen! I own my own homes and all my hard earned tools and equipment. When I need a new car, my almost new cars cost a fraction of what the intellectually handicapped pay, operating costs too! I’m able to do heavy mechanical work comfort of my air conditioned garage. I’m maintaining my vehicles preemptively, never being stranded, never getting stuck, and never paying the expense for lacking the knowledge in all the systems within them and diagnostics and troubleshooting those systems.

And to think this nation would elect someone of the likes of Jailery Creeton who wouldn’t know a wrench if it hit her! Hands-on men have always made the best leaders, electing an arrogant and ignorant c~~~ will only make matters worse…

I’d rather elect a General with grease up to his elbows figuring out what’s going wrong with his tanks!

The last thing we need right now is a Tampacker President!

[Silverstone the SecondParticipant]

I have a dream to run my own business one day. Be my own boss, live and die by my own decisions and not some dickhead above me who is unqualified and only got the job because they’re buddies with the owner or something.

I’d really like to grow a business, I think that’s part of the American dream.

Feminism is a movement where opinions are presented as facts and emotions are presented as evidence.

[Deadly RaverParticipant]

My situation is quite………………well, unique. I don’t have a job, but I don’t need one. Still, I would like to do some other things that would make me happier. To do them, I must obtain more money. I already have figured out a way to legally increase my financial ability, but I must do so without causing trouble within my situation as it is. Basically, being on disability means you cannot have a job.

However, nobody said you can’t save up dimes and stick ’em in stock. If my stock money becomes a second paycheck, cool. To all of us future “Men on top of things,” I wish us all luck. Maybe we’ll meet in person at some point in the future. If so, I’ll have a glass waiting for you.

Learn from the past, Control the present, and you will know the Future.

[JollyMisanthropeParticipant 3356]

Unless the person is willing to match the money and resources you are putting into the business, they are not a partner, they are an employee.

I would avoid partnerships with anyone unless it is absolutely necessary.

The Children of Doom... Doom's Children. They told my lord the way to the Mountain of Power. They told him to throw down his sword and return to the Earth... Ha! Time enough for the Earth in the grave.

[Author]

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