Starting a business is tough, it’s a long hard slog, and statistically, you’re destined to fail. The majority of us don’t have the luxury of being able to quit our day jobs to pursue starting a business today, without having to worry about how we’re going to meet our financial obligations moving forward with no immediate income. Starting a business is one of the best decisions that you can take, but on the other hand, if you don’t start the right business for you, then you are likely going to get frustrated and lose your investment.
My personal gut check on whether or not a business is legitimate (i.e. based on providing value to a set of customers) is by looking at the alignment of where your success as the business owner comes from. The best part of this business is you can run right from the comfort of your home.
If you love children and have plenty of time and space at home, this is a perfect business to get into. Believe me I’ve been working really hard to start an online business and they way you presented those ideas made me think that I even do well offline. Call around all local business and clubs and say you’ll find them someone to hand out flyers for a £3 charge (on top of their hourly rate).
Over time, you’ll build more relationships, have more experience and eventually take this business idea over to becoming a full-time source of income. Budgeting will help you plan for making tax payments (more about those in section 8). And, while everyone should have a budget, managing your money is extra important if your business has investors or creditors to pay.
I read a book about the billionaire Felix Dennis titled How to Get Rich.” It talks about how he was broke but had all these great business ideas, and just made new friends and looked for someone to back him financially. When you are able to do that, making millions of dollar through app sales – even as an independent business owner – is a not-too-distant future for you.