How much TIME are willing to dedicate to YOUR business?
This is an important question. But to get to an answer on this, you have to assess your current situation.
If you are trying to start your business the way I did, working a full time job, time with the family, soccer games, business travel, my own chores around the house, how much time are you WILLING to dedicate to your BUSINESS?
Willing and able are two different things. Are you too exhausted to actually take the time for your business? Has this been prioritized the same way by your WIFE, FAMILY, FRIENDS, BOSS?
Life gets in the way. Deal with it, or walk away.
How much MONEY are you willing to invest in YOUR Business?
This one is always a stumper. People have an expectation that everything on the internet is free, there are no rules, no taxes, and you can do whatever you want.
Wrong. It’s ok to take advantage of those things are truly a bargain, but FREE IS NOT FREE! (There you go, got me on my soapbox again).
Try opening a McDonalds for free. You do realize those business owners pay HUNDREDS OF THOUSANDS OF DOLLARS for the franchise, property, utilities, employees, product, etc. and that a new franchisee rarely turns a profit for 5 years?
Where else can you open an INTERNATIONAL BUSINESS for a couple hundred bucks a month? And hope to turn a profit in several years IF YOU ARE DEDICATED TO YOUR BUSINESS and stay on track to meet your REALISTIC GOALS?
What is a REALISTIC short and long term financial target for YOU?
- Have you considered loss of the income associated with your J-O-B?
- How much would it take for you to leave your J-O-B to do this full time?
- Will you lose medical, dental, vision, life, disability, long term care insurance if you left your J-O-B? With Obama Care, medical insurance is MANDATORY or you pay a fine.
- You will lose 401K and pension
- How will you manage in the interim?
What resources do you have available?
- Savings, checking bank accounts
- CDs, stocks, bonds
- Lines of credit
- Personal or business loans
- (Do NOT get a 401K loan! This is future savings you should NEVER touch)
Do you want to build a new business, or expand/focus an existing business?
- Different choices
- Stick with what you have and add on?
- Abandon what you have invested in with time and money?
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