Anyone considering leaving corporate America behind and starting their own business is likely to meet more than a handful of “nay sayers” heralding the security of traditional employment and touting the risk associated with entrepreneurship. Both assertions would be well-intended, but only half-true.There is certainly a perceived security attached to receiving a “guaranteed” pay check. However, gone are the days when you could expect to receive a fully funded retirement package and gold watch after 30 years of employment with the same company. This is now more fairy tale than truth.
With unemployment up, layoffs becoming more frequent, and organizations learning to do more with less, job “security” is becoming a thing of the past. Something perhaps we are nostalgic for, but rarely see. The new reality, in fact, almost demands an entrepreneurial safety net for those reliant on the “security” of traditional employment: a “side hustle”.
As for entrepreneurial risk, it’s certainly there... but it’s far from overwhelming and can be effectively diminished and managed with a bit of research, training, and support. What is the risk, exactly? Common thought is that businesses are prohibitively expensive to launch, putting your savings, retirement or home equity at risk.
Yet, research shows that the vast majority of small businesses are launched with $5000 or less. You can dramatically eliminate your own start up costs by pursuing an online business over a brick-and-mortar store, drop shipping products rather than carrying stock, and getting the right advice at the outset of your business launch rather than going it alone. (When it comes to the entrepreneurial expertise, you don’t know what you don’t know and “cheap” can be expensive in the long run.)
Another myth adding to the risky perception of small business is that it takes years of hard work before the owner can expect to turn a profit. How long until you actually make a profit is not always easy to determine. The product your selling, the season the start, and how much work you actually put into the site will be the ultimate determining factors as to how quick your internet business will ramp up.
Ask any seasoned entrepreneur, and they’ll most readily admit that the check they write themselves is far bigger and more secure than any paycheck that could be ended abruptly with the delivery of a dreaded pink slip. Even for those ingrained in corporate America, the idea of having a side hustle is looking more and more attractive and secure... “just in case”. Owning an internet business allows you to work full time while building a second income or building a business that will be running full force once you leave your real job.
Just like you save for retirement think about building, little by little, the perfect internet business that will be there waiting for you once you retire. Remember, internet businesses are like real estate. The longer they sit in Google, the greater the rankings the acquire, the more they will be worth down the road.
Jennifer Varner, of www.pure-ecommerce.com provides turnkey internet websites for sale to her newly entrepreneurial clients and teaches each of them the exact steps she took to grow her own online business from a great idea to over a million dollars in sales. “Relying on their new business to produce (or replace) a paycheck is a common reality for my clients. I provide them with the platform, the products and the support needed to do exactly that.” says Varner.