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Factors to consider when starting a side business

On Behalf of | Jan 20, 2022 | Business Formation |

When people decide to start businesses, one of the first questions they have to ask themselves is if they’re going to start the business on the side or if they would like to quit their job and go all-in on the new company.

Studies have found that starting a side business is very popular, and 57 million Americans have done so. Many of them say they only work 10 hours or so per week, and they slowly try to build their businesses up. While this can certainly work, it is important to consider some reasons why you may want to avoid starting a side business and instead invest yourself entirely in the new company.

Scaling up can take time

 First off, it depends on what your goal is. Scaling a business up to a full-time job can take a while – perhaps years or even decades. If you want financial independence faster than that, starting a full-time business will get you there a lot quicker. It is more risky, in some ways, but you can achieve the results you want far sooner.

You may have too much on your plate

 A lot of people who start side businesses quickly find out that they just don’t have the time to run them. Even 10 hours a week is too much if you’re working 50 or 60 hours at your job. You may feel like you have too much on your plate, and then it is your new business that ends up suffering.

You could eventually lose interest

Many people start a side business, get excited, and then slowly lose interest over time. It doesn’t feel like life changes that much, and they just fall back into their old work habits. It may be better to harness your initial energy and excitement for your new business right at the beginning.

Ultimately, what you decide to do is up to you, so just make sure you understand all of the legal steps you’ll need to take, no matter how you decide to start your new business.