Got Dreams Of Being A Boss?
Many people dream of starting their own business.
Being your own boss can seem very overwhelming and complicated because of the various unknown factors involved. Do not let fear hold you back. Step outside of your comfort zone anyway.
There is a lot of economic uncertainty right now so many folks are taking a realistic assessment and evaluation of their ideas of entrepreneurship. Here are some suggestions, if you are lucky enough to still be employed, you too should consider a side hustle to start up for extra financial security that comes with the additional income from the side gig. If you are currently affected by the pandemic with a job loss, you must take a serious look at creating a small business as a part time gig while seeking full time employment or working your day job. Creating a side hustle can potentially bring in additional income that if nurtured correctly could turn into a full time business.
Promising data compilation on the numbers of people that are already doing what you have been dreaming about. Remember a dream remains a dream until you take action on that dream to turn that dream into your reality.
Here are some interesting data gathered by the SBA.
SBA is an acronym for the Small Business Administration. Data gathered by the SBA shows that at end of 2019 there were 30.7 million small businesses in the USA. In the year of 2017, the SBA's statistics shows that the median income for self employed small business owners that have an incorporated business was $51,419.00 per year.
The data shows for self employed business owners for the year 2017 that have unincorporated businesses, their median income was $25,240.00 for that year.
The information provided by the SBA did not break down the number of businesses that were part time compared to full time businesses. I did not dig into the data to discover the number of years their business was in existence and length of time needed to generate income and turn a profit. However, The financial numbers clearly show that having a business will provide income with unlimited potential growth, expansion, and revenue over the long term horizon.
Finding an idea to generate income is easy.
If you already have a marketable skill, that talent could enable you to utilize and capitalize on your talent to start that dream business. Take an assessment of your skill sets, talents, likes, hobbies what makes you happy that could make money. Do your research on what is in demand or an unfilled market area.
Starting a business can be difficult because your startup is majority about your personal growth, personal development, and getting creative as an entrepreneur. Some character traits that tend to do well are dedication, focus, discipline as well as lots of self motivation which are just a few of the traits needed to having a successful start up side hustle. If you are resistant to change on a personal level, you may want to reconsider going into a business of your own until you understand why you have internal resistance.
Business startups even a micro business is all about continuous learning, growth, stepping out of your comfort zone. You will gain new skills and have new experiences by being your own boss that will far exceed your expectations.
Treat the side hustle as a separate business.
Keep separate accounting records for the business. Keep current on invoicing and payments. Accurate bookkeeping and records will benefit your business for tax purposes, SBA loans, credit, or other sources of investments/funding. Accounting creates a visual ledger on the health of your business and where you need to make adjustments. Make sure to have a good accountant and or CPA on your team.
Going into small business for yourself will require some time, work, perseverance, and patience to see any results. Stay positive and continue to strive for success.
Be in the know ™ with Breaie ® and stay aware do your own research and question everything to draw your own conclusions.
References:
https://cdn.advocacy.sba.gov/wp-content/uploads/2019/04/23142610/2019-Small-Business-Profiles-States-Territories.pdf
https://www.supermoney.com/side-gigs-average-pay-how-much-make-side-hustle-jobs/
Photo compliments of: Pixabay Photographer: Alexas Fotos