For most people, working for themselves is a dream. It is a desire that people across the world have. For example, in America, 70% of people want to be self-employed. Yet, according to the latest Bureau of Labor Statistics, only 6% are. So, the natural question is what is stopping them?
The answer to that is a long, extensive list of reasons. Some do not feel they have enough funds to get started. They are worried about set-up costs and covering their bills while they get their café, restaurant, or another type of business model up and going. Others feel that they are not qualified enough to be able to be an entrepreneur.
All of the above is perfectly understandable. But the thing is that none of these reasons needs to hold people back from following their dream and becoming self-employed. Here is why.
Starting slowly with a side hustle while covering your bills
For most people, starting a side hustle is a viable option. Working on their business at the weekends or evenings means that they can keep their day job. So, they have the security of knowing that they can cover their bills.
Financing a business dream
There is no doubt that raising finance for a new business is not easy. But there are a lot of models that require little upfront costs to get started. For example, offering a lawn care service, selling your craft products, becoming a writer, and selling what you grow or the food you make can all be done with little to no budget. You can read about fifteen other examples here.
That is great news for those people who want to start those types of businesses, but it is no good for someone who wants to turn their widget idea into a multi-national company. At least that is what most people would think.
Well, the thing is that starting a no-to-low-cost side hustle could be the first step to opening your actual dream business. Spending two years doing lawn care at the weekends may be hard work, but it will generate tens of thousands of dollars in revenue that you would not otherwise have. Money that can be saved and used to build a prototype of that widget you want to sell and start the process of marketing it. Plus, after a couple of years, your lawn care business can be sold for a multiple of your annual turnover. How much that multiple is depends on many factors but even if your $15,000 a-year business was to sell for $45,000. In just 2 years you would have made $30,000 in turnover + $45,000 by selling it. That is enough to get a good start on your actual dream business. If you don´t believe this approach is viable, take a look at this in-depth article to learn how one guy, working full-time, went from zero to $100,000, in his first year using a gardening business model.
If financing your dream business using a side hustle does not appeal, investigate alternative ways to get your hands on the money you need. Crowdfunding, peer-to-peer lending, small-scale angel investors and grants are just a few options.
Take the toe in the water approach
Another way to do it is to start small. This keeps your start-up costs low and enables you to assess the market and learn the business management skills you will need at a slightly slower pace. You could, for example, get a coffee cart and take it to weekend markets, festivals, and other events, instead of opening a café straight away. Typically, you will earn $300 to $500 per event in clear profit. Do two per weekend and within a year to 18 months, you have enough funds to take out a lease on a small coffee outlet. Plus, the cash you can get from selling the cart. You could also sell the list of events you found made you the most money, or offer to book the new owner a spot at them using your insider knowledge and connections. All you need to do then is to use one of these digital signage ultimate guides to set up your café in a way that will make it profitable from an early stage. The guide covers the basics and dives deep into how to use digital screen marketing to attract customers to your new café and tempt them to try more of your products and come back day after day.
You do not need special qualifications to become an entrepreneur
In-depth guides like the one we have just mentioned mean that you no longer need to go to business school to make your dream come true. Anyone can learn what they need to know, for free, online. Meaning that anyone can become an entrepreneur. With the approaches outlined above, there is no need for anyone to wait to make their dream of working for themselves happen.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.