Under pressure from the steeply rising inflation, many people are forced to come up with new ways to make ends meet. Adding a side hustle, especially starting a (side) business, could potentially meet that need.
However, if you are new to business ownership, chances of you succeeding are, statistically at least, not particularly good. According to recent data, “as of 2021, 20% [of start-ups] failed in the first year, 50% within five years, and 65% within 10 years.” Still, you can absolutely make it work! But the key to making your startup a success is to be prepared for your new venture in every way possible.
With that in mind, here are some tips to minimize your risk of failing:
1. Pick your Market and Niche wisely
A new business will challenge you in many different ways. This is why it is extremely important that you pick a business activity that you not only love with all your heart but that you are also good at! Do not get involved...
"Burn the boat...or…create a soft landing”?
During this period now dubbed “The Great Resignation,” that is the question many people are trying to answer as they’re considering ways to leave their 9 to 5 jobs for a career as a business owner.
My own journey from being a full time employee to becoming a full time entrepreneur took many years to complete. It was incredibly exciting but also ridden by periods of great anxiety, self-doubt, and fears.
What-If scenarios kept haunting me throughout–-what if I fail? What if I won’t be able to provide for my family? What if I can’t replace my salary with income generated by my new business ventures? As I worked through this process mentally, emotionally, and financially, I asked myself many times, why not just burn the boat? Force myself to learn how to swim or face the prospect of drowning? Wouldn't that bring about the much-needed solution more quickly? But I never allowed myself to pull...