Starting a small business or having a side job to bring in extra income has many worthwhile benefits. Some of the benefits that a person can enjoy by bringing in extra income can include paying off debt early, taking more vacations, and saving money for retirement.
But before you get started, you will need to consider this: How will you fund, structure, register, and get your tax identification for your business? There are organizations that can help you start your own project though, like the Business Development Center at Highline College which can assist you on your journey.
Some small business ideas include landscaping, newspaper routes, jewelry design, and delivery services companies. These businesses can bring in extra money and sometimes can turn from a side job to a full time business.
Sometimes new business owners ask themselves why they opened their businesses. As an owner of any new company, take some time out and think about who is benefiting from the personal services you offered. Think about the perks and benefits you will receive if you stick with it.
Jazzmaine Bailey, owner of Futuristic Stylz Beauty Braid Bar in Federal Way at the Common Mall, states, “As an effective boss I often have to inspire, motivate, and support my staff to achieve their goals.”
Conducting a SWOT (strength, weakness, opportunity, and threats) analysis on your business idea is a crucial tool for business owners to compare how competitive their business is within their specific industry.
Some risks that small business owners take are financial, competitive, legal, and/or staffing issues. These are all risk factors that business owners deal with everyday that they open their doors. There is no guarantee that a person’s business will be a success.
While being your own boss may be appealing, there are both risks factors and benefits to starting your own company. Take a look at the pros and cons of being an entrepreneur, such as time management, stress, health problems, and duties to perform to decide if you have it in you to start this venture.