Need More Money? Why Not Start a Business?

Talk surrounding the “I don’t make enought money” phrase is usually about getting a part-time job. Though many people do start a side gig to make more money, make ends meet, or start a new career, most people typically shy away from small business ownership.

When I’ve suggested the same idea to friends, I’m quickly brushed aside. They stare downward while tapping their foot. Why is part-time work noble but the thought of starting a side hustle…taboo?

The Financial Blogger thinks it’s a matter of overcoming your money fears. Having a job is…easy. I work. I get paid. That doesn’t translate too well into the self-employment world. Because sometimes effort does not equate to earning—at least not in the short term.

But there are ways to help make that connection. The object isn’t to quit your job one day and start your business the next. The idea is to start slow.

Moonlight. From all of the books that I’ve read on entrepreneurship, it seems that the authors always started off on the side. This is probably the last thing you want to hear, but if you want to be successful and safe, you’re going to have to lose some sleep to get your side gig off the ground.

He’s right. People don’t want to think they might have to work and build up to something. It doesn’t fit the American culture (even though most millionaires started this way).  Give it to me now we exclaim. We don’t want to wait.

As I’ve grown older, and wiser hopefully, I sense the need to slow down and do things right. If you do things right, the results will take care of themselves. I strongly believe that if you want to make the entrepreneurial leap, and your job is stable, then you absolutely must start part-time.

That means you’ll have to build your cash reserves. Funding your business as it grows from a crawl to a walk.

Save up. This sort of ties in with moonlighting and multiple incomes. You can slowly build up a savings buffer so that you can have your expenses 100% covered in the event that your business venture doesn’t earn you enough money.

I remember the first time I made a few bucks online. I was ecstatic. I remember laying in bed the night I made $20 in a single day. My giddiness wouldn’t let me sleep. Or at least I didn’t let it.

There’s no reason to be afraid of starting a business. Especially if you’re not worried about paying the bills because your current job is sufficient. Moving slow and learning the ropes as you go is actually a good thing. Don’t let the lack of immediate results deter you.

Read more at The Financial Blogger.

3 Responses to “Need More Money? Why Not Start a Business?”

  1. Todd October 1, 2010 at 10:42 am #

    Great article! I need to get back on the ball and get hustling again!

  2. Jerret October 1, 2010 at 1:17 pm #

    Thanks, Todd. Yes, I’ve been on a 3 year hiatus. Just re-started this last June and didn’t realize how much I missed it!

  3. Jerret October 2, 2010 at 9:55 pm #

    Yes, I agree. I think everyone should at least consider starting a business. If for no other reason than to find out if they like it. Thanks for the comment!