Friday, September 20, 2013

On the Business path: Full time vs. Part time-2

The bigger your dream, the more money you need extra to start your business. Although the internet has reduced dramatically the cost of starting a business but I am stating that if you want to start something outside the internet like a retail store, factory and other physical presence, the costs goes up dramatically. Although with full time, you will have fewer distractions to reach your ultimate goal, the financial aspect is crucial enough that can give anybody a pause. And this factor cannot be ignored outright (unless you have inherited a fabulously rich inheritance or you are being bankrolled by your parents who will not want your money back). If you living with your parents then the only costs will be initially the merchandise and marketing since you have already eliminated a big chunk of your costs like the physical presence. You are actually growing your business rent free, which will be unrealistic for a lot of people trying to go on their own since this factor do comes in when you calculating your profit. If you have family to support, then even if you start your business from your home, there will be more expenses to take care of even if your wife is working and if she is not working than you really need extra income to support financially while you pursue your passion. And you would need the support of your family members (another posts) to make it all happen. Going full time has all the risks and you have to tread carefully when you want to embark on a venture since you don’t know the uncertainties and risks that you may encounter along the way, even like have a medical emergency can drain your emergency fund very fast and it can really distract your attention.

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