We’re talking about some of the key questions entrepreneurs should ask before deciding to start a business. We’ve already discussed figuring out how much cash do you have to invest in your new business and how much cash you need to survive while you’re starting your business. In this post I’ll discuss whether you’d be better off financially getting a different job than starting a business?
For many people, their dreams could be accomplished without having to start a business. Could you accomplish the same goals by getting a different job or trying for a promotion at your current place of employment? Would spending an extra couple of hours a week at work give you the advantage you need to get the promotion? That might be a better strategy and one that probably has significantly less risk.
This question really goes back to the question in a previous post, ‘why do you want to start a business?’ Well, why do you? If the answer is to create more family income, there may be an easier way to do it than starting a business. What about a part-time job on Saturday mornings? What about teaching a class in the evenings for a local community college? Do you have any special skills that will allow you to generate other cash for your family?
Unless you have a burning desire to start your own business, then try to figure out other options for generating income. For many people, starting a new business means taking a pay cut, not getting an increase.
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