When Should You Start Your Own Business?
Note from Kimanzi: This is a guest post by Bill White who is the founder of Succinct Research, a company dedicated to conducting quality research products for business clients and the non-academic public. An enthusiast of alternative health, he is also the creator of “http://www.jobsinayurveda.com/”Ayurveda, which focuses on helping professionals in holistic healing and alternative medicine find jobs and improve their businesses. His most recent book, Resume Writing for Scientists, explains the techniques recruiters use to create killer resumes that help place their clients. It’s an excellent resource for anyone that needs a job. To guest post on this blog email a post to kimanzi@talesofwork.com and I’ll review it.
My job situation got extremely precarious this year. I was laid off and had to scramble to find a new job. With a mortgage and other bills looming large, I had to make sure my job search paid dividends quickly. My family was depending on me. Fortunately, I landed a new job in my career field within a few short weeks. Unfortunately, it only paid about 70 percent of what my former job used to pay. This new job has allowed me to cover the bills, but it fails to provide a few extra funds for all the little things I used to enjoy with my family. Eating out, going to the movies, grabbing a coffee, checking out a MLB game most of those fun activities have been cut from our downsized lifestyle.
Even though I’d found another job, I still felt like my back was still against the wall. I was searching for something that would make up that financial shortfall because my family and I deserve a little fun for all the hard work we put into our lives. That’s when I decided to start my own business as a resume and non-fiction eBook writer and consultant.
What did I know about eBook publishing? Not much, but I knew how to write and research. I had written or contributed to nearly 50 research reports, some of which were more than 2,000 pages long! Also, I had written several articles and done a number of public presentations. My job for the last 8 years has been conducting research and writing-up the results. Research is still what I do today. I decided to take the plunge in order to make things better for myself and my family. My financial situation was the impetus I needed to start getting paid directly for what I already knew how to do rather than keep using my skills to enrich my bosses.
How do you know it’s time to start looking out for yourself?
I’ve heard more than one author state that the best time to start a business is when you already have a job:
In his book The Unemployed Millionaire, Matt Morris recaps how he started on his pathway to economic freedom after an unfortunate layoff just like mine. He got another job and started working in multi-level marketing after work and on weekends. He worked both jobs until he was making enough income to sustain himself.
In his interview on Smart Passive Income, Chris Guillebeau, author of The $100 Startup, suggested starting up an online business right away, even if it’s after work and/or on the weekends.
In the book The 4-Hour Workweek, Timothy Ferriss also recalls how he started his first multi-million dollar business while he was working at a job where his skills weren’t being fully used.
These three famous authors and entrepreneurs all suggest starting your business while your bills are already getting paid. Who are we to argue with them?
Taking the Plunge
I decided that I definitely wasn’t one to argue with the professionals. It was now or never. Although I’m still working full-time, it would be hard for my family to stay afloat financially without my business. Not only do we need cash for entertainment, we need extra income for a nest egg in case a financial disaster happened. Something like a blown-out car, termite damage to our house, or a medical emergency could put us in the poorhouse. As Kimanzi recently Elance the first time I took the resume writing test. Between the book and my personal advice, I’ve been able to get job interviews for quite a few of my friends and relatives. Most of those interviews turned into gainful employment. It turns out that while I’ve been working to change my life, I’ve also been helping other people improve theirs. Amazing!
This is the end of the beginning
My entrepreneurial journey is in its infancy, but I have high hopes. Getting paid directly for my research skills is like a dream come true because I’ve devoted myself to learning more about the world around me ever since I was in elementary school. It’s my true passion. The fact that I’m actively helping others by acting on my passion makes the decision to start my own business even better and motivates me to keep moving forward. I feel like I’ve found my true calling helping others through research.
To me, the best time to start a business is while you already have a job. It may take up much of your free time (I know it has for me), but the return on that time is much greater than you would get simply watching TV. The choice is yours.
After all, there are only two directions in life: upwards towards success and abundance or forward towards mediocrity. Choose the upward path.
Which path have you chosen?
