It depends on who you ask.
Most will say “No! It’s too risky. You might lose money, you might lose face etc.”
If you ask an Entrepreneur like myself they’ll probably say: “Yes, go for it! Start today!”.
Entrepreneurs are biased…
When I get asked this question, I usually want to find out more about the idea. And I ask questions like:
– Have you done a basic plan of how you will make money? (Have you actually thought about it? Who will pay? How much?)
– How much will the business cost to run? (Salaries, supplies, advertising etc.)
– Is anyone doing this business? (Can it make money? Has someone else made money? Is there a reason why it doesn’t exist?)
– How easy is it to do this business? (Can someone else copy it easily?)
– Do you have money/access to cash to cover yourself while doing it? (Because you need to eat etc.)
– At what point will you stop or change if it doesn’t work? (As it’s good to know there is a finite period to see how it works.)
I’ve started three businesses myself, and have been involved in several others. I feel like at many points I didn’t ask enough questions of myself and just dived in. I’ve failed, and I’ve made money along the way which has been a fun journey. You can learn more about business handling by checking out the new paycheck stub generator free software. Additionally, there is an online paystub generator available if you need it.
If you want to change from being an employee to owning a business then I suggest you spend a few hours doing some planning by starting at the questions above. If after answering the questions it looks like a good idea, then start by spending 2 hours a weeknight and spend a day on the weekends working on the business. This way you don’t give up your main job or study until you’ve actually got some traction from what you’re trying to create. For those in need of guidance on starting a business as a student in 2023, check out these Practical Tips For Starting A Business As A Student In 2023 | Business Manchester.