Is Starting a Side Business Right for You?

Is Starting a Side Business Right for You?

Peak Capital Mortgage, LLC
Peak Capital Mortgage, LLC
Published on May 15, 2024

Is Starting a Side Business Right for You?

In today’s precarious job market, many Americans are feeling the squeeze as full-time opportunities give way to part-time positions, often with fewer benefits and limited stability. With economic uncertainty lingering and inflation eating into savings, the lure of entrepreneurship has never been stronger. Advancing technology and unprecedented access to information have enabled anyone with a computer and a dream to explore the path of the side hustle. But before you jump headlong into turning your side gig into a primary income stream, consider what that really entails.

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For those looking to make ends meet or seeking greater independence, the vision of owning a business is enticing. After all, why shouldn’t your hobby or passion translate into a revenue-generating enterprise? The data supports this optimism: according to recent surveys, nearly 40% of Americans have some sort of side hustle. Furthermore, new tools and platforms like Etsy, and Shopify make it easier than ever to sell directly to a global audience.

The proliferation of technology has been a great democratizer. Whether you're providing freelance consulting, creating digital products, or offering handmade crafts, tools like social media and digital marketplaces allow for immediate feedback and customer reach at a fraction of the historical marketing cost. Information resources like blogs, YouTube tutorials, and online courses guide budding entrepreneurs every step of the way. In a sense, the era of being your own boss has arrived.

But before making this leap, it’s crucial to understand the full reality. Turning a side business into a main source of income is not simply a linear progression from hobby to career. As Michael Gerber famously articulated in "The E-Myth", being good at your craft doesn’t necessarily translate to being a good business owner. The necessary administrative, operational, and financial skills are often vastly different from those required to perform the actual work itself. In Gerber's words, a baker may be great at baking but clueless about managing supply chains, marketing, and taxes.

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Starting a business often involves hidden costs that might not be immediately obvious. Marketing, supply chain management, taxes, and insurance all add up. Have a clear, detailed budget and be prepared for contingencies.

Running a side business is demanding, often more so than traditional employment. Beyond the core work, there's client management, networking, and bookkeeping. Make sure you're willing and able to dedicate the required hours consistently.

Take a frank look at your skill set. Do you have a talent for sales and customer management? Are you prepared for regulatory compliance and navigating legal frameworks? Finding a business platform that aligns with your strengths will go a long way.
Turning a side business into your primary source of income requires a strategic, well-researched approach to ensure long-term success. Be prepared to commit significant time and energy to the endeavor and have contingency plans for unexpected challenges. Ultimately, the entrepreneurial journey can be deeply rewarding as it's a road that is being traveled much for frequently today.

RICH FLANERY IS A CERTIFIED MORTGAGE PLANNING SPECIALIST AND AN INVESTMENT ADVISER REPRESENTATIVE. BRANCH LOCATION 600 S. SAINT VRAIN AVE #4, ESTES PARK, CO 80517. WWW.PEAKCAPITALMORTGAGE.COM PEAK CAPITAL MORTGAGE, LLC, 1045767 & 2347925, RICH FLANERY, 256117, PEAK CAPITAL MORTGAGE, LLC, CO-2347925, PEAK CAPITAL MORTGAGE, LLC, (970) 577-9200, CO-256117, WY-256117, WY-2347925 PEAK CAPITAL MORTGAGE, LLC, 970-577-9200, FL-2347925 FL-256117 SUBJECT TO BORROWER APPROVAL

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