There are hundreds of books and articles on entrepreneurship. They usually start by going over the risks of “striking out on your own”. Can you handle the stress and uncertainty? Can you stomach the risk involved?
At Garage Profits, we applaud those that strike out on their own and make a living, large or small. But that isn’t for everyone. Even small businesses can make a big impact in your life. Here is why.
If you are currently working a “normal job”, hopefully you have enough to pay the bills each month. Maybe some months you add a bit to the credit card, other months you are able to add a bit to savings. The bottom line is that your current employment is taking care of your basic needs, your basic expenses.
If you didn’t have that job, the idea of starting a small business and making $1,000 or $2,000 per month may not be compelling. Most people would have a hard time living on that.
But what about adding $1,000 or $2,000 per month on top of your current income? I call this Incremental Income.
And since your regular expenses are covered, that income can be a powerful force in your life.
What could you do with that money?
Some choose to pay down debt. Others create college funds for kids or grandkids. Some simply use it to fund a lifestyle their standard income doesn’t allow, such as vacations or a nicer car.
But what if your vision is bigger than that?
If you are indeed looking to replace your current job with your own business, no one should stand in your way. The Garage Profits concept isn’t limited to those that want to stay at their job and run a business on the side.
If you have a bigger vision of what you want your business or lifestyle to be, use that incremental income to grow your business. If you live frugally on your current income you can use 100% of your profits to scale your business to the point where it can replace your current income.
Reduce Risk, Improve Your Life
Staring small doesn’t mean you shouldn’t get any benefit from your business. As you look toward the future, set goals for the next couple years. By deciding now whether you want to scale the business to full time or simply use the income to fund your other financial goals, you can work in the right direction.
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