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The Pros and Cons of Starting Your Own Business

Your Own Business

I turned down a 4 figure business opportunity because I felt it wouldn't work for me from the start.

I had a meeting with an old coworker a few weeks ago. She informed me about a business opportunity she discovered and wanted me to be a part of it because I've worked with startups and side hustles in the past.

She wanted to create a nail and eyelash beauty boutique in a nice location and showed me the vision document, the excel spreadsheet with the starting expenditures and potential revenues, and the analysis she and his father did to make it a success.

The business seemed good, and it is now in great demand. In terms of statistics, we expected to make roughly $7000 per month in the beginning, with the possibility of hiring more staff once the business was more established.

Despite the fact that I had the funds to get started and it seemed like a nice business opportunity, I opted not to participate. The only thing I regret is spending a lot of work and energy into things that were always doomed to fail since I lack the necessary skills to operate certain types of enterprises.

The business has a lot of minimum requirements for it to start running.

Companies that focus on services, dropshipping, coaching, and training, for example, require little to no investment to get started but have a lot of room for expansion. To begin attracting clients, we required a decent location that was well equipped (women don't like to go to places that don't appear fancy enough), all of the items we would need to provide the service, and a solid marketing team. As someone who has already developed multiple businesses with no initial investment and is an excellent content producer, I didn't believe it was a viable company for me because I could start anything online with my time and zero bucks and thrive.

It is impossible to scale without the support of others.

Those businesses are simple to scale since you only need to increase output, buy additional assets, or raise prices without compromising your time, and they can grow over time. You can't raise your rates since other businesses provide the same service for less, and you can't raise your output because you're currently devoting all of your available time to it.

It cannot be used to develop a brand.

Furthermore, with a brand, you may start a different firm and already have an audience since people will recognize you for how you operate, rather than any product. When a firm cannot build a brand, it is doomed to provide just what the product can reach, making scaling and marketing difficult.

Building a beauty brand, on the other hand, is difficult, especially given the high cost of developing new goods and the high level of competition.

So we'd probably be in business as long as lashes and nails remain relevant, and how we grow a brand will be determined by whose polish invents a new technique to paint nails, not by our ideas.

It takes much too long to deliver the merchandise.

In MJ DeMarco's book Millionaire Fastlane, he tells the example of a female who resigned her job to start her own business, but the time she spent on it was not worth it, so she returned to her work:
She leaves her position as a financial advisor after a 13-year career on Wall Street and purchases a well-known deli franchise. However, she had to work seven days a week, work long hours, and burn out in two years.

Your company is attempting to alter consumer purchasing behaviors.
The other indications made me realize it wasn't the right time for me to be creative, and I couldn't think of any ideas that would distinguish our company from the competition.

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