I want to start a business, expand, and try new things too. But sometimes my head says "Let's go!" while my heart says "Girl, calm down! We're not billionaires!"
Maybe it's not that I'm afraid of risk. My husband and I just can't afford to lose everything we've worked so hard to save.
Does anyone else feel like this? 🙋♀️
The biggest mistake people make here is thinking that as soon as you start a business, it will succeed right away. No experience No study of how to run a business No business plan No market research No product-market fit Jumping in without starting small and cheap Start by doing research on paper. You can easily filter out business ideas that are doomed to fail before spending a single dime.
I'd recommend finding an item with a high barrier to entry 💡 For example, whether a shop does well depends on how friendly it is and how much it charges. Once a shop gets established, others think "I can do that too," open their own shops, sell cheaper to attract customers, and then bankruptcy follows. That's why so many shops fail. You need to find a business with higher entry costs and a higher skill level so others can't steal your idea. For example, a water distribution company. Do your research well 🔬 Good luck 🍀
My advice: don't invest more than you can afford to lose. Put 20% of your profits into a savings account, and once it's built up enough, reinvest it to grow the business. Manage your business strictly.
Not in this economy! I'd suggest saving that money and letting this bad period pass. Watch the market and study it first.
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