4 Factors to Consider Before Starting a Business While Keeping Your Day Job

It’s not unusual for people to ask, “Can I grow a business on the side while keeping my day job?”
The answer is, “Yes,” with this important qualification — it needs to be a semi-absentee business. So, what is a semi-absentee business?

In businesses typically fall into two general categories — those that require full-time commitment from the owner and those that require part-time (or semi-absentee) commitment from the owner.

In a semi-absentee ownership situation, you hires a manager to oversee the daily operations

When searching for a semi-absentee business, there are four important factors into consideration.

1. Mind-set.
Many people make the mistake of selecting based on what the business does, what the person likes or where their passions lie. It’s important to understand if a business is actually structured to be semi-absentee. If your heart is set on having an home improvement business, you’ll find that this type of venture lends itself to the owner-operator business model, requiring full-time commitment from the owner. Keep an open mind when looking for a semi-absentee opportunity.

2. Finances.
Your financial situation is an obvious factor that determines the type of business you can afford (or for which you qualify). Since semi-absentee businesses tend to be retail, you might consider financing through conventional or Small Business Administration (SBA) loans, once the business is running sustainable mode you can take a non conventional business loan

3. Skills.
People management skills are key to successfully operating a semi-absentee business since you will be providing oversight to a manager or managers if you have multiple locations. You need to be comfortable surrendering control and delegating the day-to-day operations of your business to the manager(s).

To your success

Andres Hurtado



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