I've been seeing a lot of people talking about running their businesses full-time and making a living off of it. I think both angles have their merits. I wanted to talk about both of them briefly in this weeks blog. When people get started in a business, it usually starts as a side hustle. This is something they do in their spare time because they enjoy doing it. For some people it involves making music/art. For others it is mowing lawns, fixing cars, or working on other things that they enjoy. After an individual find a way to get paid for what they enjoy, they might think about how they can do this to pay their bills. In all honesty, this is where I see people go from doing something they enjoy to it becoming a stress.
When you are dependent on making a living from being self-employed, you add a layer of duty and responsibility to the thing you used to do just for fun. At that point you may stop having as much fun as you used to. You then have to focus on how to market it, sell it, decreasing the cost in order to make better profit, etc. When you do something for fun there isn't as much stress on the cost because you are not 'required' to do it. When it is paying your bills you have to focus on so much more than just having fun. This can be a downer for some folks. When I interviewed Aaron Simpkins on the Business with Bordeaux podcast, he told me that his goal was to be able to run True Strength Apparel part time and have another part time job to help pay bills. I didn't fully understand that then, but I do see now why he feels that way. He wants to enjoy having more freedom in running True Strength Apparel than just finding the best way to profit in order to feed his family. Ryan Moore from Trackstarz also shared his story of running Trackstarz full-time. There was so much stress involved with trying to worry about personal finances and also worrying about the finances of the company. Sometimes it can be just too overwhelming.
There are some great advantages to running your own company full-time and paying bills from it. I have interviewed many entrepreneurs who have made it work. At the same time, I don't think it is for everyone. It is perfectly fine to have a small business that you run part-time. It is less stressful and allows for more freedom in many cases. The big question is, what is best for you?