Episode 108: What To Consider Before Starting a Business

Do you have the dream of starting your own business? Wanting to be your own boss? It sounds amazing! And it’s what many aspiring entrepreneurs are reaching for. But starting and owning a business isn’t easy. Let us break down what you need to consider before starting your business so that you can succeed and know what to expect going into this new journey.

Roger: Welcome to Local SEO Today, I’m Roger Murphy.

John: And I’m John Vuong.

Roger: We want to welcome you, and we want to thank Kayla Claus who’s working on our…technical aspect station, she’s running the cameras, and the audio so thank you, Kayla.

John: Thank you.

Roger: Today we want to talk to budding entrepreneurs, people that are maybe working full time’s a day, John…working today I should day. They’re thinking, “I want to be my own boss, I want to be an entrepreneur.” Can you talk…talk a little bit about your journey and let’s talk about some of the reasons you might want to consider…being an entrepreneur.

John: Yeah, I think the first thing is timing, right? You really have to consider, “Is it the right time to start something?” Right? Or yeah, everyone goes through the cycle of…you know, yes, you’re gonna live, you wanna live, you wanna celebrate…you wanna…you know, hang out with friends, you have…you know, get married and have children, you might have…you know, to take care of your elderly parents, or significant other. There’s so many things that go on — life gets in the way, right? So timing is so critical to when you start your journey, right?

Roger: Sure.

John: As an entrepreneur so what I advise always is…if you have a full-time job, instead of quitting everything and stopping that…whatever you’re doing, see if you can kind of…do it on the side to see if this business that you started off as an entrepreneur is going to be successful or not.

Roger: Yes.

John: Right? And we tell a lot of people and I do mentorship for a lot of the local business owners in the region, and I always advise them, instead of quitting everything, and that’s stability of income, see if there’s actually a business that you’re gonna want to run.

Roger: Yep. So you want to…it’s not mitigate but it’s sort of minimize your risk because as you say, if you throw it all on the line then all of a sudden, there’s no revenue coming in, this idea of a side hustle which you’re speaking up might be the way to go, and to even test to see, “Is this the right time, is this the right product, or service? Do I love this…this type of business that I want to go and be an entrepreneur with it?”

John: And…at least you’re not…supplementing any of the income that you’re supposed to be getting because you have family obligations, right? You have rag, you have mortgages, you have a family to support, you have to have food, and shelter as well, right? And plus, you know you have a lifestyle that you wanna maintain, right? So if you’re used to that lifestyle, you can’t just stop it, right? So see if there’s a way to…supplement your income or see if you can generate additional revenue, and income through the side hustle until you’re ready to see if this side hustle is…going to take off to extraction.

Roger: I’ve heard and read as many times where they…you know, work 9:00 to 5:00 from somebody, from five o’clock till midnight or weekends, and those after hours…that’s a tremendous amount of time for the person’s got a passion, got a drive that wants to try, and try this out, and to become their own business person. There’s lots of time to do this side hustle.

John: And…I have actually a lot of friends…that was doing exactly this. They had their full-time job and then they had a passion, a hobby of being a videographer, or photographer, right? They took this side gigs…of weddings on the weekends, right? Or photo shoots, they did it on the evenings and weekends, and they started generating some revenue…started their business, and this was more of a hobby.

Roger: There you go.

John: A hobby that started generating 20, 30 thousand dollars a year, right? And yes, they were having more fun doing that and it was generating, it was scaling, it was growing, and people got word out there that they were doing a good job.

Roger: Exactly.

John: So what they did was stop working full time there and started regenerating revenue, and it was starting to surpass what they were making at a full time job.

Roger: Full time job.

John: Right? And they actually enjoyed that as their passion, right?

Roger: And it makes sense, one of the big factors in everyone’s lives is financial.

John: Yeah.

Roger: So don’t put yourself under the gun and…get stressed out because of a lack of income coming in. This idea you speak of John, we’d talk of this side hustle, it makes a perfect fit so you’re…you’ve got your steady…day job coming in while you try and grow. This is what entrepreneurship is all about, it is. If you go to work for yourself and John, we’ve talked about this before, when you started the business six years ago, how many hours a day did you put in?

John: 16 hours minimum.

Roger: That is what entrepreneurship is, so know that there’s gonna be something you love and passion you have, there’s gonna be good margins in it. Find something that’s gonna make a difference in other people’s lives, that’s what being an entrepreneur is all about but just know that you’re gonna be working for less, and working twice as hard so that’s to get the thing going.

John: Yeah and…especially at the early stages, you’re not even sure if this is a real business, right? Do you…create just a business number? You know, are you a sole proprietor or do you incorporate, right? Figure that out as well, and see if it makes sense to do all that, right? To create your own website, spend money on ads…you know, all that will start taking its place once you start running a business, right? As a business owner, and as long as you’re smart, and you’re savvy in terms of your dollars, be financial savvy, right? Know where your money goes…in and out, and make sure you got margin, make sure you are time sensitive as well. Once you establish yourself and value your time, you realize what people are willing to pay for that expertise.

Roger: Exactly. So at the end of the day really, entrepreneurship is, among other things, being part of your community, providing a service or a product in your community, you become a citizen of that communing, there’s a lot of benefits to it so…you just want to go in with your eyes open, you want to make sure you’ve got a solid business or a solid service that you can offer, and you don’t want to…go into it with your eyes sort of blind. If you want to make sure you’ve got a good system, and you’ve got your day job going still on the side, do this hustle until you’ve got it up and running, and it’s…you know, supporting self, and supporting.

John: And it becomes more of a lifestyle, right? Where you want to sustain and actually improve, right? So everything you do is really, for the purpose of yourself, if you’re single, or if you have a significant other, or you have children, it’s for your family, right? You want to support your significant other, family members, and really to improve their lifestyle.

Roger: Exactly.

John: Right? Once you have more income or revenue, then it buys you time, right? Allows you to do something you actually want to do, right? Which may be travel, may be sports, or activities, it could be whatever your…you know, your hobbies are, right? It allows you to do a lot of other things and…you know, maybe it is giving back your time, right? Volunteering and helping others, right? But really, whatever you do, be passionate, stay committed, right?

Roger: Money is important, cash money is important to grow your business so you can staff, and pay for your staff, and you’re responsible for other people’s families but at the end of the day, don’t go to it just for money, that’s not the reason to be an entrepreneur. There’s so many more…you know…more rules and regulations but responsibilities come with it so just be open to, “I’m gonna be a part of my community, I’m going to serve it well, and this is something that I am truly passionate about.” Not just say… “You know, I am…you know, give it a try and be apathetic about it.”

John: Yeah.

Roger: But that’s not what entrepreneurship is.

John: And you have to be committed, right? And people will see that, if you are passionate, and you actually enjoy what you’re doing, and people can see right through it if it’s just for the money.

Roger: Exactly.

John: Right? So you wanna play the role of wanting to be a successful business owner, right? So timing is so critical as…you know, if you’re single, or whatever you are in terms of that life cycle…cycle of life…figure out when is the right time to be an entrepreneur. There’s no right way of time, there’s no wrong time but if you do figure out that you want to become an entrepreneur, make sure you are committed.

Roger: Exactly. Well, I think John, this is…you know, I know, there’s so many more things that you should cover but for a…budding entrepreneur or someone who’s thinking about going on on their own, I think this is very helpful. Thanks for your info.

John: Thank you.

Roger: And thanks for watching Local SEO Today, we’ll see you again.

John: Thank you.