Copyright © 2019, Michael D. Jenkins, Esq. and Ronin Software
All Rights Reserved
Tips and Tricks for Starting a Business While In-Between Jobs
According to a report released in 2018, there are currently 30.2 million small businesses operating in the
United States. Starting your own, then, puts you up against fierce competition. You shouldnít let a booming
market discourage you from exploring your economic options, though, especially if youíre in-between jobs. While
the Ronin Software guidebooks will help your budding business have legs, itís up to you to determine whether or
not starting a small business is the right path for you.
Identify a Product
You canít start a business if you donít have anything to sell. This can either
be a physical product or a service.
Some of the most profitable small businesses
today identify a niche field Ė chiropractic, accounting, or dentistry, for
example Ė and make a name for themselves within it. The product or service that
you opt to provide will have to stand strong at the center of
your established business plan. Without one that you think will both sell
well and remain sustainable, your ambitions may crumble. Thatís why itís
important, especially when youíre in-between jobs, to assess and discover the
kind of work youíre capable and interested in putting out.
Find Your Audience
Once you have a product or service in mind, you can start researching your potential audience. Niche markets,
as mentioned, may be small, but they tend to have enthusiastic consumer followings. Explore the websites that
your competition have established and see what kind of services or products they may not have available. If you
can fill a need in a niche market, youíre likely to find an excited audience. Just make sure that you can legally
sell to that audience, of course.
The legalities of business vary by state. If you donít comply with the legalities
that allow you an audience, then you may be back on the job market before you know it. For tax and legal
guidance on doing business in 32 of the states or the District of Columbia, see the
"Starting and Operating a Business in ..." e-books from Ronin Software on Amazon.com.
Know Your Skill Level
Youíll also have to keep in mind the way the business market has evolved over the past several years. The
one good thing about starting a business while in-between jobs is that you can take the time to
brush up your business knowledge and skills. At the same time, you need to ask yourself realistic questions.
Can you keep up with a market thatís heartily adopted cryptocurrency? Will you be able to answer to a number
of different clients at once? Will you need to bring on additional staff, or will your business be manned by you alone?
Have Realistic Expectations
Finally, donít let your dreams outstrip reality. Starting a small business is tough.
Donít make promises you canít keep to your audience. Expect initial losses when you start your work.
Most importantly, do what you can to
establish boundaries between your personal life and your business. New, small businesses can be
all-consuming, and the last thing you want to do is burn out before youíve gotten your feet off the ground.
That said, being in-between jobs provides you enough time to deeply consider all of the necessary
elements that go into starting a business. If you carefully consider the factors involved, you can
determine whether or not operating a small business is the right path for you.