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Copyright © 2019, Michael D. Jenkins, Esq. and Ronin Software
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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 Kindle "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.


       


Copyright © 2019 Michael D. Jenkins, Esq. and Ronin Software
Last modified: March 16, 2019