The way many small businesses start is that a person works 9-5 during the day and then comes home and works on his side business at night. It’s these hard hours that you put into your business that ultimately will make it successful.
One thing that this month made me realize is that my Ebizs have jumped into the main spotlight. They are now in my 9-5 spot. I just finished packing about 25 boxes and it’s now 10pm. Once all the boxes are packed and all the emails answered I can finally lean back and work on…
My Side Business!
3 years ago I would work on my ebiz store and nurture and grow it during the off hours, learning how to code and doing SEO and staying up all hours of the night. Now it is that very business that takes up my daytime hours. It is nice to see that it shifted from a supplemental income to a potential for being primary income.
I think that most entrepreneurs would agree with me when I say that starting and growing a company is much more fun than running an established one. There is always this drive to start more companies, in my case, open more stores. It’s a challenge to create something from nothing and to see it grow and make money. Working on that side business at night is alot more fun than working in your main business during the day.
So yes, I want to start more stores. And yes I know I don’t have the time to work on them all. But no, I don’t want to hire anymore either. Here’s why.
I ran some numbers for 2011. I figured that it would cost me about $50,000 a year to get an office and hire one employee. Rent would be about $12,000, utilities $12,000 and a 3/4 part time employee at about $24,000 year. This is the very low end pricing. Going this route could potentially enable me to work on other startups, expand my products, or just be lazy and travel 365 days a year.
However, not getting an office or hiring someone would save me $50,000 a year. My sacrifice is that I can’t travel on a whim and would have to spend weekdays packing boxes. But it also means that I could spend $1,000 per week traveling. I could hop on a plane every Friday and return on Sunday or Monday. Or I could go on a $1000 shopping spree every weekend. That wouldn’t be a bad trade off.
So based on the above, I don’t feel that I should hire anyone, yet. Let’s see how I feel after 3 months of packing boxes all day. :)
The counter argument is that if I hire someone, I can spend my freetime starting another business. And if that business will make more than $50,000 then I will come out ahead. I’m sure I’ll be revisiting this argument soon.