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It depends on the type of business. There are service industries where you can be cash flow positive from day one. IT consulting is one of them.
Thats true, engineering you can do that to an extent. Of course the key is getting the contracts. You have to try though, I dont know if there would be UI conundrums if you were able to get some contracts but they were not steady enough to rely on for income to get off UI. Getting steady contracts in anything these days is tough and you dont want to loose your UI for a one or 2 time gig.
Thats true, engineering you can do that to an extent. Of course the key is getting the contracts. You have to try though, I dont know if there would be UI conundrums if you were able to get some contracts but they were not steady enough to rely on for income to get off UI. Getting steady contracts in anything these days is tough and you dont want to loose your UI for a one or 2 time gig.
If you're on SEA, business income does not equal personal income. So you have the freedom of control during ups and downs at the beginning.
Because I too question the validity of the advice that the OP is complaining about. Most buisnesses you cant just run out and start, they have significant barriers to entry. Some have lower barriers to entry but there is usually stiffer competition for contracts and you more easily get low balled. Every one seems to know uncle jim that did it but that is anicdotal and statisticly 9/10 buisnesses fail but no one talks about that and when you fail you loose all the money and time you put into it so your actually worse off than when you were just unemployed. You may have learned some leasons but that may not matter because you may never have the capital to try again.
Again you're speaking about something you know nothing about first hand and are making generalizations which simply don't fit into a "one size fits all" category. I have successfully started and successfully run from scratch two businesses on a virtual shoestring so do know a bit about what I speak.
There is no question that going into business for one's self isn't for the faint of heart and that's more the crux of it than anything else. You work harder for yourself than you ever have for someone else and can forget holidays and vacations and regular hours and all those sorts of "perks" that you take for granted as an employee.
Asking questions is one thing but throwing out glittering generalities on something you simply know nothing about is simply daft and not at all helpful.
You don't need good credit or a loan to start something on the side. You guys are not even reading the thread. We are not talking about opening a clothing store or restaurant.
You dont need credit/loan to sell stuff out of your garage, repair electronics, give advice...etc. My mom has been sewing/designing clothes and shoes and selling them on Ebay, flea market, swap meet and Etsy for the past 8 years. This was a hobby of hers that she turned into a full time job. If her volume of sales increase maybe it will be time to start looking into opening a physical boutique store.
It would not have made sense to open a boutique first without a customer base.
You guys really think when someone hints the idea of starting a business that they always mean a physical store?
THAT IS AWESOME! I have been wanting to learn how to MAKE shoes, because I can't find ones that don't hurt - have a bunion on left foot and would do almost anything to avoid surgery. So, where does she get her shoe designs made? THAT's where I would like to go for training on how to make shoes!
I have no illusions about 'going into business for myself' in shoemaking unless i were certain I could survive on nothing. I have a feeling that 'reject rates' would be somewhat high during the learning curve, and after that, it's still a time-intensive process, lol!.
However, it would be SUPER to know how to design, cut the leather, have the equipment to do it, and then ?sew? ?cobble? ?fabricate? a pair every now and again that didn't wind up hurting once I put them on! What a great leap forward in self reliance!
I wish I knew how to make a business- design and market a wrist-velcro kind of carrying thing for phones. Everyone I know is glued to their phone, leaving them on tables, dropping them in bathrooms, leaving them in cars, etc. It'd be like the wristbands that runners wear for house keys.
Why hasn't someone done this yet? (But I'm a wage-slave drone at heart).
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We are not talking about opening a clothing store or restaurant. 
