Starting a business is after work is no easy task.
It has to be a burning desire calling you to have late nights and early mornings.
Your driving force may be knowing that you can do something better, creating a product the world needs or simply having the freedom to live a full and abundant life.
We all want a business that allows us to support ourselves, but that is not the driving force behind why we want to start. To increase our chances of success, let's understand the different types of ventures we can launch while working full-time. Once you are clear on exactly what kind of startup fits you, the planning and execution will become easier.
Now, before deciding what type of business you want to start, define what kind of work life do you want. Each type of venture will provide different freedoms and offer varying earning potential.
So define what you want your daily life, income, and work environment to be.
What Do You Want?
The first step in deciding what type of business to launch is defining why you are starting. One of the perks of owning a business is the flexibility and additional independence you can gain. Think about what each day would be like, where you would work, who you would work with and so on. Ask yourself these questions to help you define what you would like your work life to be.
Take 10-20 minutes to think about your responses and write them down.
- How much money am I currently making?
- How much money would I like to be making?
- What is the difference between the two?
- How much time am I spending, weekly, working now?
- How much time would I like to spend working each week?
- How would you like to spend the majority of your time?
- With whom would you spend your time?
- Where would you like to work? An office, at home, a coffee shop…?
- How would you like to do the bulk of your work? With others? On a computer?
This exercise should have given you a glimpse of your entrepreneurial style. As being the founder, you have to be self-motivated and enjoying your working conditions is essential.
Four Types of Businesses
Entrepreneurship is the ability to recognize and act on an opportunity, add a unique approach and bring it to the world for financial gain. However, there is believed to be six types all based on the varying motivations of the founder. The four types I will be focusing on are more attainable when your schedule is limited.
The Small Business
Small-Business entrepreneurs are those who like the idea of firing their bosses. They tend to leverage their skill set or gaps within the local market to create a business. These startups do not focus on scalability and profit margins, but rather self-employment. The market for these companies already exist, and the financial barriers to getting started can be minimal.
Small Business Is Ideal For
This type of startup is ideal for individuals who are not looking to get rich but enjoy some of the comforts of not having a traditional 9 to 5. It can be the ever popular side hustle, freelancing, online retailer and more. You may lean toward this model if you:
- want to leave the constraints of Corporate America
- want the freedom to choose who you work for and with
- want to earn additional income on top of their regular salary
- want to be the boss
- want to bring a service or product to an underserviced market
The Lifestyle Business
Lifestyle entrepreneurs start businesses with the intention of altering the way they live. Whether they want the freedom to work anywhere in the world or spend more time doing what they love, this type of business is geared towards living life on their terms. The primary focus of this entrepreneur is not on making profits but pursuing their personal passions while serving others. These businesses are often are own and ran by one individual. Being that this is an interest-driven venture, the market for this is very specialized and referred to as a niche.
A Lifestyle Business Is Ideal For
Often referred to as the laptop lifestyle, these business owners focus on the freedom to live life on their terms. This startup is great if you:
- want to have more control over how you spend your time
- are an independent thinker
- want to do work that aligns with your values, interests, and strengths.
- want the freedom to work anywhere in the world
- find that working a job inhibit your goals
The Scalable Business
Scalable startups are for innovative visionaries who see their product/service as disrupting the world. Unlike small business startups, the focus is on building a company that will make millions of dollars and eventually enter public trading. There is much more risk in this venture as the founders depend on investors and other outside funding. The market for this type of business tends to be new, but offers more opportunity for growth.
A Scalable Business Is Ideal For
This model works best for individuals looking to build a company that will be well known and very profitable. The founder wants to improve upon an existing product or fill a market gap. A scalable startup is best if you want to:
- potentially make millions of dolls
- be innovative and cutting edge
- create a business with an exit strategy
- grow your venture quickly
- build new businesses often
The Social Enterprise
Social entrepreneurs are change agents seeking the opportunity to make the world a better place. They have creative solutions for improving systems that often impact the underrepresented and poor. The founders are passion driven and tend to operate as non-profits or corporations similar to the Toms brand. The market for these businesses tend to exist, but you must actively educate them on the need for supporting your venture.
A Social Enterprise Is Ideal For
This type of startup is for ambitious, driven and determined people who want to leave the world better than they found it. They possess a passionate vision for making an impactful difference that people notice. Social entrepreneurship is a fit if you seek to:
- advocate for marginalized individuals
- add momentum to social initiatives
- create long-term solutions for significant societal problems
- change the direction of an industry
Each type of business has different goals in mind, and they require different licensing, team structures, planning, and financing.
Use the insight on what you want to build to get started today. Create a simple plan for revising your ideas, finding partners if needed and creating a timeline for launching.
Do you fit in one of these categories? Did you just realize what business is best for you? Tell me about it and what your next steps are in growing your rebellious empire below
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