The risks to starting a service based business- 4 things to consider before you launch! #smallbusine

What are the risks to starting a business? This is a question that I get a lot as a business strategist for ADHD business owners. And it's an incredibly important question to ask when you're thinking about starting a business, especially when you have ADHD and you're a little impulsive. So let's talk through what the actual risks are. Oh, and hi. I help ADHD business owners make more money in less time with fewer distractions by showing you how you can discover your profitable niche, design an offer that they are dying to buy, and learn how to market and sell your services without wanting to vomit. I'm Katie McManus, business strategist and money mindset coach. The number one risk that I hear most people worried about, especially when they're already employed in a 9 to 5 job, is that they'll start a business, their employer will find out and they'll get fired for it. Which is super scary because if you're dependent on that paycheck and you're starting a business that's not making enough money to cover your base expenses, then of course, like, you don't want that to happen. So I want you to go and check your employee handbook. See if there are any rules against employees at your company starting a side business. If the handbook says that you are not allowed to do it, then what I would recommend that you do is find another job. Start working for a company that does not have that regulation in the employee handbook because we don't want you getting fired. We also don't want you getting sued by your your old employer. And in some cases, if you start a business while you're employed by someone and you have a rule that you're not allowed to start another business, there can be some language in that employee handbook that stipulates that they actually own the intellectual proper property of that business. So you just started another business for them. That sucks. If there's no language against it in your employee handbook, then I recommend just kind of like checking in on the culture at work. See if other people have side hustles. If no one really is open about it, then you might want to start this business on the DL. And there are so many tactics that I teach my clients on how to do that so that you're not openly broadcasting. But otherwise, you know, I want you to go for it. Oftentimes, you know, employers especially these days, understand that people want to have that security of a second income coming in. And as long as you are transparent about when you're spending time on this side business and making it clear that you are dedicated to your job. A lot of employers are very supportive of you starting a business, but in some cases it is a valid risk. The second risk is obviously the investment it will take for you to start this business. And I'm not just talking money now. Depending on what kind of business you want to start, you could need an investment of $500, or you can need an investment of 100 dol thousand dollars or more. Okay. So you have to get really real about how much it's going to cost for you to start this business. So this is something that I help people figure out when they book a generate income strategy. Call with me if you want to go and book that. It's in the link in my bio and we can talk through what is going to be required for you to start a business financially. But you also need to think about the time and energy investment that it's going to take to start this business and make it successful. And the thing that I like to remind people is that we're not following the hustle, bro, like code of conduct about working 80 hours a week and burning yourself the fuck out. Absolutely not. You're a human who needs rest. You're a human who needs to spend time in your relationships. You're a human who needs to actually go out and have fun and enjoy life. All right? So if it's going to take too much time for you to start this business again, you're going to want to look at your life and see, is there something that you want to cut if you really want to start a business? Um, if there's nothing, if your life is really full and, you know, you just aren't going to be willing to make the time and energy available to start the business, then it's probably not going to work out. And especially if you're married and you have small children, you want to design with your partner what it's going to look like. If you're spending an extra like 10 to 20 hours a week working on starting a business, how is that going to impact how you spend time together, how you can support them, how you can be with the children? All these things tie into you living your best life life. And it's, it's not worth starting a business if it's going to cost you all that. Next, let's talk friendships. I think a lot of us have some trauma and we've lost friends who've gotten sucked into that whole MLM pyramid scheme thing, you know, where they're constantly trying to sell to you. They're trying to get you in their down funnel, whatever it's called, and it ruins the friendship. You starting a business is not the same thing as that. And remember, depending on what you're starting the business around, your friends probably aren't going to be your ideal clients anyway. So you're probably not going to be selling to them. That said, you know you will lose friends that that is a guarantee. Anytime you do something that's brave and outside your comfort zone. It can be very confronting for the people in your life because they're seeing you do something that they've never had the courage to do. Sometimes it's going to be too confronting for them and they're going to have to take a step back. And so one of the risks that you have to consider is am I willing to step away from some friendships that may not be able to withstand me doing this exciting thing? But honestly, if those friends can't be with you in one of the most exciting, fulfilling, growth oriented things that you're going to be doing in your life, were they really friends in the first place? I don't think so. And of course, another risk that we have to give a nod to is legal. What kind of liability will you be taking on by providing whatever service it is that you're selling? This ties back to how much capital investment you're going to be putting in because a really talented lawyer can help you draft a contract that's going to protect you from a lot of liability and also advise you on if you need to start an llc, if you need an S corp, all that stuff to help you mitigate any risk to your life through starting this business? All that said, what's the risk if you don't start the business? Is this something that you've always dreamt of doing and will you regret it on your deathbed if you don't at least try? What's the risk to actually staying in your corporate job another five years, another 10 years, another 20 years? What will it feel like 10 years from now if you have to stay exactly where you are right now? And lastly, what's the risk to the world if you don't do this? You know, think about the impact that you starting a business could have on your family, on your community, on your potential clients? Okay. Do you think the world will be a better place if you do this? And if you don't do it, like, what are you robbing from these people? What are you taking away from them? What are you making not possible for them. If you know that you want to do this, and you know that you want some support in building this, then what I want you to do is I want you to go to the link in my bio and I want you to click on the Generate Income strategy call link and I want you to go ahead and set yourself up a 30 minute appointment with me. We'll talk about your dreams, your goals for this business. We'll also look at what is getting in the way of you doing it on your own. And if it's a fit for both of us, we can talk about different ways to work together. And if there's a risk that I didn't acknowledge in this video, then I want you to tell me in the comments and I'll make another video about that.