In the era of fast-paced, quickly scalable tech companies, it is clear that there is no one-size-fits-all formula when it comes to starting a traditional business or forming your own startup. If you want to own your own business but fear that a startup would not fit into your lifestyle, you should consider all of the options. The following are a few examples of different businesses that may fit into your lifestyle:
Traditional Small Business
Many people choose to start traditional small businesses that provide goods or services, such as Construction businesses, Restaurants, Bars, Travel Agents, and Consulting Agencies. Owners often do a large amount of the work themselves and when they do hire employees, employees are local and in office. These small businesses might not make the cover of Fortune Magazine, but they can succeed. You can also support your family and the lifestyle you want while using your talents and serving as your own boss.
While scalable businesses start small just like many small businesses, their primary goal is fast, major growth. These businesses want to strategically grow to hire a significant workforce and scale to reach all corners of the country – or even the world. These startup owners often seek out investments to help fund such growth.
Businesses to Sell
Not everyone starts a business planning to take pride in running it for years to come. Instead, many people start a business based on an idea and use crowdfunding or angel funding to develop the idea. Once they prove that their idea will be popular or lucrative, they opt to sell their business to a larger entity that has the means to support the growth of the business. A common example is developing a mobile app and selling the idea for millions of dollars. This business approach is ideal for those wanting to successfully exit in 3.5 years, make money, and move on.
Many millennials have long thrown out the idea that work and life passions are separate things. In recent years, more and more people are finding ways to monetize activities they love and build a business around it. Do you love to play music? Start a rock band school. Do you want to live life on the road? Build a popular travel blog. Love to cook? Teach classes or make instructional videos to post online. Want to surf every day? Offer surf lessons. You get the idea. The truth is that many lifestyle businesses thrive simply because of the passion of the owner.
Discuss Your Options with a San Jose Startup Attorney Today
At Startup Company Counsel, we understand that starting a business can involve an overwhelming amount of decisions. We do not want you to stop pursuing your startup dreams because you are intimidated by the process, so we are here to advise and guide you through every step of starting the business that suits you. Please contact our office at (408) 441-7555 for more information about how we can help you today.