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- Jul 5, 2016
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How do I know the right PATH to go down in my Entrepreneurship journey? I am in my mid 20's and working a "comfortable" work-from-home corporate IT job making six-figures. But, I despise working for other people and want to make a complete shift to entrepreneurship.
However, there are so many options, how do I know where to focus my efforts?
Here are the factors that are important to me in choosing a business:
1) High potential to have passivity in income
2) High earning potential (potential of $500k + per year)
3) Relatively low start up costs (ie. a business I can launch from my home)
I'm also open to hearing new ideas that I may not yet have considered. Would love to get any thoughts:
The options I have narrowed myself down to are below.
1) Independent Salesforce.com (IT/CRM) consulting
Pros:
- I am already an expert in Salesforce implementations (with my current job) and could get started pretty quickly and start making $60-75 per hour.
Cons:
- My current employer wouldn't be too happy and I would likely need to leave my (comfortable/work-from-home) job
- Earning potential probably caps at $200 - $250k per year
- Passivity potential low
2) Make an App
Pros:
- Earning potential high
- Passivity potential high
Cons:
- No experience building or launching an app
- Hit or miss: my perception is that the only way to make money is to make a really really popular app like an Uber or a Tinder. There is no "in-between".
3) Launch a brand (ex. supplements brand)
Pros:
- I have a unique idea around this that could really take off for a niche market that has not yet been touched
- Passivity potential high
Cons:
- Lacking knowledge into this industry
- Earning potential unknown
4) Daytrading / Trading Pennystocks
- High risk/high reward as far as earning potential goes
Cons:
- Lacking knowledge into this industry
- Do "regular" people even make money doing this? Are all the Timothy Sykes of the world frauds?
5) Real Estate Investing (rental properties, flipping homes)
Pros:
- Passivity potential high
- High earning Potential?
Cons:
- Little/no knowledge of industry
- Start up costs high
However, there are so many options, how do I know where to focus my efforts?
Here are the factors that are important to me in choosing a business:
1) High potential to have passivity in income
2) High earning potential (potential of $500k + per year)
3) Relatively low start up costs (ie. a business I can launch from my home)
I'm also open to hearing new ideas that I may not yet have considered. Would love to get any thoughts:
The options I have narrowed myself down to are below.
1) Independent Salesforce.com (IT/CRM) consulting
Pros:
- I am already an expert in Salesforce implementations (with my current job) and could get started pretty quickly and start making $60-75 per hour.
Cons:
- My current employer wouldn't be too happy and I would likely need to leave my (comfortable/work-from-home) job
- Earning potential probably caps at $200 - $250k per year
- Passivity potential low
2) Make an App
Pros:
- Earning potential high
- Passivity potential high
Cons:
- No experience building or launching an app
- Hit or miss: my perception is that the only way to make money is to make a really really popular app like an Uber or a Tinder. There is no "in-between".
3) Launch a brand (ex. supplements brand)
Pros:
- I have a unique idea around this that could really take off for a niche market that has not yet been touched
- Passivity potential high
Cons:
- Lacking knowledge into this industry
- Earning potential unknown
4) Daytrading / Trading Pennystocks
- High risk/high reward as far as earning potential goes
Cons:
- Lacking knowledge into this industry
- Do "regular" people even make money doing this? Are all the Timothy Sykes of the world frauds?
5) Real Estate Investing (rental properties, flipping homes)
Pros:
- Passivity potential high
- High earning Potential?
Cons:
- Little/no knowledge of industry
- Start up costs high
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