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Hi,
the last couple of weeks I worked on a new business idea. It is nothing revolutionary new or something, just a physical product, where I made some value skews.
Unfortunately I had a thinking error, that caused me to think, that I need much less money than is actually needed.
I identifyed this error yesterday and now I don't quite know, what to do.
After going through the numbers againg, I came to the conclusion, that I need at least 20k or better 30k+, to really get the business going (20k is more than double of what I planned in the first place, and also more, than I currently have). Most of the money would go into the production of the products. I guess that I could lower those numbers, when I negotiate with producers about the MOQ, but I am not sure, if the producers would do that, so I am calculating with the worst case numbers.
The big question now is, what to do to make this amount of money.
I am working in a day job for 40 hours a week and have a small child, so I don't have that much free time. Also saving money from the day job to fund the idea would take way to long.
At the moment I am thinking of starting a small, cheaper business that would hopefully fund this idea or I could start freelancing.
I don't know what the better option is. By starting a small company to fund the other I would learn a lot, that I could then use in the new company. One the other hand, I feel like it would take longer to start a business to fund the idea than it would take to start freelancing. But than again, I don't really know, as I have never freelanced before.
the last couple of weeks I worked on a new business idea. It is nothing revolutionary new or something, just a physical product, where I made some value skews.
Unfortunately I had a thinking error, that caused me to think, that I need much less money than is actually needed.
I identifyed this error yesterday and now I don't quite know, what to do.
After going through the numbers againg, I came to the conclusion, that I need at least 20k or better 30k+, to really get the business going (20k is more than double of what I planned in the first place, and also more, than I currently have). Most of the money would go into the production of the products. I guess that I could lower those numbers, when I negotiate with producers about the MOQ, but I am not sure, if the producers would do that, so I am calculating with the worst case numbers.
The big question now is, what to do to make this amount of money.
I am working in a day job for 40 hours a week and have a small child, so I don't have that much free time. Also saving money from the day job to fund the idea would take way to long.
At the moment I am thinking of starting a small, cheaper business that would hopefully fund this idea or I could start freelancing.
I don't know what the better option is. By starting a small company to fund the other I would learn a lot, that I could then use in the new company. One the other hand, I feel like it would take longer to start a business to fund the idea than it would take to start freelancing. But than again, I don't really know, as I have never freelanced before.
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