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So what do you do while you're not profitable?

Discussion in 'General Entrepreneur Discussion' started by Gil Kag, Mar 19, 2019.

  1. Gil Kag
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    Gil Kag PARKED

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    Hello everyone. Today I have a question for yall.
    Let's say you're currently searching for ideas, or even let's say you already have an idea or a business.
    What do you do until your business is profitable? How do you pay for rent\food\blablabla and all your basic expenses?
     
  2. Jaden Jones
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    Jaden Jones Igloo Builder Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I am currently working at a job, while building my idea in my free time. I feel like that would be a pretty common answer. Unless your idea is amazing, then you may be able to get someone to finance you while your making things happen. Tonnes of companies arent profitable for months or years.
     
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  3. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    work
     
  4. Devilery
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    Devilery Contributor

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    Part-time job, freelancing, flipping, living on savings.
    I'm personally working on freelancing. That way I am already somewhat free - still trading time, but on my own rules. I can be located wherever I wan't (as long as I make enough), I can take a day off. And.. It can be scaled!
    Take a look at your skillset, is there something you're good at, what would be worth paying for?
     
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  5. Gil Kag
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    Gil Kag PARKED

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    Would you guys recommend working at a job that is related to "your idea" so you can gain experience and knowledge? Or work at a job that isnt related at all and that you kinda hate, but then you have time to think about your idea while at your job, and also you have the motivation to quit it because it doesn't get too comfortable?
     
  6. scottmsul
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    scottmsul Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Be very careful about working at a job while starting a related business, or avoid it altogether. You can get in trouble if it's a conflict of interest, and many employers will make you sign a non-compete.
     
  7. Gil Kag
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    Gil Kag PARKED

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    What about consulting? Is it a good idea?
     
  8. Jaden Jones
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    I agree with as said above, you should be doing something completely different to avoid any issues. I wouldnt be doing any consulting either, work a job that pays the bills and gives you the time to focus on your idea. Work a job you wont be afraid to leave when your ready to jump.
     
    Gil Kag likes this.
  9. ExaltedLife
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    ExaltedLife Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    There's a "Fastlaner's Fund" where the rich guys here will pay all your expenses until you get up and running. PM one of the moderators, they'll tell you all about it
     
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  10. NMdad
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    NMdad Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Consulting/freelancing depends on your skillset. If you have skills/expertise that you can easily monetize, it can be a good route, since you can have more time freedom than with a day job.

    However, for a lot of folks, a day job might be the quickest, most-immediate path to cash--especially if you don't know how to get consulting clients.

    Whatever route you choose, pick something that'll pay your bills. Don't start a business based on "hoping" it'll pay your expenses.
     
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  11. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    I would recommend taking a job that allows you to pursue your business while keeping yourself afloat. This is often not related to your business pursuit. It's wise to be mindful of conflicts of interest between your job and your business, as others have mentioned.
     
    Laughingman21, Isaac Oh and Gil Kag like this.
  12. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Get a job that pays your bills and gives you time to work or think about your current business.
     
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  13. TomasGara
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    It's best to have some job to be able to pay for your rent, house, food, bills...etc. And then build your business during your spare time. And you will be hitting hard walls not once, but if you believe in what you do and it's a good idea - don't quit.
     
  14. Xeon
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    Xeon All Cars Kneel Before Pagani. Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Sire Bryan New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Why do I feel like this is a set up? lol
     
  16. rjrobbins2
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    rjrobbins2 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I would avoid working directly in the same business your idea is in. As others have said, it can create problems.

    With that said, you can find a job that will both teach you skills and allow you to sharpen existing skills that will be useful in your business.

    For example, working in a Call Center (yes, it sucks but it teaches you to work with people of all backgrounds) will teach you communication skills and how to deal with irate, unreasonable people. Working in retail will teach you non-verbal communication. Working in an office will teach you business structure, management, and company culture.
     

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