The Cost Of Starting A Business, The Risks, & Examples [Created 3/22/19]

This may end up being the most important entry I’ve created on this website. If you’re curious about starting a business stick around. I’m about to reveal some of the downsides of it and what to expect. Most of the time when someone online speaks about starting a business they’re trying to sell a product. This isn’t bad per say but because of the nature of sells it’s harder to find certain types of information, mainly negative or the potential risk, which could skew the reality of the situation. That’s just the nature of sells.

That being said what are some of the risks of starting a business? Are you ready for “the truth, the whole truth, and nothing but the truth?” Ok, here we go.

First of all let me say all businesses are different. You may or may not experience the same time frame or results as the examples I list. These examples are just to give the average person a realistic idea of what to expect in general when starting a business. Let me be the first to tell you no matter what anyone says you’re not going to make buckets of cash over night. Based on my experience anyone who tells you this is lying.

Example 1:
My business, this website, Raxxmorz

Created: 2 months ago
Month #1: In the red
Month #2: In the red (This means I haven’t made any money)

Average time spent:
On average I spend about 1 hour a day on my business. That includes but is not limited to research, creating content, and brainstorming.

Total time spent: About 60 hours
*Note based on my experience when someone starts a business they can expect little to no return in the beginning. How much time and effort required differ from person to person and business to business. In my opinion at first it’s better to focus on operations and raising awareness about your business in the beginning.

*Side note: Considering the amount of time I’ve spent I don’t think I’m in a bad position so don’t pity me. Instead of that use this information to your advantage. The point of me revealing this info is help people and give them an idea of what to expect when starting a business.

The risk of starting a business: Potential total failure
Be aware if you start a business there’s no guarantee you will succeed. Starting a business is high risk, high reward. This is why many people when they give advice about starting a business they say to make your hobby your business. For one you’re more likely to spend more time on it even if you’re not making money. Two if the business fails at least you were doing something you enjoy. It’s not a total waste and you’re probably going to keep doing your hobby anyway.

What’s the most important trait I need when starting a business? I think it’s consistency. Don’t give up. It may take a while but eventually you’ll most likely win.

If I’m not making money in the beginning what can I do to change this? I’m trying to figure this out myself but one of the things I do is set goals for myself. For example at the moment my main objective is to gain followers. To be honest I’m doing better than I expected. When I started I came in with the mentality of expecting the worst but hoping for the best. I can’t tell you if this is the best mindset to have. I can only tell you my experience.

I’ll keep this article updated. As time passes I’ll add more. If I fail at least you’ll learn what not to do.