Comments on: How Much Potential Does Your Business Idea Have?

By: DC @ Young Adult Money

DC @ Young Adult Money — Wed, 05 Nov 2014 02:06:19 +0000

pfjenna Excellent advice. If you keep trying to think of the “perfect” business you may never get your feet wet. Freelancing or some other business where you contract out your time can teach someone a lot about business. Definitely a good way to get your feet wet.

By: pfjenna

pfjenna — Tue, 04 Nov 2014 21:17:10 +0000

The ability to scale is certainly something to think about. I love the book “The E-Myth” for ideas about this. However, if you are a beginner just getting started in business, I think just starting something easy like freelancing is more important than worrying about the ability to scale. You can build a scalable business once you know better.

By: DC @ Young Adult Money

DC @ Young Adult Money — Tue, 04 Nov 2014 18:08:04 +0000

DonebyForty No, that’s definitely along the lines of what I was talking about. You can only manage so many rental properties, especially if it’s something you do “on the side.” If you can figure out a way to outsource the management (100% of it) and still bring in profits, that’s where you can really scale.

By: DonebyForty

DonebyForty — Tue, 04 Nov 2014 05:54:13 +0000

I know this isn’t the exact same thing you were writing about, but I started trying to apply this to our rental side hustle. Our rentals are definitely only scalable to a certain degree: after a certain point, I won’t have capacity to deal with the details and issues, and can only really ‘outsource’ so much.

By: DC @ Young Adult Money

DC @ Young Adult Money — Tue, 04 Nov 2014 04:18:20 +0000

firstqfinance I think it depends on your goal. If you just want to make some side income, it makes sense to pursue something that may not be scalable. The trade-off here is that scalable businesses come with the risk of not making money – or losing money. But I think I’m on the same page as you as far as creating something that is scalable and able to become something “bigger.”

By: firstqfinance

firstqfinance — Tue, 04 Nov 2014 03:54:19 +0000

I’ll never start a business that I have to babysit. Scalability is impossible if you have to watch each and every thing that happens. That’s why labor intensive businesses such as creating/selling crafts, etc. are likely to fail. Too much labor, too little time for expansion. Software creation is the opposite.