Three costs to consider when starting a business
- Out of pocket costs. In addition to business expenses, your salary, benefits, and other perks you’re currently receiving at your company and would lose if you were to quit and start a business.
- Time. If you come home from your day job, continue to work on your side business and hustle hard on the weekends, it’s costing you the time you could be spending with your loved ones.
- Opportunity cost. Quite possibly the most expensive of the three. What is it costing you to not start a business? Could be nothing, could be a lot.
What, if anything, are you willing to sacrifice?