Do you have big goals and plans in your life to start your own business? Are you making sure to take all the steps necessary to help ensure you are prepared? Maybe you’re enrolled in the masters in business administration online program through Rutgers Online in order to learn the basics and get you started. So you’ve got the determination, the drive, and the education, now the big question is how long will it take for your home business to be profitable once you start it.
A Timeframe Is Difficult to Set
The problem with the question of how long it will take to be profitable is that there are so many variables involved that there is no conclusive answer. There’s also the fact that different businesses and different owners classify “profitable” in different ways. In general, it is suggested that the first year is never profitable, and if you do happen to make a profit it should be invested back into the business. What this also means is that you can’t expect to draw a salary the first year.
Again, in general terms, the second year is when many companies tend to see a turnaround and can start to draw a salary. You should be prepared that the salary may not be much, but there should be some profit at this point.
If you’re wondering how long it will take to start making the big bucks, you really need to prepare yourself to be in it for the long haul. The fact of the matter is that owning your own business is risky, and not many people can boast overnight success stories. For those businesses that are extremely successful, in most cases, it involved a lot of hard work, dedication, and sacrifice over a number of years.
Look into Supplemental Income
Just because the odds of your company being an overnight success aren’t high, doesn’t mean you shouldn’t go for it. Entrepreneurs are vital to today’s business make-up and they should feel encouraged to follow their dreams. At the same time, you will need money to survive and cover your basic living expenses.
A good idea may be to look into supplemental income. Supplemental income means you have another job or source of revenue outside of your home business. It may be a part-time job out of the house, or it may be online freelance work or even consulting. You can use this income to fund things such as your housing costs, transportation, and food. Once your business starts to become profitable, you can then focus on it and not continue with your side jobs.
Find a Way to Continue Your Dream
Setting out to open your own business is an exciting and well-respected career choice. Your online MBA degree will provide you with the knowledge you need, and your own determination and drive can carry you the rest of the way. The key is not to feel discouraged if it takes a bit of time to be profitable. This doesn’t mean give up on your dream. Instead, let it motivate you to work that much harder and show that much more passion.
