Think Before Delving into a Side Business

Think Before Delving into a Side Business | Harlan Levine

{2 minutes to read} In addition to their core businesses, many entrepreneurs delve into side ventures. The reasons for doing so vary as much as the individuals themselves and include:

  • A means of supplementing one’s income;
  • Boredom, after several years in their core business;
  • Diversification to mitigate risk; and
  • The desire to keep up with others and maintain status in their community – often a “grass is greener” mentality.
In many cases, increased regulations have taken the fun and financial “gravy” out of their current businesses. The cost of compliance has become so burdensome that entrepreneurs begin to wonder why they are working so hard without the upside they envisioned would make it all worthwhile.

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