I’m always attracted to the idea of standing on your own two feet and running a business where your compensation is directly in sync with your productivity, and the only person your beholden to is your customers. I’ve tried starting a fair sized venture (a software company that I devoted myself to full-time for about 2 years, and part time for about 4 years) which unfortunately never reached the point where it was even possible to support myself on.
Thoughts are constantly bouncing around in my head about how to escape the 9-5 grind and live the lifestyle of an entrepreneur. I’m honestly not after a “get-rich-quick” scheme, but would rather just live life on my own terms and be able to do what I think is best/right instead of being told what to do by someone else.
Real estate investing has worked out well along these lines, however my approach seems to be quite capital intensive (especially in Toronto right now, the rent:price ratio just doesn’t work out very well for land lording). I would need quite a bit of cash to buy enough property to make even a meager living on (although as time went on I suspect my standard of living would shoot up).
I came across an interesting list of 20 things NOT to do when starting a small business. It prompted a bit of a debate in the comments. I think I agree with the original post, that for a small start-up business, keeping costs at the absolute minimum is a good idea while you test whether your business actually works or not. I think that might have been part of my problem, I kept rolling along with my business and didn’t test whether I was on the right track (and make corrections) enough.