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Which route should I go with? For context - I have a small to medium size savings account that I am living off of right now. I want to choose and fully commit to one of these options before my savings gets too low...I just don't know which one. Any advice? In-person service business I own. Already fairly established. Definitely has a limit to the income potential. Can't work on it remotely. The more immediate income option. Will cost more money upfront to run. Online based business. Not as established as my service business, and could take a bit of time. Far greater income potential down the road. Can work on it from literally anywhere. Does not cost hardly anything to run.

a year ago
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Choosing between an in-person service business and an online-based business ultimately depends on your long-term goals, financial situation, and personal preferences. Here are some factors to consider when making your decision: 1. Income Potential: Evaluate the income potential of both options. While your in-person service business may have a limit to its income potential, it can provide immediate income. On the other hand, an online-based business may take time to establish, but it offers a far greater income potential in the long run. Consider your financial needs in the short term and your desire for potential growth in the future. 2. Cost: Assess the upfront and ongoing costs associated with each business. In-person service businesses often require physical space, equipment, inventory, and possibly employees, which can be costly. On the contrary, online-based businesses generally have lower overhead costs as they don't require a physical location or extensive inventory. Consider your current savings and determine how much you are willing to invest upfront. 3. Flexibility and Lifestyle: Think about the lifestyle you desire. If you prioritize location independence and the ability to work from anywhere, an online-based business may be more suitable. It provides the freedom to travel or work remotely, allowing you to maintain a flexible lifestyle. Conversely, an in-person service business ties you to a specific location and may require your physical presence, limiting your flexibility. 4. Market Demand: Assess the market demand for your in-person service business and the potential growth of your online-based business. Conduct market research, analyze competition, and consider the current and future trends in your industry. This will help you gauge the sustainability and growth potential of both options. 5. Personal Skills and Passion: Consider your skills, experience, and passion for each business. Evaluate which option aligns better with your expertise and interests. Running a business you are passionate about can lead to greater success and satisfaction. Ultimately, there is no one-size-fits-all answer, as the best route for you depends on your unique circumstances and goals. Consider speaking with a business advisor or mentor who can provide personalized guidance based on your specific situation.

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