Sure, it's possible to make some beer money. It's even possible to start a profitable business...like an actual incorporated business. But you need to understand that it's not very likely, and you need to understand this before you put yourself (and possibly your family) in dire financial straits.
Here are just a few questions to consider before jumping off the deep end:
- Will you be a sole proprietor? Or incorporate?
- What business idea can you run with realistically?
- What business model will be most appropriate?
- What are the costs associated with starting up?
- What equipment will you need to start up and operate?
- What are the costs associated with operation?
- What special licenses and permits do you need? If any?
- Who will pay for all of this? And how?
- Will you need to tap into your retirement accounts? Beg family? Friends? Investors? Or foot the bill yourself?
- What will be your MVP - minimum viable product?
- How will you acquire customers?
- What is your brand?
- What is your USP - unique selling proposition?
- How will you build brand awareness?
- How will you deal with industry disruptions? (ie. AdBlocker)
Making beer money or being a sole proprietor is one thing...incorporating is a different monster altogether...and not as glamorous as most people think it is. But that's the difference between a real business and just freelancing. The whole "online business" thing is a farce. Business is business. Cut and dry.
Run the numbers and be brutally honest..the numbers won't lie. If you don't, just remember that you're only hurting yourself. ::drops mic::