Just started a business “on the side” or as a hobby and not sure where it is heading or whether you should continue? Continue! Your passion is certainly there. It may just grow into your main source of income or your life long dream business!
Warrillow & Co. published interesting data in their latest newsletter. They found that around 29% of small business start that way.
From their analysis we can also learn that it does not happen overnight. But it may not be that long of a wait. for most of these businesses 1-3 years is what it takes.
So go for it and dont give up. Your dream business might be on its way.
And thats why so many fail! I agree with the current thinking (depending what sector youre in) of launch and learn but start ups have to understand whether they are making a reckless or a responsive decision.
Business planning, or large documents, stating your intentions over the next 3 years are not required, but a sneaky peak at how you are going to create a reputation and credibility might be a starting point. Then, at least, you can go and sell it.