A recent article in The New York Times offers what the author admits is “an unscientific survey of five business owners” to find out how they’re faring in these tough times.
What struck me in the Times article was that two of the five business owners relied on extra income streams outside of their primary business. I’m no math major, but even I can figure out that’s 40% – a pretty high number.
One business owner, an exterminator who says he made $84,000 last year from that business, supplemented his income with $178,000 he earned by shorting stocks. He checks the stock market from his truck in between visits to pest-infested homes.
Another business owner, a contractor, boosts his income through two rental properties. He’s also working on a side business coaching judo.
On one hand, entrepreneurs tend to see business opportunities everywhere they look, and it’s great to capitalize on them when they arise. That’s an entrepreneur’s specialty, no doubt. But how many small-business owners these days are forced to rely on a second – or third – income to live comfortably? Can you build your business when you’re distracted by other projects?
Photo by Hilda67.