How long can a new business take to be independently stable and make profits without too much hustle?
For instance an online business where you buy and sell products online. Is there a way to measure your income?
As a director/founder of a marketing agency - it is never easy; it takes a lot from you to run a successful business. I feel that sometimes there are just no boundaries for my time. I could work any hour of the day, and I still feel it's not enough.
Obviously, every business is different; some can take off within a very short period. But if you ask a general opinion, I would say it takes about 1-2 years until your business should be profitable and on the 3rd year I would expect to start making a decent profit. As the first three years, you should be looking at making a perfection out of your business formula, that is hiring the right people, polishing your products and gain more clients to get stable. I have spent every penny in the first three years into my business.
Hope this helps!
I haven't heard of a business where it made profits without the hustle/hassle. It all has a cost. The cost can be financial, experience, time, and/or reputation. There are a ton of factors to consider to answer your question, and it would definitely all boil down to you as a person. If you are good in sales and reputable in any way, it can help you create a new business and make profits faster, but not without the hassle. If you have experience in creating, owning, and/or managing a business, it will help you achieve that goal easier and faster.
Owning a franchise can be a solution. Owning a franchise doesn't guarantee a hassle free business, but good franchises would have done the heavy lifting for you.
Online business and a physical business is not quite the same. Online businesses also require some capitol insert, yet, they seem to require a lot more time to get them stable, independent and profitable. Measuring your income should not be that hard to do. Just as with any business, you need to keep track of any purchases, expenses and all sales.
Generally, a business takes anything from a year to two to truly get settled and stabile. However, I have seen online businesses with enough marketing and exposure settle within six months to a year. Online businesses mainly depend on your marketing methods, campaigns and exposure, as well as your products or services.
What business is it, if I may ask?