If you love working with people and you’re a natural problem-solver, starting an estate business might be the perfect opportunity for you. As the baby boomer generation continues to age, the demand for estate planning services and related businesses is on the rise.
In fact, from 2010 to 2020, the demand for these services is projected to grow by more than 20%. However, it’s not as simple as just saying “yes” and diving right in. When launching any business, there are numerous factors to consider first – both pros and cons.
To help you become better informed about your decision, we’ve outlined some pros and cons of starting an estate business as a side gig or potential career:
What Are The Benefits Of Starting An Estate Business?
If you’re currently working a full-time job and have a family at home to support, one of the biggest benefits of starting an estate business is flexibility. Since you’re offering a service, you can set your hours to work around your family’s needs or your current financial goals.
Some Other Benefits To Starting An Estate Business Include:
Growing Your Own Business
The majority of entrepreneurs say that they love starting their own businesses because they get to “call the shots” and dictate the future of their businesses. If you’re someone who thrives in a fast-paced business environment, working for yourself could be the perfect fit for you.
Discovering A Hidden Talent
If you’ve always been curious about starting an estate business, this could be the perfect opportunity to find out if you’re cut out for the industry.
Earning Revenue From Your Skillset
If you have a background in law, accounting, marketing, or another related field, starting an estate business could allow you to use your skills for good and help people at the same time.
Increasing Your Chances At Promotion
Since you’re working for yourself, you have the opportunity to grow your business as quickly as possible. This could lead to a promotion at your full-time job or even a new job opportunity in the future.
Finding A Side Hustle
If you have extra time on your hands, starting an estate business as a side hustle could help you earn some extra cash on the side.
Drawbacks Of Starting An Estate Business
Since the estate business industry is highly competitive, you could face some challenges along the way. Some drawbacks to starting an estate business include:
- Finding clients: This is the first step in starting any business. Establishing a name for yourself and getting your services out there is crucial to growing a sustainable business. This may take time, energy, and money to achieve.
- Finding a location: If you decide to open your own storefront, you’ll need to select a location that’s both accessible to clients and meets your business needs. This may require you to relocate to a new city in order to find the perfect location.
- Investing in inventory and equipment: If you decide to open a storefront, you’ll need to invest in inventory and equipment to get started. This could come with a hefty price tag that may require you to take out a loan.
Starting An Estate Agency As A Side Gig
If you’re not quite ready to commit to a full-time estate business, you may want to consider starting an estate agency as a side gig. This gives you the opportunity to test the waters and see if the industry is right for you before taking the leap into full-time entrepreneurship.
You could also start an estate agency as a side gig if you’re already working full-time and have the desire to supplement your income. To start, you could offer your services on sites like Craigslist, Thumbtack, or Upwork. You could also look into joining a network of home-based agents to expand your reach.
Launching An Estate Agency As A Full-Time Career
If you’re ready to jump into entrepreneurship head first, there are a few things to consider before launching an estate agency. You’ll need to find a niche and create a business strategy around it.
Every industry has its own set of challenges, so finding a niche that aligns with your strengths and interests can help you avoid some of the pitfalls that come with starting any business. Next, you’ll want to decide whether or not you want to open a storefront or work from home.
Generally, this decision is based on your budget, personal goals, and expertise. After you’ve selected the type of estate agency you’d like to start, you’ll need to obtain the proper licensing. Depending on where you plan to operate your business, you may need to obtain a state or county license.
You may also need to become incorporated or sign a partnership agreement with others in the business. Before you officially launch your estate agency, you may also want to build a website to help attract potential customers, advertise your business, and build your brand.
If you’re looking to become a problem-solver and help people plan for their futures, starting an estate business could be the right fit for you. This industry is expected to grow in the coming years, providing you with ample opportunity to grow your business and earn a sustainable income. Before you dive in, be sure to consider all the pros and cons of starting an estate business so you can make an informed decision.