This is the first in a series of posts identifying some of the fears of
business ownership and outlining ways you can conquer them.
Regardless how prepared you are, starting a business is scary. There are so many things to think (and worry) about, and it can be completely overwhelming. But does that mean you shouldn't go for it? Of course not. You just need to be prepared to tackle your fears.
One of the biggest fears of entrepreneurship is the worry that you won't make enough money. This is a biggie...and unfortunately, there aren't any guarantees. It can be very difficult to anticipate if (and when) you will make enough to provide for your family, purchase health insurance if needed, pay your mortgage and other bills, and support your quality of life.
Since there are so many unknowns, one way you can overcome the fear is by putting enough money aside to cover your expenses for at least a year, two if possible, before starting the business full-time. This will give you a bit of a buffer if profits are slow coming in, and it will also give you time to start a plan B if you need to supplement your income.
While you're saving up, you may consider keeping your full-time job and starting your business on the side, focusing on it during nights and weekends. While this can be stressful because it means you will be working all the time, it gives you time to get your feet wet with business ownership while you still have the security of a steady paycheck. Then you can wait until you have a client base in place and confidence in your business to take the jump to full-time.
The key is knowing how much you need to make and devising a plan well in advance for meeting those needs. A budget is a must-have tool for doing this successfully.
How did you handle the fear of not making enough money when you started your business?
Image credit: TALUDA