Q I’ve decided to leave my job, which I hate, and have a go at being self-employed doing what I love. I know it’s a big risk but if I don’t go for it I’ll always wonder ‘what if’.
My question is this – I’m usually so bad with money and I’m always broke and in debt. How can I make sure that this doesn’t get in the way of my business doing well?
A I’m a psychotherapist not a business advisor, but the part of your question that relates to me is your comment about always being broke and in debt. I am wondering why that is the case, and how you have created that situation for yourself. What purpose might it serve?
(You may not be consciously aware of the answer to that question; but there will be a reason for your situation… and when you understand that you will then be in a better position to answer your own question about how this will affect you in your business venture.)
Ask yourself…’I think of money as…..’ and keep filling in the blanks until you reveal your own ‘relationship’ with money – which probably comes from your childhood and family beliefs.
On to practical matters – you are wise to consider the matter of finances for your business upfront.
Having set up a business myself I’ve found out that things have taken much longer to set up and at a much greater cost than I had ever imagined.
Are you able and prepared to be without income or with very little income until your business takes off?
I realise that you hate your job, and I now how horrible that feels, but I urge you to give your business the best chance of success by getting the foundations in place.
If you really can’t stand your job (or have already left) then I also urge you to find something else as a stop-gap that will pay your bills (which you will also need to simplify and streamline and reduce as much as possible).
Will you need a loan or overdraft to get started, or can you replace what that money would buy with your own time and effort? It’s a trade off.
If you do you need money to start up, then how much (allowing for unforeseen extras) and where will you get this from?
If you are wanting help from a bank then expect to have to prepare a detailed cash forecast – it’s like having to prove that you don’t actually need the money from them!
Who is your target customer and how will you let them know who you are, what you offer and why they should buy from you?
How will you deal with the ongoing cashflow and finances of your business. Do you have free help or might you need to hire a freelance book-keeper?
How will you find any help you need? Are you aware of websites that offer ‘outsourcing’ of tasks that you either can’t or don’t want to have to do yourself?
There are many questions to ask yourself – and many that you’re probably not even aware of too.
Please remember that it’s not just the adult in you who will be in business – your inner child will too! That can work either for or against you!
It’s as well to be sure of your motives – the ‘why’ you want to do it… as this will encourage you to keep going when things get tough (as they may well do).
It’s not all doom and gloom of course! Many people have made a success out of being in business (despite 95% failing within the first five years!)
Please do your research, have a back up plan, find the help and support you need (and much of that is free)…and then… and only then …go for it!
If you want some help with the ‘YOU’ in your business I can (of course) recommend my online course called ‘How To Sort Out Your Business Brain – without coaching’ which you can buy from my website www.maxineharley.com…
as a special gift to you…if you put the promotion code TENOFF in the checkout you’ll get £10 off the course reducing it to only £27…which is a small yet huge investment in your future business success!
Let me know how you get on 🙂
Maxine Harley (MSc Psychotherapy)
www.maxineharley.com Where you will find FREE e-booklets and other free resources designed to help and inform you on your journey of self-knowledge and development. Self improvement is the vital key to business success!