How Can I Minimize Risk Before Pouring My Life Savings Into A Business Idea?
Some business thought leaders will tell you that you have to take extreme risks when starting up your business. They may tell you to go get yourself loans, quit your job right away, or purchase everything you need RIGHT NOW.
But what if you don’t have an immediate investor?
What if you are working a job to fund your business?
What if loans aren’t an option for you?
You can still start your business.
NEVER let a lack of capital stop you from jump starting your business.
One thing you can do right now is budget your own personal finances. That’s when I saw the most growth in my business. When I was grinding it out in building my business, I ignored my own finances, at first. It’s not that I was in a bad situation financially, but I had no clue what I was spending for myself and then for the business. I wasn’t keeping up with receipts. I had no organization in place. Guess what? My business finances reflected that too!
Your personal finances will determine the path of your business finances. If you don’t check the statements, balance the accounts, or make the payments, then you are not giving your business a fair chance to survive and thrive. What you focus on grows exponentially. If you pay attention to what’s going on in your own finances, you will start to see opportunities for abundance to flow. It can light fire under you to create other streams of income to fund your business too. Those numbers aren’t there to scare you, as money is just energy. When you run from your finances, you are running from monetary blessings. Face your ABUNDANCE.
Another thing you can do is cut down on costs for your business functions. If you are in the online world, then you are already down a lot in costs. You don’t have to find a location, but maybe you have to outsource some tasks like building your website or running your social media platforms. Remember, you get to determine how much you pay for certain things, so don’t feel obligated to put out thousands of dollars up front for the things that don’t matter. Your online business might need stellar photos, a website, a scheduling and payment system. This can all be down to about $100 per month, if even that! Only pay out the things that make your business function easier and have a DIRECT IMPACT on your money flow.
If you have a brick and mortar business, you may not need a website right away. Who knows? You could go without Cable or a huge staff for right now. This doesn’t mean that you won’t add those things on later, just think of PRIORITIES first.
The last and most important thing is that you build your clientele list before you make major purchases. If you don’t have a client avatar (i.e. the people you specifically serve), then you might not want to invest fully into your business. Knowing who you serve and do not serve will save you thousands of dollars up front. Once you have clarity on the services and products you provide, you can magnetically attract the right people to your business. Before you make a large investment, have the amount of customers that could cover that cost in the long term. So if you just have 1 client for a brick and mortar business, it is probably best for you just to serve them in a public facility or in their homes until you get to the next level.
There are many things you can do until you get your finances in order to build the business of your dreams. The money will fall into your lap if you just take the leap and start. Before you know it, your business will have grown so much that you’ll wonder why you didn’t start sooner!