You are reading the FRACAT Blog Archive (also known as "FRACAT 1.0") for all posts prior to October 29th, 2007.
Making a Plan: Finding Money to Start Your Own Business
So, you say that you’re unhappy in your job. You say that it’s making you miserable, sucking the life out of you, and estranging you from your family.
All of the MLM people are calling about making $100,000 a year in your pajamas and you’re tempted, but haven’t jumped.
The thing every single MLM person says that resonates, however, is, “Why work yourself to death for someone else? Build your own long-term business and put your own kids through college!”
What are you going to do about it? How about (and I know this is shocking) preparing? And to do that, you’re going to need money to start your own business.
And I’ve discovered one of the most realistic and comprehensive “Get Your Finances Together In A Year” plan out there for you to use.
MAKING A PLAN
Earlier this year in my Entrepreneurship 101 series, I talked about finding out how much money you need to start a new business and ways to go about saving it up.
The simple reality about a new business is that it is going to take a number of months (years for some) to really get going where it is able to spin off enough money to support you. And you’re going to be very poor during those months.
Most “one man show”-type businesses don’t make this plan and it severely handicaps them if not killing them. So, you need to plan for the money that you’ll burn through while starting your own company.
Trent Hamm of The Simple Dollar has posted How To Quit Your Job In One Year: A Step By Step Guide that offers some really good advice on how to prepare.
Essential to that plan is reducing your expenses. And he has posted an index of money-saving articles that will help you do just that.
There is a ton of good information there that you should go through whether you think you need it or not.
THE STARK REALITY - AGAIN
I continue to beat up on you about being financially ready to start your own business (nobody is really ready since they have no idea what they’re in for).
What Trent has laid out above is a great way to go through every category of spending that you have and cut it some. The extra money goes not to a second Starbucks Super-Ultra-High-Caf-Goat-Foam-Swizzle-Stick Latte, but to your “living on when I’ve got no money coming in” fund.
Most people who “just can’t” cut their spending in these areas are very fond of their lifestyle. And there’s nothing wrong with that. Unless you plan on starting your own business.
If you are that attached to everything in your life, stick with working for “The Man”. It’ll finance your lifestyle and not introduce the financial stress of having your own company.
Enjoy the Search!
Dan
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Daniel R. Sweet
Chief Cook-And-Bottle-Washer / Houston & Texas Recruiter
FRACAT.com - Free Resume and Career Toolbox
LinkedIn Profile: https://www.linkedin.com/in/danielrsweet
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