Everyone wants to be the Captain of their own destiny. Why else would you want to start your own business? But there are caveats about starting your business. I could have titled this “Finding Your Pain Threshold” because starting your own business can be very uncomfortable at times. Having your own business gives you a lot of freedom while at the same time you are a slave to it. The fact is, it is yours and you are in the driver’s seat. The time you put into your business is generally indicative of the success of your business.
Unless you come into your business with a lot of money behind you, money is going to always be a factor in your decision making. This reminds me of a joke from the winery business and could easily apply to owning a distillery.
Q-How do you make a small fortune in the winery business?
A-Start with a large fortune.
So if you haven’t just sold your 1950’s beachfront bungalow in Southern California, received a golden parachute retirement, won the lottery or sold some of your IPO Microsoft or Google stock you will need to have some sort of cash flow. I guess this is a long way of saying, “Don’t quit your day job!” Your day job is what’s going to keep the new business afloat and allow you to eat. This means, of course, that you will be doing double duty, work your job and work your business. It is also a new way to look at the job you want to leave. Instead of being “stuck” in the job it is what is going to allow you to flourish in your new endeavor. In time you will be able to transition to your business.
Now saying this, I realize I am telling you to play it safe. You could quit your job, work your butt off and make things work or get a bunch of investors. I guess it’s up to you to evaluate your situation and make the call.
As a new business owner you will work longer and harder for less money than you ever thought possible and you will love it, because it is yours.