Every business will have periods of financial pressure. Trying to support yourself through your business before it has regular and consistent income can be a recipe for trouble.
You started a business because you have a passion for either what you do or what you want it to achieve.
A business is a long term commitment. It won’t be established overnight (unless you’re a genius!!) and it will come with a lot of hard work, perseverance, sweat, blood and tears!
But it’s worth it…if you manage to keep your balance right and keep enjoying what you do as you go along.
Some people dive straight into a business venture, solely relying on what they can produce. Others might work full time or part time and build up their business on the side.
There is no right or wrong answer, but rather what works best for you? If it doesn’t produce enough income and becomes a financial burden you will find it hard to enjoy what you are doing. No one wants to live under the constant pressure of finance!
A business can ultimately free up your time and release more finance, but that usually is the outcome of years of hard work rather than overnight success and fame.
If you’re stressed month after month because your business isn’t yet producing enough income then it’s time to evaluate your options. Don’t let the situation drag out to the point where you may be tempted to give up your business altogether.
Find a solution, because it may be a case of you do have the skills, you do have a great business idea but it will take a while longer before you see the fruit of your labour!
Some questions to ask yourself:
Is the financial pressure I’m under temporary or has it become the new norm?
Is this financial pressure causing stress for my partner or family, beyond what we are able to bear?
Is this financial pressure, causing me to lose sleep, be anxious and lose my peace?
Any business will have financial pressure. The difference is when it becomes the new norm and not specific for a growing business going through different growth seasons.
Another factor is how much pressure you’re able to bear, as well as how it impacts on a partner or family.
What are some practical things you could do:
Get a full time or part time job to alleviate the financial pressure while you continue to build your business on the side. When it’s beginning to produce consistent income then transition into it full time.
If both you and your partner are solely relying on the business for income, one of you could get a full time or part time job to bring in some regular income while the other continues to build the business. Again, transitioning back into the business once the income can support your needs.
Get help! Maybe you struggle to budget or manage your finances properly. Find a professional to help plug in the gaps.
Running a business well is rewarding. Running a business that is continually under financial strain will suck the life out of you and the joy of why you wanted to start it and affect all the relationships around you!
Find the problem, get help fixing it and keep enjoying what you do.