If you have savings or investors, then it is possible to take the leap and quit your day job to start and build a small business.
But many women who are dreaming of building a small business have personal responsibilities that doesn’t allow them, not matter how much they want it, to give up a regular income to start a small business.
Taking the leap, quitting your day job and putting yourself into a sink or swim situation to build a small business is not for everyone. I certainly know it’s not for me, I’m far too risk adverse.
Now if you have a big chunk savings or investors, this approach is certainly a viable option. But many women who are dreaming of building a small business have personal responsibilities that doesn’t allow them, not matter how much they want it, to give up a regular income to start a small business.
The financial risk of starting a small business can stop people in their tracks. But there is still a way to start and build a small business without the financial risk.
How to build your small business from a place of abundance:
I think you might know where I’m going with this.
Keep your day job and start your small business on the side.
This means you can start and build your small business from a place of abundance rather than lack.
Keeping your day job means you can still meet your personal financial obligations while you’re starting and building your small business.
That regular job you have will support you by not only keeping you on track financially but it is also funding your future business. Having regular money coming means you can be your own angle investor and being financial stable puts you in a position where you can invest in your business such a building a website, promoting your business through paid advertising, engaging professional services like a graphic designer and participating in business courses.
Being financial stable when you build your business also means you can be selective about the work you take on, ensuring that the work you do is aligned with your overall business vision. It means you don’t have to take on clients or work out of desperation because you need the cash. Nor are you super pushy with people because you’re desperate to make a sale, pushiness and desperation will just put people off wanting to work with you.
The downside of keeping a day job:
Yes having a day job means building your business may take much longer than what you would like, but going slower with a regular income means you are increasing your chances of business success. Not having enough money to make ends meets usually results giving up on your business prematurely. And yes, you will need to make some sacrifices like reducing time spent socialising and TV time when you’re juggling a day job with building a business. But in the future when you are living your business dream, it will seem like a small sacrifice that you had to make.
As your small business starts to generate its own income, you can reduce the hours you work your day job. Sometimes people do keep the dual income streams, one from their small business and one from being a part time employee for the security of having at least one steady income source. Running a small business and working part-time is totally ok as a short and long term option, you’ve got to do whatever works best for you.
Sometimes what can happen though is you end up getting very negative and resenting your day job. The negative self talk may sound something like “this is such a waste of my time” or “why am I doing this when it has nothing to do with what I want to do with my business”.
A tip to stay positive while you build your small business:
It’s important to remain positive about your day job, it is after all helping you transition into small business ownership. Whenever you catch yourself spiralling into negative self talk, stop and say something positive to yourself instead such as “this job is providing me with financial security while I’m pursing my business dream” or you can get more specific such as “this job is paying for my new website”.
Starting and building your small business on the side of day job ensures you stay positive about money and it reduces a whole lot of financial stress while you work toward building the business of your dreams.