Can You Survive for 2-3 Years Without Making a Penny?
Here is today’s tip on starting your own business. If you’re considering starting your own business, do not give up your main source of income until you can survive for 2-3 years at, as close to your current standard of living as possible, even if your new business does not make a single cent.
It is important that you take the stress of HAVING to make money from your new venture, out of the equation, so you can have the freedom to try different things to find out what works and what doesn’t.
Remember, new businesses RARELY (if ever) get it right first crack out of the box.
Like growing anything, it needs the right environmental conditions to grow. Stress over money, unrealistic time expectations to see the results of your ideas and efforts, and wishful thinking that things will just magically “work out” is a formula for disaster and disappointment.
This may mean waiting until you find the proper investors, not quitting your “day job” and doing both for awhile, taking out a business loan, or simply waiting until you’ve saved enough capitol yourself to meet the 2-3 year survival safety net requisite.