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Thinking of starting a business?

When trying to replace income with a new business, what is the best way to keep yourself from falling into desperation mode?

Focus, Preparation & Mindset!

Focus! What is the actual goal and purpose of your new business? Have you taken the time to write out a plan for yourself so you have a blue print to follow? What is your core mission? What makes you so great? What are your strengths, weaknesses, opportunities and threats? When you're a new excited, ambitious business owner its way to easy to get distracted and lose focus. When you write these things down it helps to keep you FOCUSED and on track. Your goals and objectives will inevitably be changing as you grow, but they act as a good guide. NOTHING in business is set in stone. Be prepared to pivot, change the game and overcome road bumps.

As an entrepreneur it’s easy to get distracted and throw money at things that might not really help get you to where you want to be. You need to remember to protect not only your time but mission ferociously. Keep the confidence that what you’re doing has good cause and will be profitable. Often, it’s helpful to have an advisor and mentor to keep you on track.

Preparation! Its critical to really understand your expenses and the amount you will need for the first year of running your biz. This goes for your household needs AND the business. This way you know what your risk tolerance is and how long you can live off your savings without taking an income. If you know what it will take to pay for your living expenses for a year, you can save that money up prior to starting your own gig, or transitioning into business on your own full time.

Take into consideration how much business will cost you year one. This should also be saved, or have funding secured... if possible. Think about startup expenses such as office supplies, software, CRM management, insurances, marketing. Will you need employees or brick and mortar space? The more you prepare and know the numbers the less stressful it will be when you don’t have an income coming in for a period. This will help you to not freak out if business is in the red the first year or two- which is normal! Its ok and the money comes, if you are confident and love what you’re doing- to the level of obsession. You need to be consistent, strategic and always self-evaluate.

Mindset! Let's be real, being an entrepreneur is not for the faint of heart. Its hard, it will challenge you emotionally and put you through roller coasters you won’t understand until you're through the trenches. The good news is it is TOTALLY WORTH THE EFFORT. Speaking from experience, nothing is more rewarding than living out your dream and doing what you're put on this earth to do. Living your purpose will fill your heart and force you to spring out of bed in the morning. Mindset will be everything. Positive mindset and having endurance will separate you from failure to greatness.

Ask for help, hire experts and never give up. No one rises to the top alone. You need to build your tribe. You'll want a support system and the right people to lean on. If you have questions, need help with the numbers, and planning out the finances, WE ARE HERE to help you.

-Nicholle Overkamp       

Securities, investment advisory and financial planning services offered through qualified registered representatives of MML Investors Services, LLC Member SIPC ( 300 Corporate Parkway, Suite 216N Amherst, NY 14226. 716-852-1321. Wilcox Financial is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies. CRN202008-233909