Desperation is a powerful motive for many things that need immediate, instant action. When you’re chased by a bear, you’ll run faster than you ever have before – to save your life.
But when it comes to doing more sustained things – like building your business – the short-term motivation simply isn’t enough to sustain the energy and enthusiasm you’ll need to survive and thrive.
Ensure You Have Cash Flow
I was on the phone recently with a student. He had been working on his new home-based business for five months, but had made no money at all. “I need to have some cash coming in. What can I do?” he asked.
“Get a job” I replied. And it was not a joke!
Setting up an online business can take time, sometimes even years. And while there is definitely great potential for making a fortune over time, you’ll also have to be prepared for periods when cash is tight.
Save Up – Then Set Sail
If you’re in a job, and want to launch your own business, do some thinking before you fire your boss and quit. Unless you have cash reserves to meet your household expenses, you might want to start saving money out of your income – while at the same time work on your own business part-time, after work.
Once you have a cushion to support you through the start up period, you can resign from your job to focus all your attention on your business and get it going faster.
Creating Cash Pumps
Sometimes you may have to take a staged approach to your business. First, create steady income streams that meet your cash flow needs, even if they aren’t directly linked to your business.
Then, invest the profit from those cash streams into creating your dream business – and reap rich rewards. This way, your information business will be up and running without placing much financial strain on you and your dependents.