The Thing About Money
by Case Lane
One of the number one reasons aspiring entrepreneurs say they cannot start a business is because they don’t have enough money.
This thing about money is a top three excuse for not getting started. Yet 10 times out of 10, the aspiring entrepreneur who makes that statement does not know how much it would cost to bring their business idea to the global marketplace.
And 10 times out of 10 the wantrepreneur does not know how much money is actually available to them, if they were actively looking for it.
Instead, people with business ideas in their head are taking themselves out of the game before it has even started. And by putting money ahead of action, aspiring entrepreneurs are losing the life dream of running their own business.
To avoid this trip, entrepreneurs need to change their attitude about identifying startup money.
Eliminate the mental restraints
In societies that do not talk about money, many people have mental restraints around the subject. The most basic one being: don’t talk about money.
There are many reasons why people do not talk about money, but this article will purposefully ignore that history to focus on the topic.
Money is a thing of value. We use it to exchange for other things of value we want or need. It is important to our lives, it makes things run smoother, and we could always use a bit more.
Talk About Money
To start changing the rules, be willing to talk about money. And to talk about it in specifics.
As an aspiring entrepreneur with a business idea, you want to be able to state exactly how much money you will need to start your business. Not ramp-up, grow for global markets, or hire staff – but just to start.
You have decided to participate in the global economy as an entrepreneur because you have a business idea in your head, and you believe you can add value to the global marketplace. You may be a little uncertain about what being an entrepreneur means so you’ve read books and articles, and watched videos and documentaries about successful entrepreneurs.
You’ve begun to develop a mental picture of what you will need to do to join those people on the road to success.
You are ready to launch your business. What do you need to do first?
This is the point when you begin to calculate – literally – what you will need to start your business.
Start with Resources You Can See
Some of you will say – zero beyond the value of your own time.
Some businesses, specifically online businesses, can be started with no money and use free resources.
Or you may have a service to offer that you promote through social media. Sometimes you can start your business with nothing and that’s how you get going.
Others may be thinking about a brick&mortar business, like a storefront, that requires a lot more upfront capital. But how much more? You still have to figure it out.
You have to know how much money you will actually need.
The thing about money is that it’s ubiquitous, it’s always around. And the best way to get your hands on it is to make sure you are prepared when the time comes to build the business.
Of course money is important, and we all want more than we could spend in a lifetime so that we can live as comfortably as possible, and do whatever we want to do. And of course having a pile of money that lets you start any business you can dream of would be fabulous because you could experiment and play around and see what works for you.
But if that’s not an option for you, there is still no reason to believe you will not have the resources to start your business when you’re ready to start. Because you can start with the resources you have around you. But you don’t know what those resources are until you do your research, and understand the actual cost of starting your business.
If you just keep saying you don’t have the money and therefore you cannot start a business, you’ll get nowhere.
Focus on getting the business started. Learn about the resources you need to make your idea happen. Stay committed to bringing your business idea to fruition.
Successful entrepreneurs know how to pull resources together when needed, and how to utilize resources to their advantage. And you can do the same thing.
Avoid all Excuses
Negative money thinking is an excuse not to get started, which could be hiding your real fear about taking a risk and putting yourself out there as an entrepreneur, when you could always do the 9-to-5 like so many others.
Hiding behind the money excuse as a way to stop you from getting started only limits your life. If you are dreaming about lifestyle freedom, the ability to control your own schedule, and run your professional life as you see fit – then you want to get your business going. You think like an entrepreneur and want to put into reality the expectations you have for your own life.
This includes managing your concerns about money and any fears you may have.
Think Value
The thing about money is that it’s a product to be valued. But you manage and control it to your advantage. You set the parameters for what you need. Many successful entrepreneurs have spent their last dollar, leveraged every asset they owned, and dipped into the pockets of families and friends to make their business a reality.
You may end up doing the same thing. But you won’t know until you have begun to put together the pieces of the business that you want, in the way you want to run it.
Your actual goal – lifestyle freedom – is the most important part of your process, not money. Because as long as you keep in mind why you are pursuing your business opportunity, you will be able to sustain a vision for yourself that will take you exactly where you want to go.
Summary for how to think about money when you are getting started:
- Focus on getting your business started
- Know how much money you need to get started with your business.
- Start at zero and see how far you can go with planning and action before needing a single dollar
- Utilize the resources you have around you, especially free options
- Remember your goal is lifestyle freedom and dream you have for the life you really want
