“But you need a way to support yourself while you’re seeing if the business is going to be viable. What will pay your monthly bills with? How will you manage for the kids? Don’t you need food?" Sarah smiled to soften her words. “I’m just thinking of you and the kids. I didn’t mean to burst your bubble."
Stunned, Jane contemplated her friend's remarks. Maybe keeping the day job was a good idea after all...
The fictional conversation above could take place on any given day. The best tip your family and friends will likely give you is to make sure you have enough money to support yourself and your family before you start a business. Sometimes that might mean that you have to continue working in a full time job as an employee, while you start your business on the side.
It might mean that you have to run your business by day and then moonlight by night. You could drive a cab, deliver pizzas or be a waitress. You could sell shoes in Woolworth’s.
That addresses the practical matter of finances. In the final analysis, the answer of finances can be addressed with: “Where there is a will, there is a way." There are business grants. business loans, venture capitalists. There IS a way to get funding to buy a business – you will just have to find it.
Another thing to consider is whether or not the business is suitable for you and your lifestyle. Are you physically able to do all that will be required of you. Are you mentally prepared for the extra responsibility? There is a reason why people say, “he or she is married to their business." Sometimes, it feels like you cannot get away from it. The phone is ringing – text messages are coming in – emails pile up with edits, edits, more edits. That sort of thing.
Okay, you’re mentally and physically prepared to handle running your own business. This is the “ideal" business for you and your lifestyle. And you can manage with your finances.