So let’s face facts. Start-ups need money, without cash, however little, an idea is just an idea. All businesses in their first stages of operations will need bankrolling by somebody. Most businesses – and dare I say it the ones that I’ve seen succeed – are financially supported by the entrepreneurs that start them. In normal language, the owner puts the money in, or borrows it in their own name.
The alternatives are there are of course; investors, partners, partnerships, backers – but the cold hard facts are that the owner of a business needs to financially support it for it to survive the first 18 months.
There is also the question of personal survival in those early days when the business doesn’t support a lifestyle. I’ve known some particularly determined entrepreneurs hold down four jobs in the early stages of a start-up, this is always a double edged sword as the business needs you there full time but you also need to earn a living. It’s a tough call.
But, tough times + tough decisions = big payoff eventually
However, many owners tell me that the first two years in business is the happiest time in their life….the daily challenges, the adrenaline rush, the creativity, the rush of a sale, the independence of doing what you want when you want and what you love. It’s hard, but as one of my clients told me, it’s the most fun he’s ever had with his clothes on. And I believed him.
If you have an idea & are uncertain of how to turn it into a business, or were to begin, please contact us for business advice & planning.