I’m always amazed that entrepreneurs are so anxious to spend their money.
I think the traditions and practices of the past have spilled over into the Internet generation of entrepreneurs and clouded the view of some soon-to-be business owners.
They feel that the old business cliché “you have to spend money to make money” still holds true.
I want to challenge that notion and tell you that you can play that game if you want to, but I would strongly advise a different approach (unless you have more money than you can spend in one place).
I want to suggest that you conserve as much cash as you possibly can as you begin your new small business.
Look for ways to save money instead of focusing on all the possible things you could spend your money on.
Never before in the history of the world has there been more great resources to spend money on to help you get going in business.
There are thousands of “start your own business” products and services that are pretty impressive and it’s easy to justify a costly wish list of these “goodies” that you could buy to aid you in the start-up process.
But if you follow the solo business advice you’ll find here, you don’t have to buy these tools to get going.
You can leave your money in the bank for the day that it is really needed.
In fact, I hope you never have to touch your savings.
I’m going to help you set up a business that runs off the income it generates internally rather than your personal life savings or, even worse, the money for next month’s groceries.
If you jump out of the starting blocks and get carried away thinking that all these tools are available to help you be more efficient in business, you’ll surely find some “must have” resources that you really could do without.
To my way of thinking, having an abundance of cash to begin a business is almost a curse.
It’s a burden that can stifle your creativity, ingenuity, and drive.
Some believe that the size of business owner’s new desk is inversely proportional to the size of his paycheck. It makes some sense, doesn’t it?
Think of the damage that mountains of cash did to many of the high-flying Internet start-ups that crashed and burned once the economic bubble of online hi-tech burst in 2000.
Think of the security and peace of mind you will have knowing that you’re not risking your life savings in a business venture, and that you have a reserve stashed away for times of emergency.
There is great power in boot-strapping a small business. Sure, it is typically not the fastest way to business growth; but it is a safe and more sensible way to start your business, especially if you can get going while you still have an income from another job.
When the owner is faced with finding serious solutions to cash needs, he comes up with all sorts of ideas and plans that will eventually help to define his character and prove his mettle.
Throwing cash at such problems doesn’t build character and often doesn’t solve the problem.
Here’s an interesting quote from Goethe about the power of action driven by our dreams:
“The moment one definitely commits oneself, then providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decisions, raising in one’s favor all manner of unforeseen incidents and meetings and material assistance which no man could have dreamed would have come his way. Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it. Begin it now.” – Johann Wolfgang von Goethe
To your online business success!