Q: I'm starting a homebased
business, and I feel a lot of pressure financially. How do I deal
with this anxiety?
A: The short answer is: Learn to
live with the feeling-you'll feel that way for a long time
while starting your business. I don't say that to be flip.
It's just true. Every single person starting a business feels
that way unless they've recently been left a large inheritance
and money is not their primary motivator.
Although the so-called freedoms of self-employment are enticing,
with the benefits of being on your own come a few major downsides.
One of those downsides is financial risk and the volatility of your
income. Add to that the loss of paid benefits, especially if you
have a family you're helping to support, and financial fears
are sure to mount.
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So the pressure you're feeling doesn't have to signal
you're on the wrong path—it could be a good reality check
that shows you what you're up against and that you aren't
being naive. Such pressure can also be what gets you going in the
morning when you'd rather be golfing. I'd be more worried
if you were starting a business and you were so confident, you had
no money fears whatsoever. That's pure arrogance, and if
that's how you feel, you're unlikely to plan for realistic
difficulties that most new entrepreneurs encounter.
So to answer your question, How do you deal with the anxiety,
directly, here's my advice:
If you have a spouse, be sure you put together what I call a
"family plan," which is described in detail in my book,
Honey, I Want to Start My Own Business: A Planning
Guide for Couples . Determine the risk you're willing
to take and the level of risk each of you would find intolerable.
Stretch to your limits, but don't go beyond what you can handle
(or what your spouse can handle), or the anxiety will start
destroying your productivity—as well as your marriage.
Often, anxiety comes from exaggerating in our minds what we
believe will happen if we fail. It's the old "bag lady in
the street" syndrome. Catch yourself when your mind spins out
of control and confront your worst fears. What's really the
worst thing that could happen? Can you cope with it? How likely is
it to happen? What can you control that will guarantee your worst
nightmare doesn't occur? Could you get financial help from
relatives or elsewhere that would make your greatest fears
unlikely? Even if you wouldn't want to ask, there might be a
safety net below that you can count on if you had to.
Maybe the idea of quitting and going back to a paid job makes
you nauseous. It won't kill you, though. Remember, that's
always an option, as well as moving into smaller quarters, selling
one car or paring down your wardrobe. None of this may be what
you'd want, but you'd survive it.
Most of what we're worried about financially either
won't happen, or if it does, we'll still be okay. Of
course, solid business planning and expense reduction strategies
are in order if self-employment is going to be your lifestyle.
Expect that you won't be profitable for three years, and then
you'll be pleasantly surprised when it's sooner than that
rather than panicked when it takes twice as long as you hoped.
In the meantime, learn how to make the most of the anxiety you
wake up with every day. When you have to summon the self-discipline
to stay on track, it might become your best friend.
Azriela Jaffe is the founder of Anchored Dreams and author
of several books, including Honey, I Want to Start my Own
Business: A Planning Guide for Couples and Starting from No:
Ten Strategies to Overcome Your Fear of Rejection and Succeed in
Business.
The opinions expressed in this column are
those of the author, not of Entrepreneur.com. All answers are
intended to be general in nature, without regard to specific
geographical areas or circumstances, and should only be relied upon
after consulting an appropriate expert, such as an attorney or
accountant.