You may be starting a new business – or maybe you’re starting another business – and you’re feeling the overwhelm that is so common in this startup stage. Where’s the love in all the uncertainty and scariness? How do you sort through all that needs to be done and choose action on the most important pieces?
Here’s a trick = “begin with the end in mind” and you will know the direction to take.
Here are two possibilities – which one are you?
Group A = Is this new business going to be your livelihood? Support your family? Are you staking your professional reputation on your success? Is this an all-or-nothing venture? Are you using every resource you have to get it going? Is this your life-long dream, and you’re finally doing it? Can you “see” your success and know exactly what it looks like?
Group B = Or… are you just going to “try it and see what happens”? Do you have a Plan B? Maybe it is just a hobby, and you don’t care if you make any “real” money? Is it going to be a “side-hustle” that’s just temporary until another job comes along/your promotion kicks in/or you save enough for that new car, and then you’re done? Are you not sure what you want, but you know you want to do something different?
It all comes down to one thing: How serious are you about this new business?
If you’re in Group A, then you’re serious, and you’ll do what it takes. You want to do it the right way so that you set the foundation for your future success. Your startup will grow, and you need it to be strong – not made of straw. You don’t want to have to deal with problems you created for yourself by taking shortcuts or skipping steps here at the beginning. Intentionally or not. You want smooth sailing because you know you’re going somewhere.
If you’re in Group B, then you may not feel it’s necessary to invest much of your resources into a new business that you’re not completely dedicated to building. I get that. Perhaps you’d rather DIY and save some costs. It may not be that important to you to set it up the “right” way, as long as you can get by for now. If it works out, then you’ll go back later and fill in the holes. Unfortunately, I’ve seen this mindset cause all kinds of headaches and failures – not just with the legal side. It’s self-defeating – treating your business as if it’s “not good enough” to have the best support and giving it the best chances of success.
I remember how it was when I started my own business in 2015. I wanted my resources to go as far as they could take me, so I watched what I spent to get the firm started. Luckily, I found good mentors who advised me not to shy away from investing in my business. It helps to put your mental state in the place of success. And it helps get your business started on the right foot.
For those of you who are just starting out and trying to find the balance between investing the right amount and being sensible (read cautious), there really isn’t much of a choice.
I remember feeling scared to invest all that money and time in the beginning, but it pays off. There’s not one penny that I regret spending in investing in my firm. Without investing, there is no business. Without risk, there is no reward.