One of the biggest misconceptions that parents who want to quit their job make is in the financial preparations. If it takes at least a year to build a business from home, then logically that would mean you would need to save at least your full annual income to live off of in that year, right? WRONG.
No wonder so many people think it is impossible and remain STUCK in a less than desirable situation.
The good news is that you are NOT STUCK.
The bad news? There are still sacrifices to be made.
Before losing all hope, create a financial spreadsheet. Cut out all of the expenses that go along with working outside of the home, such as daycare expenses, house cleaning, commuting, etc. With your spouse’s income, you should only be in the negative $200-$500 a month. If you are higher than that, go back to the drawing board and see if you can’t cut something else out. Sacrifices will need to be made for a short time.
Once you have gotten your expenses down to no more than -$500, multiply THAT amount by 12 months.
For example: 500 x 12 = $6,000
Now isn’t that a more logical annual goal to save before you quit your job? $6,000 is much more attainable to have saved than $60,000, and should minimize the fear of jumping without that safety net.
Furthermore, this now gives you a new income goal as a first time business owner.
You have enough of a safety net for a year… and that is more than enough time to get your small business up and running. Remember, you don’t have to REPLACE your monthly income. The goal now is to earn $500/ month. Sure, it may take you a few months to get there, but when you do, you won’t have to dip into your safety net anymore… or if you have a down month, your safety net should still be there for you.
Don’t look now, but you are self-employed.
Before you know it, you’ll be thriving as a self-employed career parent. You may even get used to the less expensive way of life. Once business picks up, you’ll need to think about how to scale it up, hire some outsourcing support, or even scale it back for busier times of the year. You got this!
Thinking of starting your own business?
Want to work from home but have no idea how to start? It seems everywhere you turn these days there is someone else spamming you and telling you that you can be rich just like them, working a few hours a month. Blah blah blah. I don’t believe it for a second.
I am going to tell it to you like it is.
First, DO it. Don’t let anyone stop you. It will be the greatest journey of your life, give you more freedom than you ever imagined, and unlock potential you never even knew you had. No question. DO IT.
Second, it’s going to suck. I know I just gave you a list of reasons its going to be great. I wasn’t lying. But those things are the prize at the end of a very long and scary road. Trust me, these things will never be available to you unless you go down that path, so you must walk down it. But you have to remember as you fall down and struggle that it will all be worth it.
Third, do not expect to make any money in the first 2 years,. It doesn’t matter what you are selling, how little your overhead is, or who promised you that you’d start earning right away. Anything legitimate that will last you a lifetime of revenue coming in is going to cost you something in the beginning. Be prepared to struggle, get a little hungry, shop at the dollar store, and have people in your life treat you like you are a crazy person with a silly dream that will never amount to anything. Turn the other cheek and keep going.
This is NOT silly, and you are not doing anything wrong. DON’T GIVE UP. What you don’t realize is that you are planting seeds…lots of them…and they are all growing, very very slowly. But they are not just seeds, they are acorns. They will grow you an oak tree, solid and long lasting. You may not see growth for a long time. In fact, you may feel like you are getting deeper and deeper in the hole. DO NOT DOUBT YOURSELF.
Finally, be prepared to make mistakes. This is a learning process. You are going to fall down, alot. you are going to over pay for things, spend money on things that were a complete waste, and find yourself in large messes of situations that you will have to clean up over and over again. Don’t beat yourself up. Stand up, brush yourslef off and KEEP GOING.
You will be so glad you did. The pay off…when it’s finally in birds eye view, is simply amazing.