The Expert Economy
Episode 6: Why Having Start-Up Cash is the Worst Thing For Your New Business
Why having start up cash is the worst thing for your new business
Having start up gives us a cushion to fall back on when things don't go quiet to plan, but they also can make things to comfortable.
As an Expert Entrepreneur leaving the corporate world and employment, knowing how to structure our businesses and sell our services is a steep learning curve.
Getting started we can be full of enthusiasm, but it doesn't take much to send us retreating back to our comfort zone - and not even notice we're doing it.
In this episode, I share with you why having start-up cash can hinder your progress and make you go soft. Along with highlighting various tripping points, I also give you key tips to make sure you stay on track.
A plane that goes off course by 2 degree will be thousands of miles off course within hours. When you hide yourself away developing your product instead of speaking to prospects, you're going off course.
Every day in your business is costing you money. Your life has overheads that need to be covered, and if you aren't covering them with your new income, you are 'investing' that money into your product.
It doesn't take long for that investment to add up, and eat your entire savings account. The only trouble is, when we're in the thick of it we often don't see that our excuses (to not sell, to stay developing) are adding up, and could result in a £50k investment we can't get a return on.
If a friend asked you to invest £50k in a business, what questions would you ask and what would you expect to see from her? These are the same questions you need to ask yourself.
Without accountability, it can be too easy to sink into your comfort zone, make excuses and not push forward. Don't let your bank account be the the thing to give you a rude awakening.
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