Small Business Finance

One of the comments I hear most often from my clients is that they are struggling to make a living with their business. They’re very often in a position where they are in dire need of getting clients or making sales just to pay the bills.

And when you’re just getting your business off the ground this is to be expected.

Because it takes time to get your business up and running and to market and to become known.

It’s not usually something that happens overnight.

Every time I’ve launched a new business, I’ve taken steps to ensure I don’t end up in this dire situation. Because there is nothing more stressful than wondering if you’re going to be able to pay your bills.

Or feeling like if you don’t start generating more income fast, you’re going to have to give up your dream and go back and get a job.

So what are the steps I’ve taken?

I’ve always made sure I have a source of income to support me while I’m starting a new business.

Eight years ago when I began my marketing consulting business, I negotiated a part-time contract position with the advertising agency I was working with. I continued to work with them part-time while I was building my own business.

That contract gave me enough income to get by and to finance the start-up of my new business, while also giving me time to spend on my new business.

I did the same thing when I started my second business. I didn’t dump my consulting business to start a new business. I started the new business on the side, and slowly let consulting clients go as I started to generate new income.

By continuing to do work that generates income while I have started and built my two businesses, I have avoided a lot of stress and I’ve been able to finance the start-up phases and the marketing of my new businesses.

For me it’s worked well.

So if you’re currently struggling, you may want to consider how you can apply this approach to your business.

Is there a way you could contract with a larger company on a part-time basis to start generating income while you continue to work on building your new business?

If you haven’t quit your day job yet, don’t. Instead see if you can negotiate a part-time arrangement. That will give you a steady income while allowing you more time to build your new business.

Consider looking for contract work on Elance (elance.com) or through industry associations, or contacts you have in your area or line of work.

Building a new business takes time. Overnight successes are few and far between.

Make sure you’ve got the resources to allow yourself to take the time to build your business right. Because in the end, if it’s a business you look forward to sticking with for years to come, it makes sense to take the time to create the foundation and do it right from day one.

And people who are strapped for cash, or in dire need of getting clients, tend to make compromised decisions that may not always be in the best long-term interest of their business.

By: Debbie LaChusa