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All about Money and Decisions

One of my clients recently said, “It is all a risk. How do I know if this new idea is worth funding?” What’s true is that if you didn’t want any risk you would still have a job that pays you a steady and consistent paycheck. You would know exactly how much you would get every two weeks. In a small business it is different. In order to minimize the risk, you make projections based on a plan. The plan is based on a vision and a map of where you want to go and how you plan to get there. Once you know your plan, there are certain things you have to spend money on in order to make it happen. Hiring people to help you, setting up an e-commerce website or joining a networking group are all things that could help move your business forward if you do your homework and are willing to take the risk now for the benefit later.

A woman I worked with last year gave up her steady corporate paycheck, put out a shingle for her new consulting business and expected money to begin rolling in right away. She didn’t want to borrow any money so the stress began around how to get more clients. Poor decisions then followed around spending money on her business. She didn’t want to spend any money until she was earning more. It’s the chicken or the egg thing. She decided to not join the chamber, not take a small business seminar and not build a better website. This is a trap that many self employed people fall into. It could be that the new website or seminar is exactly what she needed to help grow her business but her fear took over.