When I coach women in corporate who are thinking about finally taking their dream of becoming their own boss off of perpetual hold, I hear one or more of these four common fears:
- Where will I find the time/energy⏳ to start something of my own? (FYI-you have both when you are doing what you love)
- I have never had my own business, am I really an entrepreneur? Otherwise known as limiting thoughts and self-doubt (short answer-If you dream it, you can be it!)
- Do I have the practical know-how to be my own boss? (shorter answer- yes! You know more than you think you do. Read last week’s blog if you don’t believe me.)
- 💲💲💲-And the number one fear … where do I find the money to keep my current bills paid and build my own business?
Money is always the number one fear women say is stopping them from pursuing their dream of starting their own business. I get it! I have money fears myself. But nowadays I have ways to work with those money fears, so they don’t throw me off my game and actually create money problems.
I have come to believe that there really is an unlimited supply of money, and I am a grateful and happy recipient!
Money can funnel to you in ways expected and unexpected, in amounts big and small, if you open yourself up to all the possibilities.
What are these Money 💲 Funnels, Laurie?
When I think about finding the money to start your own business, I visualize 3 funnels:
Funnel #1 The Career Straddle: How To Transition Into Becoming Your Own Boss
If you are ready to start to build something of your own you do not have to quit your current job to do it. When I started my current coaching business, I “straddled” coaching and my recruiting business for 5 years.
During that time I kept the money funnel going through recruiting AND I took classes, got certified, did one-on-one coaching, ran online events, learned the ropes of selling and marketing in this totally new landscape, and got clear on who I wanted to help, how and why.
Then, when I felt ready, I stopped recruiting and went 100% into coaching with confidence and a bit of a financial cushion.
Funnel #2 The Give: How To Use Personal Finances to Become An Entrepreneur
This is when money funnels to you through your own giving. You give yourself the money (aka bootstrapping or self-funding) to leave corporate through your own personal finances you already have in place.
When I left my first business, a partnership with two other recruiters, and became a solopreneur, I had set aside enough money to pay my bills for 4 months. I was already in the swing of things making money in the recruiting business so I felt confident that I could fairly quickly make money as my own boss in the same industry.
Funnel #3 The Receive: How To Find Investments To Help You Fund Your Startup
This is when money funnels to you through a loan from friends/family, an investor, a bank loan or line of credit, a grant or some other external entity.
When I decided to leave corporate and start my first business, I borrowed money from my parents. We had a loan agreement that included when I would start to pay them back, how often, how much and it included me paying them interest.
Yes. I was scared. Taking on debt is scary to me. I still don’t love it. But what I loved less was thinking that I was going to have to keep going back to my corporate office doing work that bored me and drained my energy for 40+ hours a week.
Debt felt like I was choosing career freedom over job jail.
The bigger truth is that there are so many ways that money can funnel to you and support your decision to become your own boss and create freedom, energy and prosperity in your life right now!
Once you believe that then you just get busy living your entrepreneurial dream and trust that the money will figure itself out.
Is there a small voice inside of you that says, “You need to talk with Laurie. You know you want to explore being your own boss”? Then do not ignore it! Sign up for a free session with me and let’s see what the next right step for you might be.