Do you suffer from a slight case of chrometophobia, the fear of spending, or managing money? Do you hoard cash or spend it too freely? Are you willing to or capable of investing extra capital when it is needed? If so, it could cause your endeavor to go under or keep it treading water. Financing a successful startup consists not only of your access to money but your psychological relationship with it.
Suffer From Chrometophobia
The most recent U.S. Census data, over 450,000 Americans dive headlong into the dark, unpredictable waters of entrepreneurship annually. About half of the sink within four years. Why? It is almost due to a lack of planning or funding or both. A thorough business plan will adequately address the former, but the latter is not as easily overcome.
You could be setting yourself up to fail by:
- Limiting your exposure to social media channels without an advertising budget
- Not spending money on the development of new products or services to sell
- Not learning or improving skills through courses or coaching
- Appearing unprofessional with low-end branding, photos or website
- Not investing in software and programs to eliminate unnecessary tasks.
Let’s face it. Our financial situations cause many of us a substantial amount of stress and anxiety each month. The pressures that come with handling money affect our personal and business decisions every day. Saying you can’t afford ‘x’ for your business while planning a vacation or trekking to Starbucks every day is nonsensical. Yet, we can all make strange choices like these and then have the audacity to justify them. Are you guilty of this? I know I am from time to time.
Making a mental shift is scary and often necessary to grow your startup and prosper. But what if you’re not in a position that will allow you to change your financial strategy immediately? If you can’t afford to increase your fledgling business’s support, then maybe it needs to become or remain a side hustle. There is no shame in that. Only you can make this commitment after a bit of soul-searching.
Related Reading: Overworked and Underpaid? 9 Free Apps to the Rescue
However, if you want to succeed and prosper, you’ll need to find a way to overcome your chrometophobia and make room in your budget for your dream, your baby, and your business. Is it time to make some fiscal changes and a commitment to yourself?
I need to increase my advertising budget. I have understood this fact for a while but have resisted the change until now. The decision means something in my private spending will have to be cut. So be it. My business is worth the sacrifice, and I am ready to flourish.
What are you willing to give up in your personal life to succeed professionally? Tell me about it beneath in the comment section. Please share it with those business owners whom you know are struggling with this issue, please share it with them on social media.