BOO!

It's almost Halloween, & "Startup Nightmares", our series debunking entrepreneur’s BIGGEST fears, is in full swing. This week we’re talking about something very personal: the fear of losing money.

Being afraid to lose money, or afraid of not having a steady income, is a legit fear to have. After all, we do need money to survive and thrive. Keep in mind, though, that a steady paycheck isn’t the most important part of life.

What matters is how happy you are with your life. There are miserable people in this world who work in an industry that they hate, doing a job they can’t stand, just for the paycheck. They’re unhappy.

We let money control us, when it should be the other way around. 

There’s a way you can have both. You can do something you love and make money at the same time. You can be your own boss & follow your passions. But that’s only going to happen when you take the risk.

But here’s the truth: you’re going to have to put a little bit of money up to test your idea. As an entrepreneur, you will have failures. Those will cost you money. But it’s not the end of the world. In fact, it’s a necessary process all entrepreneurs go through.

Don’t think of operating at a loss as only a loss, think of it as an investment in yourself.

Here are 3 ways you can cope with the fear of losing money.

1. Realize starting up something can be done on the side. 

Keep your full-time or part-time job. If you don’t have one, get one. Learn all about how to budget wisely & make a side income. There are ways to offset the expenses of starting up (and the lack of a paycheck that comes with it).

2. Redefine your definition of starting.

Starting doesn’t mean you’re building the entire project, opening the store, or launching a finished widget. Starting means you’re taking the steps towards that end goal. Building relationships in your industry counts as starting. Building your brand on social media counts as starting. Posting regularly on a blog counts as starting. These are all free things you can do that can help you move forward without investing cash first.

3. Use FREE and low-cost resources. 

With a world of information at your fingertips, there’s no excuse for saying getting started costs too much. Really, all it costs is your time. We have three favorite resources that we still use (that are 100% or nearly free).  Find out what they are in our post 3 of Our Favorite FREE Tools!

Cheers!

The SPUR Tea

P.S. What are your biggest startup nightmares? Tweet them to us (@SPURstartup) & we’ll respond with our best words of wisdom.