3 STEPS TO CALM FINANCIAL ANXIETY WHEN TAKING A RISK
For some, there’s this intuitive feeling that is undeniably knocking against our consciousness. The want to start our own business. So we get fired up, hit Pinterest, and read the blog posts about how someone made $14,000 just from their mommy blog. Then, the anxiety kicks in. “Is that possible for me too?” What if this industry is already crowded and there’s absolutely nothing new I can bring to the table?”
There’s no doubt that the fear of financial security in establishing our own businesses is enough to scare us away from our passions.
You shouldn’t have to compromise between your day job and your daydreams. However, there are bills to pay and a family to provide for. So what do you do when you’re told to leap for your dreams, but are worried about not being able to fix a potential hole in your roof by selling $30 t-shirts? These concerns are all valid and reality-based, but they shouldn’t control your destiny.
1. Deal with the fear head on.
Worrying over financial security in a creative businesses is almost inevitable. We tend to think, “Who would really pay for this?” or “I’m pretty sure there’s someone else they can get it from.” But as long as we allow those crippling thoughts to control our businesses, they, just like our finances, will have a short chance of prospering.
Allow yourself to feel fear, but not act on it.
Instead, deal with it when it approaches. You can start facing your financial anxiety by listing all of your business and day-to-day expenses. This way you can see exactly what you need to continue to live your life normally after starting your business, and make an actionable plan before you quit your day job. And if it makes you feel secured, don’t quit your day job just yet.
Instead, give yourself a time frame of what you would like to accomplish before you up and quit. You can even be proactive and speak with a financial adviser to discuss your concerns and receive guidance. This will definitely help you ease your mind before you decide to leap forward full-time in your business.
2. Do your research.
I’ve come across a lot of writers that always proclaim, “I’m a writer, I don’t make that much” or “I live on a writer’s salary (insert sarcastic chuckle here).” But as a freelancer myself, I’ve found that living on a “writer’s income” is attainable and abundant after conducting some tension-calming research in the industry. There are thousands of self-employed people who live vibrant lives strictly based on their income.
It’s the dream we’re drooling over. The free time, staying indoors, and making money through our passions. Sure, no one achieves a six figure income overnight, but it is possible. And if you’ve got the grit, then you’ll soon get the dollars. There is room for all businesses (creative or corporate) to thrive during this time. Each of us brings something different and profitable to the table, and it is ultimately up to us to allow ourselves to go through the trial and error of figuring out what people want to pay for.
It starts with finding a need in your industry and aligning it with something you love.
Then, open your eyes to potential multiple streams of income. Find one person in your industry that is doing well, and always remember that financial stability is attainable when fearful thoughts creep in. Make the plan, build your resources, use your grit, and your earnings will surely follow.
3. Make the decision to go for it.
Sometimes your passions just won’t be enough for you to take the leap. Your business might not pay for your family’s health insurance, and there’s no guaranteed, bi-weekly check. But, there’s greater regret in stagnation. Half of the battle in entrepreneurship is deciding to dive in; sink or swim. We don’t really know whether or not things will financially work out, but you’ll never find out if you don’t at least try first. Make the bold decision to place your passions superior to your fears.
Don’t be afraid to invest in yourself.
Have gratitude in each stage of your business, and be proud of it when it grows. When you make your first $50, celebrate that. When you make your second $300, celebrate that. Financial anxiety shouldn’t kill your passions or halt your motivation. Continue to be passionate, make a plan, work for the money, and it will make its way back to you.
Photos by: Valerie Denise Photos