Hey Everyone, Kayla here!
I want to talk to you all a little bit about how women can end up in failing businesses they start to pursue their passions.
I think we all know that passion is important when starting a business. We might see an issue and make it our mission to solve it by starting a business designed to do just that. We have a great idea. We want to solve problems in our community. We want to be part of something bigger.
But, we don’t think about the follow through. The steps we’ll have to take to make it a success. Passions don’t always have dollars attached, we end up having to do crazy things to make our passions into a business. The logistical and financial aspects of businesses don’t magically get worked out.
We recently had a lunch and learn at the office from Janette Freeman about balancing masculine and feminine energy. Our feminine sides are maternal. We want to solve a problem, find solutions, pursue our passions, and help others. We come up with creative and innovative ideas. But, we forget the masculine side of our brain. The part that says, “How the heck am I going to make money doing this?” or,” “What will the actual impact of my work be?”.
If you want to start a business, you have to work through all the logistical elements before you quit your job and suddenly can’t feed yourself. Yes, you’ll be doing what you love, but will you still be able to live?
When starting a business ask yourself these questions:
What expenses will I incur in starting this business?
What different income streams will be available to me?
Will I be a product or service based business
What will the impact of my work be?
How will I measure this impact?
How will I measure the success of my business?
If you don’t think through these questions, you’re going to really struggle to be successful. Taking the time to walk through the logistics of your business plan, your budget, and your mission/goal is so, so important. Don’t waste your time and money starting a business with nothing but lofty goals in mind, consider the logistics.
P.S. If you need help walking through these steps and answering these questions, come to our mentor office hours on Tuesdays 10-2! They’re free to the public, and our members.