One of the biggest obstacles for most entrepreneurs or artists is finances. Many simply feel they do not have enough money to start their business or to invest in their project. Lack of money is typically the main reason why most new businesses and or projects never get off the ground. I am here to tell you that lack of money is truly a matter of perspective and discipline.
The truth is, you have your "Start Up" money right now. Again, it is a matter of perspective. Are you looking at your current funds as "Appropriated Funds? Remember this is your hard earned money and its usage is approved by you, now all you have to do is use your money for a specific purpose and promise yourself that it can not be used for any other purpose.
Also, let us evaluate briefly the meaning of Start Up Money the definition is honest and true: It is the money to help you start. It is not called finish up or conquer it all money for a reason. Start up means just that, to start. The goal is to start the execution of your dream and or vision.
Now that we have the perspective covered let us delve into the matter of discipline. For the next 90 days you are going to view your money as "Appropriated Funds" and it is going to be easy, maybe not a ton of fun... but easy.
The secret is; turn your vice or expensive ritual into a Start Up budget. Trust me, you do have the money somewhere hiding in clear view, just take a closer look at how you spend your funds.
Let me help you with a few scenarios:
JOHN wants to start a new business and he has the perfect name for his company. The first thing on John's wish list is to Trademark the company name to ensure nobody else will claim it. John does his research and discovers that a Federal trademark registration starts at $275 for online registration not including attorney's fee. He learned that attorney's fees would vary depending on the type of mark. Most attorneys will charge somewhere between $500 and $2000 for assistance with a trademark application.
Instantly, John becomes insecure about money, he feels $275 is not affordable or in his budget. If only he had some extra money he would trademark in a heartbeat. Extra money thinking is just another scapegoat for not being disciplined. Your extra money is the misuse of your current funds.
You see John is a smoker. For the sake of argument let us make John a light smoker. There are 20 cigarettes in a pack you are considered a light smoker if you smoke 10 cigarettes a day. The average price for a pack of cigarette nationwide is roughly $6.18 and a person smokes an average of one pack a day. Let us do the math.
John's Vice - Smoking (1 pack a day)
$6.18 x 7 days = $43.26
$43.26 x 4 weeks (a month) = $173.04
$173.04 x 3 months = $519.12 (start up budget)
John's Trademark budget is $275
$519.12 - $275 leaves John extra money of $244.12
In this scenario, John has actually paid himself to quit smoking for 90 days! Paying yourself to stop a bad habit is a great thing! But for the sake of argument, let us say that John enjoys smoking and does not plan to quit. John can not deny the math and he really wants to see his business get off the ground.
John opts to match his smoking vice instead. Every time he purchases a pack of cigarettes John will place the same amount of cash into a glass container (vital to see the green grow!). In 90 days, John will be able to trademark his company name, the first step to starting his business.
JANE is a creative with a television idea and she needs help with writing a pilot proposal. A friend refers her to an expert who teaches an online course for $99. Jane thinks it is a great deal but feels she can not afford to pay for expert advice. If she could pick up an extra shift at work or rake up in tips this week as a waitress then she could afford to pay for professional help.
Jane does not have a vice but she can not go without her manicure and pedicure beauty ritual. Let us say for argument sake that Jane only enjoys the beauty ritual bi-weekly. Every two weeks Jane only pays for the basic $20 mani and pedi special, no frills and she does not even indulge in the waxing of eyebrows. Let us do the math.
Jane's Expensive Ritual - Manicure & Pedicure
$20 + $5 tip = $25 (1 week) = $25
$25 x 2 weeks (a month) = $50
$50 x 3 months = $150 (start up budget)
Jane's Online Course Budget is $99
$150 - $99 leaves Jane extra money of $51
Jane can opt for a DYI beauty treatment for 90 days a small sacrifice for such a huge investment (herself!).
Some of you may or may not be able to relate to John or Jane. The point is to examine your own vice or expensive ritual and do the math for yourself. It could be your happy hour money. Every TGIF payday you go out for happy hour drinks, that money adds up pretty fast. Shoe shopping or that brand new IPhone (did you really need to upgrade?), fast food lunches instead of packing a lunch, oh and do not forget about dating. A dinner and a movie is at least $50 bucks! Take a break from it all for 90 days to get your start up money going.
At the end of the day the return on investment is you.
If you would like more creative help on budget creation please feel free to contact me.
