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Ask the Business Coach Making Money While Starting a BusinessQuestion: I started a professional organizing business a 1 1/2 years ago. I want to become a virtual assistant but money is tight and I am having trouble generating income while I get the computer skills I need. Any thoughts on what direction to go? I need money coming in, but also need time to grow the business. Help!Robin Answer: It sounds as if you’ve jumped into the deep end of the pool by starting your business while you’re still in a learning curve. As a result, this may be an even more challenging startup, but the good news is that you’ve made the business a reality. While you will, ultimately, want to focus all your energy on your own company, for a period, you will have to spend some time outside supporting yourself and the business. Since you are in a service industry with no inventory needs or sizable business overhead costs, it will not be necessary to consider a line of credit or a home-equity loan to sustain your start up. Rather, I would recommend that you underpin this effort with either a traditional job or some part time activities that will yield the kind of income you need to accommodate your cash flow needs. As your primary goal is to support the startup, establish how much time will be required to successfully keep things moving. On a calendar, block in all daily activities you anticipate in this connection. This will give you a good look at what times would, ideally, be available for outside supporting work. Set up a minimum budget which includes your overhead and livelihood needs. Then, realistically, assess what your potential rate of growth is relative to your need for further start up training. Also, determine at what point your business will be able to generate enough revenue to cover your living expenses. Once you have those evaluations in place, you will know how much income you need to supply from outside your new business and how much time you have to earn it. Decide what days/hours would be easiest for you to forfeit from your primary effort and start looking for part time opportunities that would accommodate your remaining time. Since part of the delay in focusing fully and aggressively on your new business is due to a need for more advanced computer skills, I’d suggest you look into jobs that might provide additional benefit in this area. Keep in mind that ideal support for any business start up supplies some knowledge, experience or relationships that you will be able to take into your own business. If, for example, you can find a position that would require your current level of computer skills but offers additional training and support, you’d be accomplishing two things - earning income and honing your needed computer skills. If that doesn’t seem feasible, identify other part time opportunities that will fit your scheduling and budgetary needs. In the end, it doesn’t matter whether or not you are working in a field that will directly impact your new business. The most important thing is to support the startup whether it takes waitressing or working in a bookstore. Just don't let a lack of money hold you back. Remember, success results from motivation, perseverance, attitude and guts! Be creative, flexible and determined and you’ll find a way to support yourself through startup to a thriving business.
Also see: Disclaimer: The information in this column is intended to provide the reader with general ideas or concepts to be used as part of a broader base of knowledge they collect to determine their own best course of action and solutions most suitable for solving their workplace challenges. The information in this column is not guaranteed to be the appropriate solution for each individual.
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Joyce K. Reynolds is an expert Business Coach who works with CEOs, Sr. Execs, entrepreneurs and countless others providing knowledge, solutions, motivation and support that assist her clientele in successfully meeting workplace challenges.