6. Imagine yourself with zero money
I mean zero. There is a high probability that this will happen. I’ve had several businesses not make it for the long haul. And, I’ve come close to bankruptcy.
Launching an unsuccessful business idea is a reality for many entrepreneurs. Over half of new businesses fail within the first five years of opening. How would you handle having no incoming money?
It’s a good idea to come up with a “just in case the worst outcome happens” plan. You might need to get a job on-the-fly or temporarily live with your parents. You might have to go without comforts that you’re used to. Figure out how you would get by if your business plan went south.
Look at your current sources of income. What do you earn from your current job? How long would your savings last if you quit? What unexpected things could mess up your plan (e.g., you wreck your car or your furnace breaks)? Prepare yourself for all the situations that could happen if the business idea doesn’t work out.