About a year and a half ago, Claudia and I decided I was going to quit my job. Our son was just born and Claudia cut her hours back to stay home with him. This meant our income was not covering our expenses. We needed to do something different, we didn’t have a choice.
As we watched our savings deplete each month to cover the difference between our income and our expenses, we put all our options on the table.
First, we trimmed our expenses to the bare minimum. Then we considered me looking for a higher paying job. However, that seemed like it would be a big challenge and it wasn’t what I really wanted to do anyway.
What I really wanted to do was something entrepreneurial. I had read a bunch of books on starting your own business and was part of a great entrepreneurial school, but I still wasn’t sure how to start.
I don’t think we really knew it at the time, but in hindsight we can see how we were looking at our options through three basic criteria.
Our 3 criteria
1. Personality and passions – How am I wired and what do I most enjoy?
2. Skills – How can I tangibly add value to others?
3. Rapid profitability – What can I do and make money with in the next 3 months?
What this looked like for me
1. I’m more task oriented and enjoy systems and methods. Among other things, I have a passion for entrepreneurship.
2. I have a degree in music education and am licensed to teach in schools. I also have experience giving private music lessons.
3. Given my background, I had a very clear idea of how I could jump into starting my own music school and get to profitability from day one.
After considering these three criteria, we decided to make the leap and go the entrepreneurial route rather than looking for a higher paying job. We knew it’d be a risk, but we felt like it was our best option.
Is this the best approach? I don’t know, but it has worked for us. While our business grew three times slower than projected, it’s going very well. It’s hard to believe, but I’m making more money now and working half the hours I was at my job. We feel very blessed.
Do we have it all figured out? No, not at all. We’re still trying to figure it out like everyone else. While I’m making more money now, you have to remember Claudia’s income dropped way off when our son was born so there was a big deficit to fill. There are days when we still don’t know how everything is going to work out.
However, we push forward knowing when we step out in faith, things can start to fall into place. We keep our successes out in front of us and are confident of a bright future.
What about you? Have you ever had your back up against a wall, so to speak, in your entrepreneurial pursuits? What did you do and how did you decide on it?