Why Are You Waiting to Start Your Dream Business? Motivational Tip of the Day
Today’s motivational tip of the day involves asking yourself, “Exactly, why am I waiting to start the business that I have been dreaming of?” There can be good reasons to wait to start a business. Most likely, there are even more reasons why you should not wait.
Life is short. There are no guarantees about what will happen tomorrow. This year, I was looking forward to photographing the trees this fall once the leaves turned gold. Yet, each weekend in September, I said, “Let’s wait until next weekend.” Well, we had an early snow and a freeze. I missed my chance. Maybe this next year….
“How much of human life is lost in waiting?”
– Ralph Waldo Emerson
If you spend your entire life dreaming but do not act on your dreams; the chance will likely pass you by.
Have you been dreaming of having a home based business so that you will not have to spend so much time commuting? Would a home based business allow you to spend more time with your children? If you wait too long to turn that dream into a reality, you will discover that your children have grown and have their own children.
My primary business involves farm and ranch real estate, five acres and up. I would be really rich if I had a dollar for every time that I have had some one tell me, “I wish we would have bought that land back in …. ” year.
Real estate example: What happened to those that decided to wait in 2008-2012
Let’s assume that you were dreaming of investing in real estate or rental properties back around 2008-2012. If you were, you may have noticed that a lot of people dreamed of investing in rental properties in that time frame. Most investors want to buy low and sell high. During that period, now known as the Great Recession, it became a very strong buyers market in the United States. Home prices were low. Actually, they were horribly low. Sellers were losing money. The interest rates were low also.
I live and work in Colorado. The vast majority of people that invested in Colorado residential real estate during that time have been able to resell their homes at prices significantly higher than the purchase price.
Yet other people that would have been qualified to purchase during that period came up with reasons that they should wait.
- “Maybe we haven’t hit bottom yet?”
- “It is too big a risk to buy right now because _____”
- “I don’t have enough time.”
- “Maybe I really don’t want to invest in real estate. It would be better for me to wait than make the wrong decision.”
- “I am concerned that I could lose money….”
The reasons that someone might have waited could go on and on.
Fast forward about ten years. I can’t speak for all areas of the country, but in the Denver and Colorado Springs areas, real estate has been a sellers market especially for the average and mid-range priced homes that appeal to most buyers. The housing inventory for buyers to choose from as been extremely low. Multiple offers are common. It is impossible to find decent homes for 2010 -2012 prices. (By then, the prices had bottomed out and were starting to climb again in the area where I work.) The opportunity to purchase at 2010-2012 prices is gone. It is impossible to find homes at 2016 prices. In my area, it is impossible to find homes at 2017 prices. Those that waited, waited too long. That opportunity passed them by.
My online affiliate marketing business example:
A couple years ago, I dreamed of starting an online affiliate marketing business. I wanted to create another stream of income that could help me become financially independent and debt free. Like any other business, it takes a lot of work to create a profitable affiliate marketing business. It is not uncommon for it to take a beginner 1- 3 years before one of their websites is generating enough income that it can replace a full time source of income.
To speed up the process, I joined a Wealthy Affiliate, an affiliate marketing training program that also offers web hosting, an active community and ongoing training. As a Wealthy Affiliate member, I learned what I needed to be doing. I also had the opportunity to witness other people creating profitable businesses.
Then I got distracted. I got busy. I was tired from all that I was trying to accomplish. I couldn’t motivate myself to write and to work on the websites. Granted, I did think about them a lot. It seemed like I was always waiting until I had more time to write and work on the online marketing business.
Fortunately for me, I maintained my Wealthy Affiliate membership. Not being a computer geek, Wealthy Affiliate allowed me to easily understand how to maintain the different websites that I have hosted on Wealthy Affiliates platform. The hosting alone was worth my membership fee. Somehow, I followed the training just enough to actually see some results and to get paid a few small commissions from Amazon. Yet, I spent too much time doing other things. I figured the websites could wait. And they did….
Fast forward to today. Since I spent so much time waiting until I had more time and few distractions, I have made maybe $50 over the last two years from affiliate marketing. On the other hand, I have some friends and acquaintances that joined Wealthy Affiliate around the same time that I did. The people that I have in mind did not procrastinate. They jumped into their training and worked very hard on creating content for their websites. Now I get to help my them celebrate their $4,000 – $5,000 a month earnings.
These people did not wait until they time was perfect. When they found themselves venturing off course, they managed to get themselves focused and back to working on what mattered. They worked hard for days and weeks and months. As result of their consistent effort, they are currently earning more and more each month from their websites.
They treated their websites like a job rather than a hobby. Actually, a job may not be the correct word. Without exception, they treat their websites like the business that it is. As result, their websites have hundreds of articles. Their websites provide lots of useful information to a lot of people. They are getting financially rewarded for having such a helpful website.
Fortunately, with the online internet marketing, it is not too late for me to get started. It is not too late for you to get started either. If we keep waiting until we have more free time, we will never get started. If we keep waiting for that perfect perfect tomorrow, the day when we have no other distractions, we may be waiting for ever. So, I am not going to wait any longer.
What about you? Why are you waiting to start the business you have been dreaming of?
Times that it is better to wait to start a business
Yes, there are times that it is truly better to wait to start the business you have been dreaming of. Have you done your SWOT analysis? In other words have you thought about your potential business’s strengths, weaknesses, opportunities and threats? When considering potential your weaknesses, you may discover that it truly is better to wait to start your business.
1. If you are in serious financial stress and having cash flow problems, seriously consider waiting. You can start some businesses on a part-time basis . They can provide supplemental income. Other businesses, like the real estate investing example that I used above require money to purchase and maintain the properties. Cash flow problems can kill a business before it has time to get off the ground.
2. If you have a spouse or a child that is having major health issues that require your time and attention, consider waiting. Starting and operating a profitable business requires a lot of time especially at the beginning. You can never recapture the time that you did not spend your family. Some business ideas may allow you to spend more time with your family than a J-O-B would. Others won’t. It just depends.
3. There is something in your business analysis that requires more study or better timing.
For example, you may have a great idea for a business. Yet, there may not be a market for the product or service that you want to sell. An example might be if you wanted to operate a business selling snow skis. Yet, you currently live and work in Florida. It would be advisable to wait until you move to ski country before you start trying to sell snow skis.
Maybe you live in Texas. You might be planning to open a business that cultivates medical marijuana that would help children with epilepsy. However, at this point in time, medical marijuana is not legal in Texas. Unless you want to end up in jail, you will need to wait on that business idea.
As you can see, there are times that there are legitimate reasons to wait.
Common fears that cause people to wait & never start their own business
Most people do not wait because of any of the above legitimate reasons. They wait because they let their fears hold them back. Common fears that cause people to wait and never start the business they have been dreaming of include:
- Fear of Not Knowing Enough
- Fear of the Unknown
- Fear of Rejection
- Fear of Being Successful (Yes, I know that sounds strange. Yet deep down, some people feel like money is bad. They feel like rich, successful people are evil.)
- Fear of Failure
The following video discusses how what you need to think about when your are trying to overcome your fears. The video talks about more than just the fear of starting a business. It talks about getting over other fears that you are limiting your life.
Why are you waiting? Is it time to turn your dreams into reality?
Please feel free to share any comments or thoughts that you would like to add below. Pursing the dream of starting and building a business is exciting, challenging and rewarding. I sincerely hope this website will help you find the encouragement, ideas and information that you are seeking.