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You know you want to quit your job. You absolutely hate it. And you know you have what it takes to succeed as a soulpreneur, running the lightworker business of your dreams. You have a passion for serving others and you know that through your lightworker business you would be living your purpose. But you don’t have a lot of money in the bank. What do you do?
Most people considering taking an entrepreneurial path wonder at some point how much money they will need. Should you keep your 9 to 5 until you make a certain about of money or should you take the plunge and launch that new yoga business? Even as you take steps increase the flow of money in your life, you may wonder how much you will need.
The answer varies from person to person, but there are some factors you should take into consideration that can help you come up with the best answer for you.
Who depends on you financially?
Lightworker money challenges are common. If you have children or family members who depend on your income, that is going to play a big part in your decision. The welfare of your children should be of utmost importance. If you are single and it’s only you and the dog, you might be able to take a few more risks. It’s easier to hustle to make some money if it’s only you that you have to worry about. Plus, you shouldn’t force others to sacrifice too much in order to follow your dream, unless they are willing to do so.
Do you have current clients?
I am a big proponent of starting a business on the side and building it up while you work your regular 9-5. Sure that might seem like a lot of work (and it will be for a while). But once the side business grows to a point where it’s sustainable — or nearly there — you can leave the 9-5 and start working on the side hustle full time. With a current client roster, you can safely leave your day job with less money in the bank because you already have clients who can provide some of the income that you need.
Are you willing to sacrifice some comforts?
Are you someone who likes material things and luxurious experiences? If you are, you may need more money in the bank before you start your business unless you’re willing to sacrifice some of the extras for a while. You also should consider your tolerance for risk. If you get anxious and nervous if the bank account is low, you want to give yourself time to amass a financial cushion so the leap will be a little less scary.
Can you cover living expenses and emergencies?
The amount of money you need really depends on your lifestyle, but you want to make sure you have enough to handle living expenses and emergencies for the next few months at least. Chances are your business won’t be making a lot of money at first. Some small businesses aren’t profitable for the first couple of years. Even if you do have clients and make an income, you might still have lightworker money problems and not make the amount that you were making in your day job. Plus you have to pay your own taxes and account for benefits you’re no longer receiving such as health insurance or a 401k account.
Some lightworkers have taken a leap of faith and quit their jobs with little money and will tell you it was the best decision of your life. You may or may not have that same experience, but whatever you do, ask yourself enough questions to make sure you’re mentally prepared for what’s next. The more prepared you are, the less likely you’ll have some kind of lightworker money disaster.