You’ve always had your eye on that alpaca farm in the country and it’s finally come up for sale! Or maybe there’s a little voice inside you who says there’s something to all of your friends telling you that you make the best cheesecake they’ve ever had at the same time a storefront has opened nearby.
But you’ve got a great job with a major company. Sure, every day isn’t heaven, but you’d have to be insane to walk away from the money and benefits to follow a crazy dream. That only happens in the movies, right? I couldn’t really throw everything away and be successful, could I? Isn’t it better for me to just ignore that little voice?
Most of the time, yes. You’ll end up crashing on the rocks like a wooden ship that didn’t pay attention to the lighthouse. Everybody was screaming, “There’s a lighthouse there!” but you were blinded by your own ambitions and lost everything
But then there are those who listen to the little voice, follow their dreams and live happily ever after. Albert Einstein, an average patent clerk at best who showed no signs he’d go on to become the most recognized name in the history of physics, once said, “Never give up on what you really want to do. The person with big dreams is more powerful than the one with all the facts.”
What are the best ways to follow your dream and hopefully not end up like the wooden boat?
Research -- Einstein’s quote aside, do you know what it takes to succeed with your new venture? Have you thoroughly studied how to operate the business and who your competitors are? Do you have a trusted mentor you can go to with questions as they arise? Why have people failed in the past when they’ve opened up this kind of business and what is your differentiator? You need to become schooled in all aspects of running your business before you open your doors.
Financial Planning -- How much money is it going to take to get your new business off the ground? What can you expect for revenue in the first quarter, first year and first few years? What happens if you’re off by 20%. How long can you live on a salary of $0? Analyzing how your professional financial life is going to proceed will tell you a lot of about how your personal financial life will proceed. Are you willing to make the necessary sacrifices?
Expect the Unexpected -- There is no “perfect time” to follow your dream and you will never be able to remove obstacles, either the ones you see or the ones that will blindside you. Also, while you probably envision yourself as a success, try not to have unrealistic timelines. Through learning and experience, you may also find that your dream is only 75% accurate. Your final results may be different than what you start out doing.
Take Your Head Out Of The Clouds -- Doing your own thing is romantic and you’ll probably feel an initial passion that you haven’t in the past, but after the bloom comes off the rose, are you really going to want to put 10-12 hours per day, 7 days a week into something that comes with a guaranteed lower salary, no benefits and no retirement plan? People often call their business, “their baby” and that’s absolutely true. You’re now attached to something that you can’t just walk away from on a whim.