Does that seem backward to you? Usually when you hear someone talking about the two subjects of getting out of debt and starting a business, it’s the other way around. Many people start a small home business as a way of increasing income so they can become debt free. If you have debt that you need to be freed from, a home business may be the very thing you need. The ideas are endless and the resources are many for helping you get started. Just remember why you started this business in the first place. Finance your new business with cash and get those previous debts knocked out as fast as you can. And vow to never return to the world of spending more than you’ve been given.
Maybe your debts are “under control” and you don’t need to start a business in order to pay them off. Maybe one less payment (or three or four) wouldn’t change your life dramatically, so it’s hard to stay motivated. But imagine, if you didn’t have any payments, what could you do? Could the money you now spend on debt reduction help you start a new business? Imagine starting a business just because you can, and you want to.
You could build your family’s financial future on your own terms, doing something that you enjoy.
Knowing the power of the money you are now using for debt service can be the start of a new dream, and a strong motivator in keeping you from slipping back into using debt as a financial tool.
Any business that is going to produce significant income is going to take money to get it started and keep it going successfully. If you don’t need supplies, equipment, or advertising, you’ll need tools and education. That money has to come from somewhere, and you certainly don’t want it to be from even more debt. You’ll need good old fashioned cash to finance your business and your financial future.
You might be thinking that even without debt, you can’t afford your own business. And you might be surprised to find out that many home-based businesses can be started and maintained for very little cash, if you’re careful. Internet marketing is one example of a viable business model that requires very little upfront money and has enormous potential for financial growth, at your own pace. Many seven-figure businesses were started with just a small amount of cash.
Once you’re able to start your business with cash, keep it that way; don’t believe the lie that says if you want to grow big you have to start big, and with big debt.
I have dreamed of building a business since I was a young adult. I’m from a long line of business owners, so I guess it’s in my blood. I’ve come up with hundreds of ideas that I could do and some that my husband and I could do together. My husband has gifts and talents that would make him very successful as a business owner. But in all my years of wishing, none of my ideas ever came to pass. Until the year that we paid off our last debt.
Suddenly, with no debts to pay, we had some money. I think it’s no coincidence that as we were coming to the end or our debts, I began hearing more and more about families working from home, particularly through the internet. By the time I had developed significant interest in the idea of working online, I was able to jump in and get started.
I had the freedom to pay for some training and some services that make internet marketing easier. I haven’t had to spend a lot of money (Although I certainly could if I wasn’t being careful to only buy the training and services that I really need.) but I couldn’t have spent any at all when we were still in debt.
I’m still building, and still learning, I’m having fun and seeing success. I wonder what I’d be doing right now if we hadn’t paid that last debt.
Do you ever dream of being your own boss? Use that dream to fuel your commitment to become debt free. Then follow it. You’ll be amazed at where it could lead.