Starting a business can be an exciting and rewarding experience, but it's important to remember that not every venture will be successful. While it's important to remain optimistic and work hard to make your business a success, it's also wise to have a fallback plan in case things don't go as planned. In this blog post, I'll explore why every entrepreneur needs a fallback plan and how to create one.
The Reality of Entrepreneurship
Entrepreneurship is often romanticized in popular media, but the reality is that starting a business is risky and can be challenging. According to the Small Business Administration, only about two-thirds of businesses survive the first two years, and only about half survive the first five years. While these statistics can be discouraging, they highlight the importance of having a backup plan in case your business doesn't succeed.
One thing that many entrepreneurs including myself feel is that having to use their fallback is admitting failure. But, you can use your fallback as a way to get you and your business back on track. For me, my fallback is food service, everybody has to eat. Before my tech days, that was my career path. So it is something I know I can go and use to make money while I readjust my business model to be more profitable in the long run.
The Benefits of Having a Fall Back Plan
Having a fallback plan can provide peace of mind and help you avoid financial ruin if your business fails. It can also help you bounce back faster if your business doesn't succeed as you hoped. Knowing that you have a plan in place can also give you the confidence to take calculated risks and make strategic decisions for your business without fear of failure.
How to Create a Fall Back Plan
Creating a fallback plan doesn't have to be complicated, but it does require some thought and preparation. Here are some steps to follow when creating a fallback plan:
Step 1: Identify Your Options
The first step in creating a fallback plan is to identify your options. This could include finding a new job, returning to school to learn new skills, or pursuing a different business opportunity. You should also consider your financial situation and any resources you have available to help you during the transition.
Step 2: Set a Timeline
Once you've identified your options, set a timeline for when you would implement your fallback plan. This will help you stay on track and ensure that you have a plan in place if your business doesn't succeed.
Step 3: Develop a Budget
Developing a budget is an essential part of creating a fallback plan. You should consider your monthly expenses and how long you will need to support yourself until you can find a new source of income. This will help you determine how much money you need to set aside in case your business fails. It gives you a cushion to figure out the next steps.
Step 4: Stay Positive
Finally, it's important to stay positive and remain focused on your goals. Starting a business is never easy, but having a fallback plan can help you stay motivated and confident in your abilities.
Conclusion
Starting a business is an exciting and challenging experience, but it's important to remember that not every venture will be successful. By creating a fallback plan, you can help protect yourself from financial ruin and bounce back faster if your business doesn't succeed. So take the time to create a plan that works for you, and remember that with hard work and perseverance, you can achieve your goals. It's not admitting failure, it's protecting yourself against it in the long run. So if you have to go make some sandwiches, then that's just what you have to do. The important thing is to keep hustling!
Keep calm and Hustle on!
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