Boss Free Academy | Wanauma Graham
I recently received a question from a fellow entrepreneur struggling with a common challenge many of us face: when the business you've poured your heart and soul into isn't yet generating the income you need to fully support yourself.
It's a frustrating place to be—caught between the desire to keep pushing toward your long-term goals and the very real need for immediate financial security.
Do you continue to focus solely on your business, risking financial pressure, OR do you step back, take a job, and scale back your entrepreneurial aspirations, at least temporarily?
Balancing Business and Income As a Solopreneur
This is definitely a tough situation to navigate, especially when the business is something you’ve worked hard toward and care deeply about. The decision boils down to balancing short-term needs (income) with long-term goals (business success).
Let’s explore both options and their potential impacts, then consider a more nuanced approach that could help maintain momentum without completely sacrificing the business.
Option 1: Continue Focusing on the Business
Pros:
Long-term vision: Sticking with the business allows you to keep working toward your ultimate goal of full financial independence through it.
Momentum: As you mentioned, you risk losing momentum if you stop now, and momentum can be critical when growing a business.
Personal Fulfillment: If this business represents your passion or purpose, the personal fulfillment of working on something you care about might be worth the struggle, even in the short term.
Cons:
Financial Pressure: If the business isn't generating enough income yet, continuing without additional income could create stress or financial insecurity.
Burnout Risk: Relying solely on the business without sufficient income might lead to burnout or frustration, especially if the income is inconsistent or lower than needed.
Time Constraints: Without a backup income source, you may feel stretched thin, especially if you're working long hours trying to grow the business.
Key Considerations:
Are you confident in the scalability of the business? If the business model has strong growth potential, pushing forward may eventually pay off.
How much runway do you have financially? If you have savings or a plan in place to cover your expenses for a while, you may feel more comfortable staying the course. But if you're near your limit, this could add unnecessary pressure.
Option 2: Get a Job and Spend Less Time on the Business
Pros:
Steady Income: A job provides financial stability, which can reduce stress and allow you to focus more on growing the business without the pressure of needing immediate income from it.
Reduced Pressure on the Business: The financial stability of a job may give you the breathing room to build the business more slowly, focusing on quality and long-term strategies.
Mental and Emotional Recharge: With a steady income, you might be able to take a step back from the business, re-evaluate, and come up with a fresh perspective, which can ultimately benefit the business.
Cons:
Slower Progress: The business may take longer to grow if you can only dedicate part-time effort to it. This could delay the timeline for reaching full financial independence through the business.
Potential Loss of Momentum: You could lose the excitement, passion, and drive you currently have, and finding the right balance between a job and your business could be difficult.
Personal Regret: Giving up on the dream (even temporarily) might feel like a failure or a setback, which could affect your motivation and morale.
Key Considerations:
How much do you need financially? If the gap between your business income and living expenses is small, you might only need a temporary job to cover that gap. If it’s a large gap, the job might need to be a more substantial, long-term option.
How much time can you realistically dedicate to the business while working a job? If you're working full-time, how much energy will be left to grow the business? Will the job sap your creative energy, or will it be a manageable balance?
A Balanced Approach (Maybe the Best of Both Worlds?)
For a solopreneur, balancing business and income is not easy. In many situations like this, a hybrid approach might be worth considering, especially if you’re deeply invested in the business and don’t want to risk losing momentum.
Here’s how:
Get a part-time job with a set schedule: This option allows you to still earn enough income to cover immediate expenses without overcommitting to a full-time job. You can dedicate remaining time to your business and still have the mental space to think creatively and strategically.
Do freelance or contract work: If you have skills that could translate into freelance or contract work (writing, design, consulting, etc.), you could take on shorter-term gigs that offer more flexibility and fewer hours than a traditional job. This keeps your time relatively free to focus on the business.
Take a Side Hustle Approach: Rather than fully stepping away from the business, you could shift your mindset to a "side hustle" phase, where you see the business as a passion project with the potential for future growth. This allows you to take pressure off immediate income and focus on building a more sustainable, long-term strategy.
Key Takeaways
Financial Security vs. Dream Fulfillment: It comes down to what you value most right now—short-term security or long-term growth. If financial insecurity is causing too much stress, taking a job might bring peace of mind. However, if the business has true growth potential and you're willing to continue investing time and energy into it, staying the course could lead to bigger rewards in the future.
Possible Pivot: If the business isn’t growing as expected, you might also consider whether there’s a way to tweak or pivot the business model. Sometimes even a small adjustment (e.g., adjusting pricing, marketing strategy, or services offered) can lead to a big change in growth.
No matter what, you shouldn’t feel like it's an "all or nothing" decision. It's about finding the right balance for where you are in your journey right now. The goal is to ensure you feel financially stable while still working toward your dream.
My Final Thoughts
Many of you ladies reading this may decide to keep pouring your energy into your business. If that’s the case, I want to offer a shift in perspective.
Instead of keeping your business as a distant "dream," break it down into concrete, actionable steps. Your success hinges on how you transform that vision into daily tasks, purposeful activities, and focused decisions that align with your goals.
Each to-do, every action, should be intentional, generating revenue, propelling you forward, rather than just aiming at a vague ideal that you're hoping will work. With this kind of clarity and consistency, momentum will start to build. And that momentum is what will get you to a place where you no longer face the difficult choice between pursuing your business or securing a steady income.
More on how to make this happen is coming soon—but remember: turning your vision into tangible, everyday, revenue generating actions is the key to creating sustainable progress.
