I recently came across a saved 2015 article by Jamie Dunn titled, “Five reasons not to be an entrepreneur.” One of the reasons that applies at this time is inconsistent income.
At this time of uncertainty, in not just the textile screen printing industry but the small business community at large, what he had to say applies as much now as it did then.
Everywhere small businesses are contemplating resuming activity as restrictions are lifted. It’s a good time to pay some attention to this aspect of business ownership in the unknowable circumstances of the “new normal.”
He mentions how a business owner’s income can be inconsistent and how monthly fluctuations can affect your attitude, belief, and lifestyle. I know this to be true but, in addition, the ongoing experience with the Coronavirus shutdown or slowdown (depending where you are) makes the solution he offers so much more pertinent.
Here’s what he had to say: “This can be combatted by ensuring you have some savings buried away in case you don’t earn a penny. My advice? Work out your bare minimum living costs and have at least six months of these costs saved up before you start up.”