Anyone who’s done a basic history course should know a little something about sacrifice. Way back in the 16th century, the Aztecs are thought to have sacrificed as many as 80,400 people. And they did it all in the name of what they believed in.
We’re not here to ruminate on horrors that have come before. But, we are here to say that getting into the sacrificial mindset for what you believe might not be such a bad thing. And what do you believe most? We’d hope that’d be your startup.
Of course, we aren’t saying you need to round up your friends and get your knives out. But, it would be naive to think you can start out without making at least some sacrifices. The success Gods won’t listen to you otherwise.
But, before you find yourself killing where you aren’t willing, consider just what those sacrifices might be, and whether you could make them.
Your financial security
The chances are you’ve spent most of your life building up financial security. You’ve likely got savings and a house behind you. But, we all know that starting a business means plunging the knife hard and fast into those backups. Your savings will undoubtedly deplete when you start out.
And, if all doesn’t go to plan, you might even find yourself having to remortgage or even sell your house. Sadly, you need to be willing to take these steps. You can, of course, get small business loans and help. But, when the going gets tough, they won’t cut it unless you subsidize them. On the plus side, you should be able to repurchase everything if profits go the way you want. So, it could all be worth the effort.
Your credit rating
While we’re on the subject of loans, it’s also possible you’ll need to sacrifice your good credit rating. This can be an especially hard blow for those with impeccable records. But, the reality is that you may be taking out loans with no guarantee you can repay them. What’s more, your business is so new that it won’t have a rating. So, you’ll have no choice but to take those loans in your name. See the problem? The good news is, you do always stand to resurrect your good rating if things pick up later down the line. But, you’ve got to go through that bad before you can get to the good.
Okay, this is a little dramatic. You won’t literally have to take a knife to the heart for your efforts. But, when you’re trying to turn your passion project into a business, it may feel like you have for a while. You’ll certainly stop having any semblance of free time. Startups take almost continual efforts on your part, especially in those early days. Your relationships and lifestyle are sure to suffer for it. Of course, things will improve when you can employ help. But, you’ll need to suck up and bear it until then.