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Business Owner Mindset without Becoming a Finance Bro? (lemmy.ca)

submitted 1 month ago by archipherous@lemmy.ca to c/nostupidquestions@lemmy.ca

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I need some advice on making the psychological shift from being a business employee to a business owner. I started a couple of businesses five years ago, and I'm surviving as it is, but I'm right on the lower limit. I can feel that it's my own psychology that is holding me back. I don't struggle with the practical running of the business, my problem is feeling like an exploitative schmuck because I'm charging people money for stuff. I can push just enough to let myself survive, but after that I freeze. It's a big block for me, and I just can't seem to get past it on my own.

I know there are tons of business self-help books out there, but I don't have the time/money to sift through all of them to find the non-icky diamonds in the rough. And I figure there have to be at least a few people out there who have made this transition and faced the same problems. So:

Have you confronted this problem for yourself? How did you approach it?
Were there any resources you found helpful to wrap your head around the transition?
Do you have any experience with business coaches and/or associations, and were they helpful (ie. worth the money)?
Are there any Lemmy/Reddit/Discord/other groups you found supportive/helpful?

Thanks much in advance,

~Archie

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[–] HubertManne@piefed.social 2 points 1 month ago

I don't own and never owned a business and partially its because of what you are talking about. I can say that if you are just barely in the black then your business is eventually going to fail. Businesses have good times and bad times. A bussiness will lose money at times. The bussiness either has to be funded from the outside or make enough profit early on to setup a buffer fund for bad times. Once you have such a fund its then better to lower your prices to keep profit as low as possible and expand the business. If your business provides something important think about what the effect will be if your business is gone. Think about additional charge as like insurance they pay to keep your business going. Ethical wise you have to avoid spending the money and keep it for its purpose. Assume your bussiness will be in the red at times. You can invest what you have for bad times but it has to be liquid enough to get the cash when you need it.