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Welcome to the Cars For A Living! This show is dedicated specifically to help out those that would love to find a way to turn their automotive passions into a career, business, or life long journey.
In this episode my co-host Dan Kahn and I discussed three topics that affect every small business owner: dealing with the fear of failure, avoiding burnout, and learning to pay yourself correctly.
In any small business a healthy dose of the fear of failure can be a double edged sword. On the positive side, it can keep you on your toes and keep you looking toward the future for big opportunities. Of course the flip side is that fear of failure can be somewhat crippling if it’s all that you think about, and, though we hate to admit it, we all have the bad habit of confusing our personal worth with the monetary success of our business at times. We discussed that in depth in the early part of the show, and even dove into how hard it would be to get a “real job” again, mainly in the context of the blow to our egos and the lack of freedom.
Listener Ron Larson asked us to talk about how we deal with burnout, and our take to Ron (and ourselves) was to realize that burnout is a big sign that help in your business is needed, either through the addition of a team member employee, contractor, or combination. We also talked about some of the ways that we deal with burnout….and learned that Dan has paced around his desk so many times that he’s worn a race track in the office carpet!
On our final topic, learning to pay yourself correctly, we skimmed the surface of how any small business owner can pay themselves and gave specific examples of several scenarios. Since paying oneself deals with MANY other factors in the business, such as budgeting, forecasting, the overhead expense of employees (and making payroll consistently), this is an area that we spent a lot of time on. Quite honestly, we could probably do 10 shows just on the topic of business finance and hiring great employees alone!
In the end – the fears, burnout, stress of paying yourself, and nearly everything else in business all drill down to money issues some how, some way. In the beginning stages of launching a new venture, most of us are just trying to make enough to keep food on the table and provide for our families. That alone is plenty of stress, and the fear of failure there is quite large. Also, chances are you’ve taken an entrepreneurial step for the opportunity to generate more income for youself, or live a cool life through your business (i.e. autocrossing at customer event), so learning to manage these areas is critical to future success.
We’d love to get your feedback on how how you deal with these issues as well as what you’d like us to concentrate on for the next show. Feel free to simply reply in the post notes below, hit us up on Facebook or Twitter, or shot us an e-mail!
If you’d like to send in a question for the show for us to discuss, feel free to send an e-mail to the address below or leave a comment on our Facebook page or on Twitter. Be sure to sign up for the Cars For A Living newsletter as well and look for exclusive content to come your way there that WON’T be on the website!
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