Keep Your Day Job. Build that First Business on the Side & Never Bet the Farm.

This week’s newsletter is a republication from author Jamie Wilkey ?? ’s newsletter titled “Launch, Already!” Jamie was recently a guest on the WCRT podcast, sharing her journey from pharmacist to entrepreneur. Thank you for being a part of our community, and we hope you enjoy this enriching piece from Jamie's "Launch, Already!" newsletter.

Owning your own business is pretty sweet.

Entrepreneurship gets a lot of glories online. Everyone is seemingly touting the endless benefits of being a fearless business owner here on LinkedIn with a false sense of bravado.?

I love business, but you've got to set yourself up to succeed. I fear that too many people think that to be a successful business owner, you must go all in and risk it all.?

I believe the opposite. Start small; build more of what's working.

In today's newsletter, I will teach you how to start a business with no risk and high creative energy.?

Recipe for Business Disaster

A new business won't save you.

I strongly believe you should not start a business to keep yourself financially solvent in the short term. Especially if you have no prior successful business experience.

For example, the framework for the stories we don't hear often on LinkedIn, but happen often in real life are those who are:

1. Strapped for cash [and probably in debt]
2. Thought starting a business would save them
3. Went into way way more debt
4. Worked 100-hour weeks?
5. Burned personal relationships
6. Tanked their health?
7. Spiraled into despair

When you need a business to be a cash cow right out of the gate, you put a mountain of energy-crushing pressure on your venture to succeed. So much pressure that you're going to implode. Especially if you have basic living expenses that aren't being met.?

And I don't know about you, but when I'm stressed, I start making terrible decisions. The effect of those terrible decisions is really amplified in the context of business.

This is why you hear the heart-wrenching stories of those who were so desperate to make it succeed that they bet the farm on their venture. Hoping that by 'proving their commitment to their cause,' the fates will intervene and save them from sheer grit alone.

This is why I included that image above as my cover image ???. We always get messages like this: Build the airplane as you fly it, and it will all work out.

This is a recipe for business disaster: needing a venture to succeed quickly.

Especially if there is no prior success or financial security to pin those hopes.

I only want to pursue things that if they go well I win big, and if they fail I lose very small.?

Give Yourself Two Things: Financial Security and Creative Headspace

If you want your business venture to succeed, you must come from a place of strength. You need a strong financial and creative foundation to build this venture.

If you are desperate, it will show in your work.

Desperation sucks creativity and makes you sloppy.

The Gift of Financial Security

Keep your day job and use it as financial security while you build on the side. This way, you benefit from steady cash flow and a safety net.?

If I were you, I'd use my job to:

1. Build the biggest financial reserve you can. Having 6-12+ months of living expenses cash in the bank gives you peace of mind
2. Grow your side hustle to consistent income.?

Once you see that what you are creating is working and earning recurring revenue, it doesn't feel like much of a risk to ease back on your W-2 work. You have a track record showing you what you can do. This is enormously empowering!?

It is only at this point (with trackable income and a strong financial foundation) that I considered quitting my W-2 job. By then, my job didn't feel like a safety net, but a weight holding me back. I had shown that I could earn more for myself as an entrepreneur than as a staff pharmacist. I knew that sure, my earnings may still be a bit wobbly as I figured it out, but I wasn't living on a wing and a prayer.?

When you have financial security, you feel like you can do anything.

Sure, there are amazing, heroic stories about people in desperate circumstances, with their backs against the wall, who made their companies incredibly profitable against all odds. But those stories are few compared to the number of the same scenarios of people who crashed and burned.?

Set yourself up to succeed, even if it prolongs your timeline by having the security of a job. Even if you hate that job. In fact, use that terrible job as your motivating incentive to build your way outta there!?

The Gift of Creative Headspace

If you've read any of my work in the past 2 years you know, I love to create just for the sheer joy of it. I love having the flexibility to build what my heart is calling out to me. I think this is the magic part of business: your creativity.

I believe that by building a creative business, you get the benefits of:

• Having fun?
• Not taking yourself so seriously
• Not needing your business to save you
• Scaling that business in its own time - not rushing the process
• Having the free headspace to create and work in a way that brings joy?
• Doing what you love rather than what will give you the most cash upfront

As any business owner knows, owning a business takes consistent effort over time. If you are building something only for the cash then it will be really easy to fizzle when the tedium of business hits.

When you do what you love and are genuinely interested in, you bring a spark nobody can replicate.?

After 3 years of running a business, that is still my favorite part: the creative element.

I see many of my friends battling through business like it is a mountain to be scaled in the shortest time possible. For me, it is the joy of unfurling my energy and growing in new ways.

I know this advice may seem counterintuitive, and like I'm recommending taking the LONG way.?

However, I've found that by shoring up my financial reserves ahead of time and approaching business from the aspect of light-hearted fun I'm actually on the shortcut to success. I can grow quickly because I don't need my business to do anything for me.?

I expect nothing and appreciate everything.?

Turns out you can build some really cool things when you think and work that way.

Hope this helps!

Jamie Wilkey ??

Frank's Financial Corner - with Frank Randall, MPA ?

Navigating Student Loan Repayment Strategies for Medical Professionals

Conquering student loans doesn’t have to be daunting. First, understand your loan terms and explore forgiveness programs for medical professionals, like Public Student Loan Forgiveness. Choose a repayment plan that aligns with your income and future goals – remember that paying them off as quickly as possible isn’t always the right play. Prioritize higher-interest loans, paying them down aggressively. Consider refinancing if it lowers your interest rate, but be aware that when you refinance a federal loan you lose any potential forgiveness options! Allocate any windfalls, such as bonuses, to your debt. Keep living modestly post-graduation, directing extra income towards the loans.

Need help with your finances? Frank Randall, MPA is a Financial Advisor serving the medical community Book a complementary meeting with Frank here.

This newsletter is made possible through the support of ThriveAP, a transition-to-practice solution for NPs, PAs, and the facilities that employ them.?

If you like the newsletter, please consider subscribing and sharing it with friends. Also, check out our podcast for engaging conversations on healthcare career development.