Money is often a sensitive topic even in the best of situations, but when creditors are calling and you don’t know where your next paycheck will come from, money may be the only thing on your mind. Entrepreneurs who have been down this road recommend reaching out to your professional and personal networks to find a job. Working for someone else for a while before jumping into your next business venture has its benefits.
Once you have a steady gig, you will be able to earn an income, pay down debt and buy yourself some time to figure out your next move. In some instances, what starts off as a way to make ends meet may lead you to your next big idea.
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This was the case for Mike Sims who created a social media app for musicians that never got off the ground. However, Sims built an entirely new business as a result of the work he took on after that initial failure. “I needed more funds just to survive after my venture ended, so I started promoting myself as a business plan writer on freelance sites,” recalled Sims.
“Six months later, I was the top business planner on one of the largest freelance sites … I soon realized that I had accidentally uncovered a unique problem for app entrepreneurs, and I had the ability to solve it,” said Sims. As a result, Sims launched ThinkLions, which helps entrepreneurs bring their app ideas to life. “While my original idea app didn’t work, I have now helped dozens of app entrepreneurs build, find funding for and launch their mobile apps,” said Sims.