5 Things Nobody Tells You When You’re Starting a Business
“He who has a why can endure any how.” – Frederick Nietzsche
I bet you clicked on this article for a number of reasons. Maybe you need that extra push to make the move from talking to doing. Or maybe you need some inspiration for professional growth. Or, you could be seeking some tips for entrepreneurial success to reassure yourself that there is hope for your small business. This article will help.
We all have ideas about how starting a new business will be. And most of us understand that the first year of business can be full of ups and downs.
In order to be successful, it’s important to do your best to avoid pitfalls while taking risks to grow your business.
Here are 5 things no one tells you when you’re starting a business.
You will wish you worked for someone else sometimes.
Typically when you work for someone else, you have a sense of consistency. You put in your hours and get a paycheck. But when you start your own business, you may not know what will happen next. This unpredictability can really knock you off your feet if you aren’t prepared for it. Buckle up and always expect the unexpected.
Every year it’s a good idea to revisit your strategy to make sure your efforts are paying off. To help you revise your digital strategy for maximum effectiveness schedule your FREE discovery session.
Build a tax savings account & emergency fund savings.
Two of the biggest distractions for any new business are finances and managing cash flow. Start building your savings from the get go. An emergency fund for your business can be anywhere from three months to a year of overhead expenses you have saved just in case. Make sure you move money into your tax savings account monthly and do not touch it. Then, come tax time, when thousands of business owners are frantically scrambling to move money around for taxes or if something goes wrong, you will be able to stay focused on developing your small business.
“Entrepreneurs are simply those who understand that there is little difference between the obstacle and opportunity and are able to turn both into their advantage.” – Seth Godin
Welcome change & challenges.
When starting your own business, you will face many ups and downs and challenges. If you learn to embrace change, you will be more stress-free and won’t be crippled by any sudden detours.
You’ll only spend 15% of your time doing what you love.
According to Inc., you need to brace yourself because most of your day will not be spent doing the things you love most, or your “gift”. Instead, you’ll be spending your time selling, strategizing, planning and marketing.
Success takes time. Sometimes years.
For most entrepreneurs, it takes years to build a company. Building a successful business takes time. A lot more time than most people starting out think. Take Ben Silbermann, the founder of Pinterest as an example. Ben quit his job at Google back in 2008 to pursue his startup. He first created an app called Tote, which failed. He kept at it and built another app called Pinterest that launched in 2010. His base grew to 25 million after three years. It took Silbermann a whopping seven years before he made it big.
The entrepreneurial path is filled with potholes and detours, but knowing these 5 things can help you succeed with your small business and feel equipped to make the decision that’s best for you.