5 Hard Truths About Starting a Business
Starting a business can be a very exciting time for a new entrepreneur. You probably are driven by ambition and yearning for success! You probably can’t wait to have endless freedom and flexibility. After all, you’ll be in charge of your own schedule now. However, the reality is you’ll face plenty of challenges and even more obstacles. Many entrepreneurs wish they knew the hard truths about starting a business before they did. Granted these hard truths might not stop you, but hopefully they will help guide in the direction of success.
1. You can say it’s like a roller coaster:
You probably aren’t naïve to typical startup difficulties. You’re aware that there will be some lows and other days you will have some major highs. This roller coaster of opportunities and challenges never truly goes away. The highs and lows will just become bigger challenges and even bigger wins. Owning a business can be rewarding and there will be moments where you enjoy the ride. You might grow to where you own an office where you hire a small team. But are you willing to let go loyal employees or even downsize back to your garage? This is a constant reality of many entrepreneurs. One wrong decision can ruin your business, but then again one right decision can make you dominate your industry. Be ready to make hard decisions and deal with some unfortunate situations.
2. Reinvest, reinvest, REINVEST:
Congrats! You’re making money now. It’s very tempting to take every penny and buy a house, a car, travel the world and more. But a better idea is to reinvest some of your profits back into your business. It’s like the saying goes, “You need to spend money to make money.” You don’t want to be like those lottery winners who file bankruptcy after five years. Sure, enjoy the fruits of your labor! Just try to put some of that fruit back into the bowl.
3. Passion isn’t everything:
You may love your products or working in your field, but when you are working on a business from the ground up you’ll more than likely focus on administrative work. When you are starting out as a one-person business you’ll need to do things like paperwork, researching the right credit card processor, finding a phone service, etc. Be prepared to do everyday tasks. Heads up, you might be bored some days!
4. You’ll work more hours than a 9-5:
If you are starting a business because you don’t like working long hours. This might be hard to hear. When starting a business you’ll be your first employee. If you are passionate about growing your business you’ll work well into the night. When your business's success is on the line it’s hard to stop working. All that freedom you expected? You won’t see that until you have a large team to take over tasks. But the downside to that is once you have a team you’ll be so invested in your business that it might be hard to delegate and step back. Being a business owner will cause you to work 60-100 hours a week on average. It’s rewarding work, but it can be exhausting!
5. You might feel isolated...
Being a business owner can actually leave you feeling pretty isolated. Consider that you’ll be working more hours than the average person and you’ll most likely have bigger goals than your peers. Business owners just starting out often don’t want to tell their friends and family about their concerns or stress. This is typically due to not wanting their family to lose faith in their business or deem it a failure. Or once your business grows, you don’t want to worry your employees with problems and stressors. This is why it can be lonely. However, connecting with other business owners can give you the right support you need to not feel isolated. Reach out and grow your network.
Bottomline, if you feel like starting a business is right for you then there’s never been a better time. Industries are constantly changing where new innovative ideas and solutions are needed. If you can handle the obstacles that new entrepreneurs face then your potential is endless. Trust in yourself and try to breathe. Becoming a business owner takes courage. Don’t be afraid to take risks and make something amazing happen. We can’t wait to see what you become!
Related Article: 7 Remote Management Tips