It’s excellent being a business owner. You get to choose your hours, reap the rewards of your hard work, and sit back and count your money coming in.
Except, none of that’s true, and if you think that running a business is going to be easy, you might be in for a bit of a shock. Reading the heartwarming and motivational stories of entrepreneurs who have made a success of their business goals may have given you a skewed idea of the real-world challenges of launching and running your own business. The fact is that people are quick to tell you all about their success stories, but they aren’t always so keen on telling you about the less glamorous elements of running their business. If you’re setting up your business plan, it may be worth keeping these things in mind.
Running a business means adapting quickly to change and being prepared for any eventuality, even workplace accidents. If you don’t have coverage, look into disability insurance for self-employed individuals. You will face many challenges when dealing with the day-to-day management of your business venture, and most of them may blindside you. The trick is to make sure that you always address any potential issues before they become impossible hurdles and force you to close down. Once you have considered your assessment, make a plan to address it, and then execute it to the best of your ability. If you fail, try again. Mistakes will always be a factor, but mistakes mean that you learn and progress. Never commit to inactivity; always seek advice if you can’t see any obvious solutions to your problems. No matter the industry or sector of your business, trusted sources are available to help guide you through the stormiest moments of your business lifecycle.
It’s all on you.
Building up and running a business can be lonely, even if you’re going into business with a partner. You won’t be able to keep to those traditional business hours, and the concept of 9-5 will be a distant dream for quite some time. Whether you’re working from home or have a dedicated workspace, you will spend a lot of hours focusing on your business, which means that your social life will take a bit of a dip. Remembering that the longer your business is trading, the less this should be a factor. As it becomes possible to justify the cost of paying employees to tackle specific roles, your workload will also reduce. However, initially, it’s all on you.
The problem with partners
You must pay attention to your working relationship if you have a business partner. You may have started your idea together for any number of reasons. Still, the most common ones are because you are good friends or have various opposing business-related skills. While this is common, it can be a risky way to launch your business and put strains on an otherwise strong friendship. It’s always worth considering some form of the contract before you commit, in the same way that some marriages have a prenup. Consider what might happen to your business partner and yourself if your business fails, and you’ll be able to have a stricter and more professional working relationship.
The money factor
Let’s face it: most of your worries in the first stages of your business management will be financial. You will need to be hyper-vigilant regarding expenditures and budget accordingly. There are several ways to help fund your business launch, from bootstrapping to crowdfunding, which are perfectly viable options in the digital age. Most people prefer to take a more traditional finance route, although you must ensure that you have a good credit score before making any finance applications. Failing to pass a credit score review can affect your ongoing credit score, so always look at resources like Credit Karma and check for Credit Karma review sites that can offer guidance and advice.
Dealing with unpredictability
Running a business means adapting quickly to change and preparing for any eventuality. You will face many challenges when dealing with the day-to-day management of your business venture, and most of them may blindside you. The trick is to make sure that you always address any potential issues before they become impossible hurdles and force you to close down. Once you have considered your assessment, make a plan to address it, and then execute it to the best of your ability. If you fail, try again. Mistakes will always be a factor, but errors mean that you learn and progress. Never commit to inactivity; always seek advice if you can’t see any obvious solutions to your problems. No matter the industry or sector of your business, trusted sources are available to help guide you through the stormiest moments of your business lifecycle.
Dealing with doubt
No matter how confident you might feel about your business idea, the fact is that you are going to face doubt on occasion. These will often be personal doubts about your skills and abilities, and you will be especially prone to these when things go wrong. At these times, you need to be the most confident, and this will be the dividing line between those entrepreneurs who make it and those who don’t. The other doubt issue to consider is the lack of potential support that you might encounter from those closest to you. If your partner, your friends, or your family start expressing doubts about your business’s viability or your skills, this can negatively impact your mindset. Stay focused, believe in yourself and your idea, and you’ll stand a much better chance of making it big.
The fallacy of overnight success
There’s no such thing as an overnight success unless you buy a single lottery ticket and win the big first time. Those who talk about overnight success rarely know what it takes to be successful. They don’t see the sleepless nights, bank managers’ meetings, or the arguments with late suppliers. Your hard work may well pay off, but it will mean a lot of work before overnight success. Don’t compare your story to that of successful and famous business figures. Your account will be very different because you are very different, and recognizing that is a good way of keeping your positivity and motivation at optimal levels.
There’s a business mentality that says it takes five years of running a business before you should feel safe, and that’s a good target to aim for. If you can keep your business running for five years, then you have made it, no matter what your profit margins for the last quarter might look like. Running a business can be exciting and rewarding, but don’t expect it to be easy. Know the challenges, and you’ll be far more prepared to tackle them and grow your business successfully.
