9 Truths People Don’t Tell You About Starting Your Own Business
Many people give up their jobs because they are tired of working long hours or they’re simply tired of working for others, but starting your own business isn’t always all it’s cracked up to be. In fact, you will have to work twice as hard and spend even more hours in your office than you had before if you really want your company to rise and grow. Things will change, you’re investing in something you own, and you will start to see the benefits later down the road, but that takes time and dedication.
Okay, let’s be honest here—we all know this.
But what are some harsh truths that not everyone tells you? While the benefits may sound like they outweigh the hard work and dedication, there are some blunt truths that don’t always make the change to entrepreneurship worth it for some people. Consider these below to help you put the future of entrepreneurship into perspective.
1. Your business takes time
Setting up a business to work less is starting off on the wrong foot. Your own business requires a lot of patience, particularly in the beginning and probably for much more time than you can ever imagine, and maybe you will have to work double what you would work as an employee for anyone else. It will not work faster for you than it does for everyone else. Expecting instant results is an amateur mistake.
2. You will not be making money at the beginning
Earning money is probably the main reason why people start a business. However, most people ignore the fact that money comes with time and effort. Even if you prepare accordingly, you may get a loan, or get someone to invest with you, the principle can be complicated.
You can make a lot of money with your own business, but in order to do so, you have to be willing to innovate and improve what others do. Obviously, having a good business guarantees that you will generate profit, but you have to be patient because, in the beginning, it requires an investment of money and time that will surely take longer than you expect. This is the point that many brush off because they “have a plan,” but I’m here to tell you, this isn’t something to take lightly.
3. It is not the end of all of your problems
You will constantly have to deal with demanding clients, informal suppliers, employees, partners, shareholders, etc. who think that their concerns are the only ones on your plate. Building a business requires a lot of social skills to solve conflicts. You have to be the one who can address all situations that arise. You can’t just “hire people to do the dirty work for you.” It doesn’t work like that until much, much later in life, if ever.
4. You will need support
Working alone can be demanding and exhausting. Leading a business towards success requires many things before getting anywhere near achieving it. You have to surround yourself with smart people who can give you great advice and help you solve issues to make a plan work for your business; this should be to your business’ advantage.
5. You will not have a multi-million dollar business in a few months
Never think that if you make an investment, hire some people to work with, and run online ads, that automatically thousands of customers will be interested in your product or service from day one.
Building a company is much more than that. It is the result of integrating several factors efficiently, that will allow your exponential growth. It requires a lot of hard work and dedication. Of course, there are some cases when people create a “product of the century” and they become billionaires in a second. But let’s be realistic, these cases are few and far between.
6. Being good is not always enough
Being exceptional at something can help you in the beginning. There are too many businesses that have failed in the innovation and vision department. Evolution is an important part of business; you need to be continually improving what you do. Do not think that everything you do with your business today will be enough for the years to come. The more time passes, there will be more competition, technology, and different cultures of consumption. You have to live in the present, aiming for the future.
7. The product will not be sold alone
Every company, regardless of size, must have a sales and marketing strategy. There is no way to achieve success without it. You must know how to sell your product. If you do not know how to do this, hire someone to be in charge of sales, there is no other way to grow as a business, and sell your product or service effectively.
8. You have to pay attention to the legal part of business
For some reason, many entrepreneurs make the mistake of dismissing the legal part of their business, failing to comply with formal procedures such as registrations, tax payments, tax obligations, licenses, patents, etc. Or, on the other side of the spectrum, they assume lawyers will handle it all.
All of this can be annoying, but this is an important investment to keep the business alive and will allow you to get rid of the possible future stress of audits or being exposed to legal issues that can easily end the earnings of a full year.
9. Do not get frustrated with your first failure
It is important that you know that everything might not go well in the beginning as you expect it to, but you will have to overcome difficulties and learn from those experiences. So, the best thing to do is to be patient, not get frustrated, and try to keep your focus on the big picture.
These points might seem rough and direct, but you can be sure that these are not to discourage you. On the contrary, this should encourage you to build solid companies that grow with you and your target buyer. Get ready for a wild, crazy, and amazingly rewarding ride.