Aspiring small business owners may dream of building their business but are not sure what to expect. Prepare yourself ahead of time to understand what to expect when starting a business.
Let’s review what a few small business owners shared in regards to what to expect when starting a business:
- Haters will try to put you down. These haters can be people you barely know or people you are close to who may unintentionally (or intentionally) tear you down. They may be jealous of what you can accomplish and try to discourage you. Others may think they have your best interest at heart and believe you are making a mistake by leaving your safety net job. Do not let these people get to you. Just because they cannot build a successful business, doesn’t mean you can’t!
- You will spend more time on admin tasks that you think. These tasks are time-consuming and take you away from the heart of your business. Admin tasks can include expenses, payroll, scheduling meetings, writing emails, formatting websites, and more. Until you can hire help/outsource these tasks and streamline these processes, you can expect to spend a good portion of the week on them.
- You will work all day, every day and experience a strong feeling of guilt when you are not working. People want to leave the 9-5 life and set their hours, but what often ends up happening is small business owners work 80 hour work weeks to keep their business afloat. The more you put in, the more you get out. It will be hard to build a successful business on a 40-hour schedule.
- Doubt and fear are emotions you may experience daily. Try to incorporate time dedicated to meant health or meditation daily. Read books about people who overcame their fears and built successful empires to keep you motivated. Build your confidence as you grow your business. Check out our books every retail owner should read list.
- You may lose money in the beginning, or it may take you a long time to earn a profit. Creating a business should be a long term plan. It is rare to create an overnight success, and you should be prepared to live beneath your means in the beginning.
- People might ask you when you are going to get a real job or go back to work. Ignore these people. They will be applying to work for you in a few years!
- You may feel like you’ve made zero progress when you’ve accomplished a lot. Consider keeping an accomplish journal when things start to feel as if they are moving slowly or going nowhere. You will be surprised at how much you have done when you look back. You deserve to give yourself credit regularly. Your mental health will thank you.
- It is crucial to build relationships with others in the entrepreneur world and network everywhere you go. You never know when a fellow small business owner has a unique trick to help you maximize profits or can connect you with future clients. Collaborate when you can and be willing to give without receiving anything in return. These relationships can help you further down the line.
- Customer service can make or break a business.
- Persistence, dedication, patience, and faith – these are must-have traits to get you past the lows you will experience.
- Expect the unexpected. It is always essential to have back up plans, be flexible, and pivot when needed. Things will not always go according to plan, and you will need to adapt.
- There will be highs, and there will be lows. The highs will make up for the lows if you can stay motivated and push through them.
- You will never face a greater sense of pride when your business becomes a success.
Think through how the what to expect when starting a business ideas can help prepare to be successful from the beginning of your small business journey.
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