Let’s face it, many of us secretly harbor dreams of becoming our own bosses and owning our own businesses. From flexible hours to the freedom one gets from being on their own, what’s not to like about being a business owner?
For the unprepared entrepreneur, there’s plenty of trip falls that will quickly put an end to your burgeoning business. After all, there’s a reason why 20% of small businesses end up failing on their first year of operation.
Does this mean that you should just be content at your current job and continue climbing the career ladder?
Of course not. While entrepreneurship can be extremely demanding and stressful at times, there’s a great degree of satisfaction that comes from owning a small business. This is why we’ve put together this handy guide to help you get started on the road to becoming an entrepreneur.
Here are 4 things every small business owner wish they knew.
- Entrepreneurship is a lonely road
Heading out on your own and starting a business can be an exciting time fraught with stress and excitement. What most entrepreneurs also forgot to say is that running your own business is a lonely affair.
When you were employed, chances are you had your colleagues and friends from around the workplace to socialize with. As a business owner, you’re likely going to be alone for extended periods of time on a daily basis.
While being free from office politics can be refreshing initially, you’ll begin to miss human interaction. Nowadays, thanks to the power of the internet, most of your business interactions will be conducted online which further compounds your sense of isolation.
To prevent yourself from going into a depressive slump, you’ll need to have a support network of friends and family around you. Try to make time for social events no matter how busy you are and you’ll notice a change in your mental health and general demeanor.
- You’ll never be able to switch off
To the uninformed, having your own business would appear to be the gateway to ultimate freedom. After all, now that you’re the boss, you can show up whenever you like and leave as early as you want.
Sure, that may seem like a possibility, but the reality is nowhere near as glamorous or fun. In fact, starting a business is several times demanding than actually holding down a full-time job. When you’re not working, you’ll be spending time thinking or worrying over this month’s profits.
You’ll never be able to take a day off from your business and when you do, chances are you’ll be too distracted to enjoy the time off. On the long-term, this will likely end up with your burning out and breaking down
Set aside some time each month or week where you’ll be able to turn off for just a day. While some entrepreneurs may argue that they can hardly afford to take time off, the benefits on your physical and mental well-being will pay off in the long-term.
- Get ready for rejection
When you first get started, brace yourself for rejection. From doors slammed into your face to unanswered emails and cold calls, rejection is a major part of running a business. Just like betting on sports, sometimes you win and sometimes you lose.
Along with this, you’ll lose clients and customers and you won’t be able to do anything about it.
However, take heart in the fact that all of this is just another bump on the road to becoming an entrepreneur. Eventually you won’t even be bothered by rejection and you’ll be all that much better because of it.
With time, your negotiation and business pitching skills will improve, and landing clients becomes a cinch.
- Offer clients a solution not a product or service
Here’s a hard truth for you; the customer doesn’t care about any of your products or services. What they’re actually looking for is a solution to their problems. When developing your product or service, you first need to identify and recognize your customer’s problems.
From here, you’ll be better equipped to provide them with a solution which increases the likelihood of you closing the deal with them. All too often, entrepreneurs have walked in to meetings with little-to-no understanding of their customer’s problems which resulted in disaster.
Starting your own business may seem like an insurmountable challenge when your first start out, but with tenacity and hard work, success is very much within your reach.
