Main menu

Pages

7 things nobody told you about starting a business

featured image

Opinion holder entrepreneur Contributors are their own.

“You’re crazy!” “Are you serious?” The critics are not wrong. It can be hard, but that doesn’t have to stop you from being successful in business. If you have a strategy, a plan, and read this article before you start your business, you will be fine. Here are 7 tips no one tells you before starting a business.

1. Who You Know Matters

When you start your own business, you may be doing so for a variety of reasons. One of them may be because you didn’t have the right contacts to get the job you wanted in the first place.

Unfortunately, starting a business solo isn’t without others. To advertise, you need a potential partner, or at least other business contacts. Don’t delete contacts just because you think you don’t need them. believe me.

RELATED: 8 Things You Should Know Before Starting a Business

2. It makes me want to quit

Even if you’re as passionate as you are, sometimes you want to throw in the towel when it comes to starting a business. Running your own business is tough, even if you’re “doing what you love.”

Work can wear you out, so make sure you take breaks. A little break is essential, even if it’s just a short break between calls or meetings. Contrary to what many people believe, taking a break doesn’t make you more productive. It’s quite the opposite. Taking the right breaks at the right time will rejuvenate you and help you go through the rest of your day faster.

3. Nonstop

When starting your own business, there is always a lot to do. If you can work all the time and no one imposes restrictions, you will find yourself working all the time.

Please don’t! Set boundaries for yourself and your workday. Some days I have to work later or earlier than others. If possible, schedule meetings and consultations only during your personal work hours. If you have to work late one night, try to stick to the limit the next day as well.

Burnout is a big reason why companies struggle to get off the ground or never launch. Don’t waste your efforts!

4. Everyone has an opinion

If you have kids, you know everyone has something to say about raising them. The same is true when it comes to “growing” a business.

You might tell a friend that you’re having a problem to relieve some stress. Then, if you just want to feel heard, here are her three ways to fix the problem.

They mean well, but you don’t have to listen to them or take their advice. Seek advice from trusted advisors and mentors who have been in the trenches before you.

Related: 5 Honest Truths About Starting a Business

5. Must ask for money

Even if you thought you had enough capital or underestimated the loan you needed, you have to ask for more. This is true for a significant percentage of startups.

Asking for money is difficult. Especially if you’re demanding more from the same person/entity. Don’t feel guilty about it — it can seem like everything your brain wants to do.

If you borrow from the same person again, show that you have a plan to avoid running out of money. Being able to show that you spent time defining forecasts, runways, timelines, go-to-market strategies, and how you spend money is key to building trust in your company.

6. Do not double pickle for customers

Many people mistakenly think that friends and family are their first clients. This probably applies to his 20% of personal networks, but that doesn’t mean you can count on them to get your business off the ground.

You should invest in both digital and traditional marketing. Where can I go to promote my business to interested customers? Many small business owners spend a lot of money on upfront costs and forget to advertise.

It is the kiss of death for new businesses. You can keep yourself from ruining yourself by spending at least 10% of your budget on marketing. You can always buy decorations if you make a profit, but you can’t make up for underutilized time.

7. Need to reinvest

It’s exciting when you become a business owner and make a profit for the first time. You’ve been stressing all along that you can pay everyone, rent, buy supplies, etc., but making a profit marks a big step in operational achievements and synergies.

Of course, you may want to spend your profits on rewarding yourself or doing something new and exciting for your shop. But stop and think. How do you reinvest that profit back into your business? Either buy a little more ad space or increase your CPC budget. You may need to hire new employees or pay off high-interest debt.

What I’m saying is that your profits should cover your expenses and then get right back into your business making a bigger profit next month or creating operational efficiencies for scaling. Once you’ve done this for the first month, you can invest a little less or create/update a budget for the next month.

Related: Starting a business isn’t what you think. What you would expect instead is:

With these tips in mind, some capital and the right business strategy, you’ll be ready to start your business. It’s not straight to the top, and it’s okay if there are obstacles along the way. We all face them, even unicorns.

The best thing to do when problems arise is to seek advice from your network of mentors and advisors. Learn more about what’s unique to your niche, ask your advisors the tough questions, and unravel the mysteries of the early days of starting a business.

.