Five things to know before you start your own business
People start businesses for many different reasons. Some have dreamed of their escape from the 9 – 5 (or 8 – 7) grind for years and have decided to finally take the plunge. Others have encountered circumstances which pushed them into it, such as a layoff, or needing flexibility that working for others just can’t offer. Some people are fed up with building someone else’s vision and want to be fully in charge for a change. No matter the reason all entrepreneurs encounter these five truths.
It’s more than having something to sell
There’s a common saying in business that all you need to succeed is to have something to sell and someone to sell it to. While it’s true that you can’t have a business without those two elements, there’s a lot more to it than that.
Being a successful entrepreneur is more than what you sell and who you sell it to. It’s also how you market and sell it, how you manage cash flow and finances, your work-life balance, and a list of other unexpected things. Consider as many of the aspects of business ownership as you can while developing your game plan. Thinking things through can lessen the learning curve. We may not know all the things we don’t know. Reading and learning widely and seeking out peers who are in the same boat are very helpful.
Take time to plan
Taking the time to write a mission and vision statement can make a difference in the focus and success of your business. Knowing what you are working towards and why can help you stay on track when you are tempted to abandon your current line of business in favor of one that seems easier or quicker to build.
Don’t plan too much
“Procrasti-planning” is a thing. It is the tendency to over-think and over-plan in minute detail rather than jumping into the scary unknown. You don’t have to know the entire journey and how your story will end before starting or keeping on going. Really, you don’t have to know more than the next few steps. If you do those well, the next necessary steps will appear with unexpected clarity.
Take consistent action
Do all the things you know you need to do consistently. If you need to sell, you need to find new leads every week and nurture them. If you are a content marketer, you need to write and publish content consistently. If you have an email list, you need to email them. It’s simple, really. And yet hard to do, especially in the beginning, when it seems like we are communicating into an unresponsive void.
If what we are doing consistently really isn’t getting results, don’t stop doing it, but instead tweak it. Learn how to do it more effectively, but don’t stop. Consistency is the top thing that entrepreneurs must master.
Success takes longer than you hope
It’s a fact that it might take longer than you thought it would to make your first dollar and from there to make consistent profits. It’s important to stay the fight and commit to facing adversity, going the extra mile, hanging in there, and doing what it takes to see your venture through. There are no guarantees in entrepreneurialism, but there are plenty of rewards for those who stick with it.
Knowing these five things will help you succeed
You’ve got the desire to go on your own and make great things happen. Wonderful! You can be successful, and you will, if you commit, stay focused, and take consistent action. Providing a great product or service is essential, but there is so much more to think about. Creating and keeping the big picture in mind, planning yet being flexible, being consistent, and staying in it for the long game can help you make your dreams come true.
