Starting a business can be a lot of fun. It can also be a lot of work. There are lot of things that people encounter when starting their new business that they wish they’d known right away.
Here are some of the unexpected challenges which occur.
1) Start networking right away.
Relationships are the key to success for any new business. Get connected locally and online before you even open your doors to your first customer.
2) Be smart about spending.
The start-up costs for a new business can be costly. You’ll need about 12 months of capital available at the beginning to ensure you can stay in business. Don’t underestimate the cost of insurance.
3) Find a partner.
Working as a sole proprietor, freelancer, or independent contractor gets lonely. Just having someone around who appreciates your successes can lift your mood and inspire new creativity. Find a trusted partner that will keep you focused.
4) Embrace the detours.
No plan is 100% perfect. Be prepared to adapt to changing circumstances. If you stubbornly stick to a specific idea, there is a chance you might find yourself out of business very quickly.
5) It takes a lot of work.
Think you’re going to be putting in a 40-hour week with your new business? Try 60 hours instead. Starting your own business means you’ll be sacrificing a lot of sleep, some weekends, and more holidays when compared to a traditional employment opportunity.
6) Your ideas might not be that creative.
With billions of people on our planet, your good idea might already be implemented somewhere else. How you can set yourself apart is through the implementation of your idea. Strive to be the best at what you do.
7) Taxes, taxes, and more taxes.
If you work on your own, then the U.S. government expects estimated tax payments for each quarter. Keep strong records and store all your receipts to make sure your income statements are accurate. Hire an accountant if you’re not good with numbers.
Part of being a business owner means accepting your strengths and weaknesses for what they are. It also means you must keep working to improve yourself. Polish your brand. Keep going if people doubt you. With persistence, you’ll find that starting a business can be a very rewarding experience.