- Failure is Inevitable
Statistically speaking, 60% of new businesses fail within their first year. Although there are ways to decrease your chances of failure as a business, there WILL still be hardships. Sometimes it might feel as though you fail a hundred times before you succeed, whether it involves investors, advertising, marketing, design, or even a specific client. A business will never be successful if it cannot push past these small failures and learn from them- failure can build confidence and knowledge!
- You’re Gonna Have to do Things You Don’t Wanna Do
Your business start-up is probably full of things you’re passionate about, and it’s easy to be blinded by the excitement that you might not see how much work is on the other side. You will spend more time doing things you might not want to do (product marketing, business strategy, scheduling, accounting, etc.) than doing the fun stuff! Say your passion and business is baking pastries- behind every croissant is a list of materials, cost analysis, and profit projection too!
- Have a Plan for Your Finances
Start-up costs for a business can be deteriorating, and emergency funds need to be available. Funding for your business can either come from investors or be self-funded. Investors will generally invest in your business and provide the up-front costs for a percentage of the profit, but you can be self-funded as well. This includes the possibility of a business loan, but you have to have a bulletproof plan! Also, Forty percent of business owners list bookkeeping and tax preparation as the worst part of being a small business owner, so as you start to think about funding, you should also start thinking about taxes and other financial responsibilities that come with running a business. (Score.org)
- Growth Can be Slow
Growth is defined as an increase in profit. A business just starting might not receive a lot of profit at first, but as long as you have a plan and persevere (add a dash of patience as well)- you will start to see growth within your business. In a world where everyone demands instant gratification, you must learn that good thing come to those who have a good, long-term plan!
- Get a Mentor
Try to find someone who already has knowledge in starting a business. It will benefit you to ask them about their experiences. Also, it is cheaper to learn through other people’s mistakes than your own, and it will give you an upper hand to have someone who can help you bust through any roadblock you may experience!