Since I started a business, I learned that there was a difference between what I “thought” business would be versus what I actually learned. Starting a business takes a special kind of someone… it takes a serious drive and it’s not for the faint in heart. Anyone can start a business and I encourage that you do. To help you along your way, I have 15 truths that you should know about starting a business, today we are going to talk about the first 5;
- Expect to lose money within the first 3 years. – With overhead costs and the marketing process, you will experience more loss than profit, but don’t fret… depending on the expenses, you can count that on your taxes.
- Don’t get tempted to be the “jack of all trades”. – When you start a business if you don’t have your business identity down pack you can definitely fall prey to going where the money leads you. Before you know it you will find yourself wore out and overloaded.
- You will possibly have to downgrade your lifestyle. – If you were living a champagne lifestyle on a beer budget, you might as well downgrade to a root beer budget because your pockets are gonna get a little tight when starting a business. I’m not saying you are gonna go broke, but just be prepared to budget your funds until things get a little more stable.
- Expect to do overtime. – The average business owner works at least 60 to 80 hours a week on his or her business. This is mainly because when you start, you are pretty much doing everything yourself. We will talk more about delegation later on.
- Your target customer is not everyone. – I have to say it… just like a customer is selective with who they work with… you have to be selective with who you will work for. For example, you will have customers want you to work but don’t want to pay, or who will pay but want to control everything you do. You have to identify your target market and not be afraid of turning down a client, especially when they go against your morals and values.
Those are the five we are going to cover for today. Tune in next time for the next 5 of the 15 truths about starting a business! Thanks for reading!