Things That Might Surprise You When Starting A Business
Do you have a million-dollar idea? A Steve Jobs, Zuckerberg, change the world overnight idea. Then you should make a move and try and make a real go of it. Though, when you’re making such a major move you have to make sure you have all your bases covered, by reading up on the ups and downs of starting a new business.
So, when you’re making the leap and opening your own business there are bound to be things that will take you by surprise. Keep these six things in mind in your first few years of business.
You Need More Money Than You Think
Starting your own business is a massive financial leap and you’ll need to have a fairly deep reserve of savings. You’ll need to have enough saved that you’ll be able to give your dream a fair chance. You need to be realistic about your expenses both as a business and as an individual because you should absolutely go all in for your dreams but not at the expense of being able to afford your rent, groceries or everyday needs.
To learn how you can make your money stretch further you can check out this informative article which will teach you all about how to take advantage of the gig economy, negotiating better prices for yourself. It also has a comprehensive further reading list to help you get into the entrepreneur mind-set!
Don’t Let Go Of The True Believers
When you’re taking a massive leap by starting your own business so you’ll need to have the best people on your side. So, when you find someone who really believes in you and your ideas you should hold onto them. When you find people who are passionate about the cause then they’ll be more willing to put in the work, after-hours and work loyally for the cause. Though the second step is not letting go of these people when you find them, treat them right, pay them as best you can and be vocal about how much you appreciate them.
Don’t Prioritise Style Over Staples
Basically, when you’re starting out make sure you’ve got the foundations covered before you start getting fancy. When you’re new on the scene don’t spend big on stationery, fancy brochures or permanent branding – another reason this is problematic is that branding often changes early on if you have problems with trademarking. When you start a business, you’ll find expenses can creep up on you. Start by buying all the things you absolutely need and then make sure you’ve got enough left over to pay for insurance, wages, liability insurance and essential contractors.
Be Prepared For Conflict
The business world is a competitive and complex space and the heightened tension often leads to disputes. Commercial disputes are common in any business where you’ll be dealing with multiple competing stakeholders every day from clients, competitors, suppliers and employees. These costly, stressful commercial disputes can be fatal for new businesses. It’s advisable that you negotiate and settle your disputes before taking on expensive legal action though, even if you’re not planning on going to court you will need to seek advice from a commercial business law lawyer or dispute resolution lawyer. To find out more about dispute resolution, check out this article.
It’s Not Personal; It’s Just Business
When you’re starting a business it’s hard not to get too personally invested. You’ve put your dreams first and you’ve likely invested a lot of funds personally, your time and energy. This is your dream, your passion and you’ve got a lot riding on it which is why it’s hard not to take setbacks personally. When these setbacks happen, it’s important to remember that it’s just business. Take a step back and try and look at it dispassionately and with some distance. To be a business owner you need a tough skin so that you can take the hits without letting them get to you personally.
Know Your Goldilocks Customer
When you’re trying to start a business then you have to have a niche goal in mind, the idea of a person that could be perfectly helped by your business, service or product. This person will help you tailor your business and never lose sight of your purpose and thinking about how much you’ll be able to help them will motivate you when you’re facing setbacks. Do some market research to identify your ideal client and market your products directly to them. To learn more about market research, head here.