If youre thinking about starting your own business, then congrats! Just the thought alone of breaking away from the cycle and being your boss can be so empowering. However, there are some very important things that you need to know before you begin writing up a plan or investing any money. In general, starting a business is incredibly hard, costly, stressful, but if you get through the rough bits, then the experience can be incredible. Here are some important lessons that you must know before beginning your own business.
Its not easy
In general, its not going to be easy starting your own business. Almost every single business owner believes that starting will be easy and itll all just continue to be smooth sailing, but in reality, it just isnt the case at all. While yes, some people may find it easy to start their business but keep in mind that their business and their journey are going to be different than yours. Be prepared to invest money, have discipline, work long hours, do loads of research, and constantly learn.
It can get expensive
Not only will you need to put money aside for taxes, but starting a business can be expensive. This includes supplies, website, domain, graphic design, ads, and theres so much more that needs to be put into consideration as well. There are options to fund this such as private loans, business loans, credit cards, selling your items, and asking loved ones for money.
Youll have multiple positions
At the beginning, or at least until you have somebody to help you out, youre going to be wearing many hats. When running a business youll have to be the bookkeeper, tend to customer service, create the good, be the social media marketer, plan the marketing, manage yourself, make the goods or service, and the list could go on and on. This alone will cause you to feel burnout because youre going to constantly stay busy and stressed out. Try to look into getting ITIL V4 training, as learning is very important to have a business. A solution to this would be hiring a freelancer, outsourcing, intern, or an employee but that depends on how much money youre willing to invest in help.
Laws are confusing
Laws can be so confusing because youll need to look into local laws, state laws, and federal laws as well. Unfortunately, one of the biggest mistakes that new business owners have is just assuming that theyre going by the laws and regulations. There are so many weird laws out there, and they can get very confusing. To avoid any fines, arrests, or suspensions of your business, youll need to either hire a business lawyer or research the laws yourself.
Reviews are everything
When starting your business, youll need to reviews. Reviews are going to be one of the only ways to help your business’s reputation. If you get a bad start, it can be detrimental to your business. If you want to stand out and scale your business in the search engines, gain a reputation, and help spread your business youll need to be outstanding in customer service.