After years of jumping from job to job, I finally decided to leave my hesitations behind and start my own business. With a dream and a lot of hard work, I managed to eventually become successful. That being said, here are a few things I learned after starting my own business that I wish someone told me!
- It Is Physically, Emotionally, and Financially Demanding
People often ask me, “How do I know I’m ready to start my own business”. I usually tell them:
1.) If you really have to ask whether or not you’re ready to start your own business, then you probably aren’t ready.
2.) If you are willing to devote almost everything you have physically, emotionally, and financially, then you’re ready.
Although those two points are harsh, they’re true. In order to start your own business, you have to be willing to give everything you have in terms of physical, emotional, and financial aspects. Yes, most people seek funding for their business. But, majority of small business and even partnership funding comes from personal finances. Exhausting your personal finances isn’t the only thing you will have to do. Be prepared to work long and hard hours to develop your overall business plan, marketing strategy, budget, and anything else relevant to your business.
- Authenticity is Key
If you really want your business to be successful, you must be authentic. Forever ago, I remember browsing through Etsy and thinking I was creative and resourceful enough to launch my own jewelry Etsy shop. But, I quickly realized that designing and creating jewelry wasn’t my passion, and it has already been done literally a million different ways on Etsy.
But, let’s say designing jewelry was my passion. Sometimes, you might be passionate about a business idea that is extremely popular and has the potential for being profitable. In this case, you need to think about ways you can be authentic and stand out among the thousands of other businesses that sell similar products.
- Balancing Relationships Can Be Hard
Remember how I said starting your own business is extremely demanding? Unfortunately, this means your relationships might suffer as you attempt to kick start your business. In the early stages of launching my business, I remember having the same routine every day: go to work and go to sleep. That meant I didn’t have time to catch up with my friends, let alone date. Unfortunately, this put a strain on a lot of my relationships. Majority of the people I knew couldn’t understand why I was devoting my life to a business venture that could possibly flop, and that I wasn’t investing any time in our relationship because of it.
Even though this is a crappy situation, it can be resolved. It’s important to explain to friends and family what you’re doing, how you’re doing it, and why you’re doing it, as well as what that means for your relationship with them. It’s also important to remember that it’s okay to take a break for a day or two. After all, business will come and go, but family and friends are forever.
- Patience is Important
Regardless of how hard and long you work, you won’t achieve success over night. But, you shouldn’t be discouraged because of this. Being successful takes a lot of effort and time. So, remember to be patient and never give up on your business dreams.