What No One Tells You About Owning a Business
Small businesses contribute up to $8.5 trillion to the economy. This is half of the United States GDP. The small business community is the backbone of the United States economy. There are roughly 28 million small businesses in the US, and they make up to 99.7% of all businesses.
Let's be honest: the opportunity to be your own boss and put energy into building your own dream is not one to pass by.
However, this is only the rosy side of entrepreneurship. There is a side of running a business that pros do not tell you about.
Here are 8 things that no one tells you about running a small business
1. You Won’t Always Earn as Much as You Want
Most people start small businesses thinking that they will gain financial freedom immediately. This can’t be further from the truth. The truth is that when running your own business, the salary you set depends on factors you can't control.
These factors include customer decisions and economic forces. Your pay will come last after the business has been able to pay all its bills and debts. As the owner, you will need to sacrifice financially to be able to keep the business on its feet.
2. Not Everyone Will Love What You Do
Yes, your idea is great. You are creative and innovative. But not everyone will buy into it. It is okay to think that your idea has great appeal and your brand will grow fast.
This may come true. But still, not every customer will be impressed by your product or service. Don’t waste energy trying to convert unwilling people to support your idea.
Look for the enthusiastic ones who see the value in your product. Establish your client base and focus on expanding it.
3. You Will Want to Quit
When you decide to quit your day job and start your own business, one is very energetic. In fact, you are most likely to look down upon anyone who quit because it means they gave up on their dreams. Statistics show that about two-thirds of small businesses fail within the first two years.
What no one tells you is that once the realities of running a business hit, the temptation to quit will be there. Prepare yourself to make sacrifices. There will be long hours dealing with tough customers.
People who made promises to you will break them. This will make the idea of quitting more appealing. Do not quit: that is a part of the process.
4. Most Times You Will Be Your Only Support System
When researching how to run a business, you will come across the importance of a support system. You will be fast to call on your friends and family to help out when the going gets tough. But, soon you will realize that they have their own lives to live.
They have different priorities, and your business may not be one of them. In some hard situations, for instance, when your cash flow diminishes, your circle will be the first to encourage you to quit. When making decisions about taking risks, some people in your support system will discourage you.
This will make you realize that you will need to be your own cheerleader at times. No one tells you that this is your dream. You will be tasked with uplifting yourself in the toughest situations for you to achieve it.
5. If You Are Not Passionate About It, It Won’t Bring You Happiness
When asked whether the struggle of starting a business is worth it, you are likely to answer yes. Why? Because I will be happy working for myself. Well, this will be the case if you are passionate about what you do.
Growing your business from the ground up will be fulfilling. You will even be happy with the results. But if you aren't passionate about it, you will find that it doesn't complete you or make you happy.
So, if it’s not something you are passionate about, don’t start. It won’t make you happy.
6. Only Hire the People You Can Empower
You have often heard how hard it is to start a business without the right team. You will need a great team that acts in the company's best interests. So when hiring, the pros tip is to consider people you can inspire and empower to share your company’s vision.
You can't run everything by yourself especially as the business grows. This means you will need people you can trust to help you achieve your dream.
Choose people interested in developing their careers. Invest in training and development and empower them to be your great team.
7. Owning a Business Does Not Mean Overnight Success
One of the pros of becoming a business owner is that you may make more money than you can ever make working for someone else. What the common entrepreneurship narrative does not tell you is that this will not happen overnight.
It will take patience, sacrifice, failure, opportunity, and endurance to grow the business into the successful company you want. Success is an artful combination that requires each of the qualities mentioned.
8. Thinking like the Business Owner Will Not Lead You to Success
As the business owner, you will be thinking about more making plans, sales, growth, and achieving the goals, you set as you started. The pros will tell you that a plan is important but won't tell you it isn't enough.
Thinking like the customer is the key to more sales and growth. You will be able to anticipate customer needs and meet them in unexpected ways. This way, sales will increase, the business will grow, and you will be on your way to success.
Challenges of Owning Your Own Business No One Tells You About
Owning a business is portrayed as the best way to create wealth and be successful. This may be the case since small businesses are the backbone of the united states economy.
What this success narrative does not tell you is the sacrifices and hard work will you have to put in to make the business successful. You will need much more than a plan to keep growing.
Check out some of the other sections of our blog for more business tips.
