People’s attitudes towards
career have dramatically changed over the last 20 years. It used to be the case
that working for a leading multinational company was the ultimate career goal.
Now, with significant advances in technology, e-commerce and social media, there
has been a dramatic shift. Becoming a successful entrepreneur is seemingly now
possible for everyone. And with stories of entrepreneurs living the dream all
over social media, it’s not surprising many are now considering starting their
own business.
Starting up my own business was by far the best decision I ever made. It really
has changed my life for the better. I will be honest – I went into it pretty
blind. There are things I wish people had told me first before starting. Not
because I would have discontinued my plans. But because I could have been better
prepared. And enjoyed the journey that little bit more.
If you’re thinking about starting your own business, here are 13 things you need
to know. Some you might experience. Others you might not. Everyone is different.
But as long as you are aware of them, you know how to prevent them:
1) You might not have more freedom
You might think starting your own business means freedom. Getting to do what you
like, when you like. But in the beginning, this might not always the case. Yes,
you might get more freedom in terms of your decisions. But not necessarily in
terms of your time.
The first 1 or 2 years is about survival. Unless you have significant financial
backing. Or another income stream. Chances are you will work more hours not
less. You might have more flexibility to go to a doctor’s appointment or grocery
shopping. But unless it’s urgent, work will always come first.
And if you are in a client facing role, be warned. Your clients will dictate
when you work. This could include evenings and weekends. When they have time to
see you.
ADVICE: As long as you are doing something you love, it won't feel like hard
work. At least, most of the time. So make sure you love what you do or think
about doing something else. Otherwise, you will just end up resenting your
business. Get clear on your priorities. Learn the skill of working smart, not
hard. Automate things as much as possible. And ask for help when you need it.
2) The fear is real
Fear of not making any money. Fear of failure. Fear of being rejected. Fear of
the unknown. If you think starting your own business will be less stressful than
your previous jobs, think again.
This is why it is so important you do what you love and you believe you can do
it. Because every day you will have to look fear in the face and say, “You’re
worth it”.
ADVICE: To overcome your fears, you must focus on your "WHY?". The purpose of
the business. The people you want to help. The difference you want to make. Make
sure your "WHY?" is so meaningful you will stop at nothing to achieve it.
From a financial perspective. Business coaches recommend you have a financial
cushion of 6 – 12 months salary saved before you start your own business.
Chances are you will start generating income within the first 6 – 12 months. But
knowing you can survive without any revenue for 12 months will take much of the
pressure off.
3) Commitment
If you want your business to succeed, you will have to take your commitment to a
whole new level. I’m not just talking about commitment to your business. I’m
talking about commitment to you and your personal development.
Being good at what you do isn’t enough to make a business work.
I knew I had a natural talent for coaching. What I don’t have a natural talent
for is entrepreneurship. I am not business minded and not a natural salesperson.
Starting my own business has been a steep learning curve for me.
ADVICE: Identify which skills you need to develop to ensure the future of your
business. For example, digital marketing, creating videos, leadership,
communication, positive psychology, time management, stress management,
networking, business development. Then either find a coach, sign up for
workshops, online courses, read books or ask friends and family to teach you
this stuff. Research has shown if you do this, your business will succeed in 24
months. If you don’t, be prepared for it to take longer.
4) Isolation
When I first started, there were days when I didn’t speak to a single soul. I
just sat at my laptop working out ways to survive. And then when my business
took off, there were weeks when the only people I spoke to were my clients.
In terms of feeling isolated, also note. Unless your friends are fellow
entrepreneurs, they won’t have experienced the pressures, the challenges and
everything else you’re going through. You might find yourself thinking, "They
just don't get it." And there is a chance they won’t take an interest in or
actively support your business goals either. Don't expect them to say, "Tell me
everything about your business and how I can support you on your journey". Not
because they are bad people. But simply because they have their own lives to be
getting on with. If you want their support - you will have to ask for it.
ADVICE: Develop your network and connect with like-minded people. People who
have similar goals and are facing the same challenges. It’s important to
remember - you don’t have to go it alone. Look for business partners who can
support your business. Find other entrepreneurs who you can work with and bounce
ideas off. Building this support system is something I wish I had done from the
start.
5) Your relationships will suffer – if you let them
When you are working all the time, your personal relationships might suffer. You
have less time to spend with them. And when you do see them you have nothing to
talk about except work. Because that’s all you’ve been doing for the last 6
months.
It's of no surprise that many entrepreneurs are single. Either because they
choose to be so they can focus. Or they don't want to be single but don't have
the time to find, let alone nurture a relationship.
I read recently that if your marriage is on the rocks, and you want to make it
work, starting a business might have to wait.
ADVICE: If your relationships really mean something to you, you can’t ignore
them. Your loved ones will only stick around if they feel loved. It’s up to you
to schedule time to see them. Even a call is better than nothing.
6) You will fear taking time off
This year I took a two-week vacation to Bali. That was my first proper holiday
in 2 years. Part of this was because I was committed to hitting certain targets
within a specific time frame. But I will also admit part of this was because of
fear. Taking time off could mean a loss of revenue. And coupled with any
vacation costs, that's a double hit on the bank balance. Not only that there is
a fear that you will miss out on business opportunities during that time.
ADVICE: No matter how big the fear is, taking time off is essential. Not only
for recharging the batteries but for inspiration.
7) Your health will suffer
Long hours, grabbing food on-the-go, lack of sleep and not taking time off will
finally catch up with you. There's only so much your body can take before you
burn out. And then you might end up with walking pneumonia, at home unable to
leave your bed for 5 days and taking an entire month off work to recover (ahem).
ADVICE: Work is important but your health is the priority. You must practice
good-self care. Otherwise, your business and everything else in your life will
suffer.
8) Expenses
Depending on the type of business you want to start, your costs in terms of
time, energy and money will always be more than what you had originally planned
for. Most businesses fail in the first two years because of cash flow issues.
They generate income but not quickly enough to offset the gigantic costs at the
beginning.
ADVICE: Richard Branson recommends for the first two years, focus not on growth
but on survival. Keep costs down. Look for business partners who can share the
burden of resources. Ask friends and family to teach you about sales, marketing,
finance etc. Bribe them with nice dinners or spa days in exchange for work or
advice. Do as much as you can yourself until you can afford to outsource. Hire
interns if you need an extra set of hands. Barter with other entrepreneurs and
exchange goods and services rather than money. Check your personal expenses and
see where you can save money.
9) You have to like engaging with people
This is something I have seen many of my clients struggle with. If you don’t
like engaging with people, you might find setting up your own business
challenging. Your success is heavily reliant on the relationships you build with
your clients, customers, employees, business partners etc.
ADVICE: Work with a coach to help you identify what the issues are. If it's
fear, they will help you overcome it. If it's because you're a natural
introvert, they will show you how to make that work for you and not against you.
11) You have to be comfortable with failure
You will face setbacks. It's part of the game. But a setback doesn’t have to
mean the end. It simply means a change of direction is required. Remember –
there is no such thing as failure, only feedback.
ADVICE: If fear of failure is holding you back, working with a coach or mentor
can help.
12) You need to be patient
There is this overwhelming sense of "I have to do everything, right now!". This
can lead to a constant state of rushing. Meaning you don't enjoy the journey of
building your business. I would also add if you're expecting an investor to drop
$10m into your lap at the start - you're in for a brutal awakening. And patience
will be your greatest ally here.
ADVICE: The key thing here is focus. Look at what would be most beneficial to
your business and focus on that. You will do all the other stuff. But just focus
on one thing for now and see where that takes you. And remember, success will
not come over night. But with persistence, passion and patience - you will get
there.
13) You have to be self-motivated
You will have nobody to tell you you’re doing a good job. Or to encourage you on
days when things have gone wrong. Or how you can improve. At this stage, you
might even wish you had a boss!
ADVICE: Get familiar with the “Self high-five”. It will become your best friend.