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In this blog post, I share the 7 Things people don’t tell you about starting a business.
The first one no one talks about is our expectations!
“Expectation is the root of all heartache” – William Shakespeare
Although, preparation is the key to breakthrough!
If you expect a certain outcome from your efforts, but you do not prepare for it, you might as well expect heartache and disappointment to be the outcome.
Early on in my business journey I learned, there is a lot of stuff I did not know. Things I never even thought about and things no one ever told me about starting a business. It took me much longer, with many disappointments and heartache. I made many mistakes and endured many failures.
But I did realize things can be different, it did not have to be this way for others.
Fortunately, now years later, I know the key elements to starting a business.
Planning and preparation empowers our expectations so the outcomes are positive.
Since starting my first business more than 16 years ago, I learned a lot and I am sure to keep learning.
That is why I decided to share the 7 things people did not tell me about starting my business.
(don’t worry – it’s not all negative!)
We became entrepreneurs to make money, gain more freedom, and enjoy the luxurious things in life.
When starting a business, be prepared to make very little to no money in the beginning. Even be prepared to lose money after you factor in startup costs. Knowing this ahead of time is going to help you get through the initial rough patch and actually give you a chance to succeed.
Allow yourself at least 3 years to break even.
That being said, not all ideas are money-making ones.
Or, you may not be able to give this particular business the attention it deserves to make it work.
Validating your business idea is essential and an exercise you need to do before starting the launch of your business. Then crafting a proper Business Plan will help with starting a successful business.
In order for your business to be successful, you might need to choose the following first:
If you don’t have a ton of capital to work with, going with a brick and mortar business model with lots of overheads will pretty much be setting yourself up for failure.
But perhaps that same service or product could have been sold differently?
Or priced and marketed to a higher-income level demographic?
If you can’t get an idea out of your head and you just know it will work (even if it’s already failed!) don’t give up just yet.
Thomas Edison failed ONE THOUSAND times before making the light bulb work.
These three quotes from him sum up this section perfectly:
You may think, “Well I’m not Edison.”
But even if you tried an idea a fraction of the times he did, you’d be way ahead of all the people who stopped as soon as they failed.
Put in the work to make it happen and don’t EVER give up!
Find ways to do things differently and learn from those who have done it before you.
I am still learning from others!
I quickly learned that if I do not find ways to measure my success, I cannot determine if my efforts were bearing fruit.
Learn to ask yourself TWO important questions:
• Am I doing something to help others?
• Can I manage to pay myself a reasonable income?
When starting out, you might not be earning a decent personal salary, but if you’ve been at it for a while (years) and you’re still not able to turn a decent profit, you may have a hobby on your hands – not a Business.
The profitability (and success) of a business is determined by what’s left after you deduct all expenses and costs to perform the services or make the products (materials, labor, overhead, marketing costs, etc.)
Many of those just starting out may factor in the obvious stuff like costs of materials, but it’s the little things that can add up and kill your profit margin.
Don’t underestimate the impact part as well – if you are helping others and making a difference, that is important. But if you have to make a living too, you may have to change course to make it worth the effort.
One of the 7 Things people don’t tell you about starting a business is the importance of tracking your efforts.
Don’t miss this important step!
Entrepreneurial fatigue is a very real thing, and it happens to people incredibly passionate about what they do.
So imagine how quickly you’d burn out and be run down working at something tirelessly (sometimes without pay) that you’re not at all passionate about.
Running a Business takes perseverance, endurance, and dedication.
Passion leads to joy and if you can’t be super passionate about your Business Idea, then focus on the impact and the other benefits that having a business provides, such as freedom and flexibility.
How you start turning your ideas into a business requires a great deal of passion!
This is probably the most vital thing you need and people don’t tell you about it before starting a business!
Starting your own Business is a great way to monitor ambition.
Lately, anyone can come from knowing nothing and be wildly successful (just take a look at most of the sharks on Shark Tank), or you can be born with a silver spoon in your mouth and fail miserably.
Money won’t make people buy your products if you don’t know how to interact and engage with your clients. 500 Business classes are not going to prepare you for the day to day situations you’ll face in your specific business.
It’s a theory – not real-life challenges.
We are fortunate to be living in the age of information, where a kid can upload a video to YouTube and be a millionaire pop star a year later.
All the information you need to run a successful Business is out there, as well as access to various Business coaches and other support from entrepreneurs and business owners who achieved their goals.
Many entrepreneurs make the excuse that they’re unqualified or won’t be taken seriously because they are bootstrapping and don’t have much experience.
I was stuck here for way too long!
You may be in a better position than those who come into a business thinking they know everything and throwing a bunch of money at it (a great book on this is “The Power of Broke” by Daymond John).
They have an ego and false sense of confidence that will likely get them in trouble, if not immediately.
NOT what you think they want.
Choose to be a good listener, willing to take feedback (negative and positive), and adapt your ways to think beyond just profits, then your target audience will be putting their money on YOU!
By selling an experience, rather than a product, will help you to turn those ideas into profitable products.
Most Business Owners and Entrepreneurs think if they just get more people in the door or more leads, or if they had more money to advertise that everything would explode.
But the fact is, all the money in the world won’t help if your business is broken.
Your Business Plan should explain these pillars:
so you will not need to, in 10 years, turn around and go back to change your basics.
You will want to do it right, from the first go.
Understanding your foundations and building cornerstone pillars in your business will help you eliminate future setbacks.
Going back to William Shakespeare’s’ quote
I can explain why this hits home.
No one ever told me that not everyone is going to love what I have to offer or how I offer it.
I also had expectations from people that did not deliver.
The fact is, not everyone is nice about telling you so.
For the haters, it often comes from a place of jealousy and insecurity. They don’t dare to do what you’re doing so they want to bring you down to their level.
If it’s family or friends, they often don’t understand your reasons and they don’t want to be left behind.
Learn how to tune it out and do what you do, and keep pursuing the way how you want to do it.
When you are close to your breakthrough, it hardly ever feels great, positive, or even like a breakthrough.
It might feel like you are alone, unsure if your decisions are good ones or it might even feel like you are not moving forward at all.
Breakthrough is sometimes just around the corner of giving up. So choose to believe in it, and it will reveal itself!
Fear is the major reason people never get their business started.
Only recently I realized how often I choose to wear the shoes of Fear:
We all like a safe space where everything is stable and predictable.
If you haven’t figured it out already, running your own business can often always be the opposite of that.
But I do promise you, it is definitely not boring! And very, very rewarding both personally and professionally.
There are a million quotes about why you should chase your dream, take the risk, be courageous, and do what you feel you are called to do.
These 7 Things people don’t tell you about starting a business can really make a huge impact for your growing a successful business.
The purpose of this post is to keep it real and give you a little preview of what it’s like starting a business – the good, the difficult, and the reward!
I truly hope after reading this, you will still choose to charge ahead!
Join my business membership, the B.O.S.S Society, where I teach all the ways you can start a successful online business, implement effective income strategies and learn how to build profitable funnels.
I also created a 6-Step Framework to help you create a game plan for your business.
See you online!