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!)

1. Starting your business might not be a success

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.

Sometimes, the success of starting your business comes down to

• the timing of your business launch (you may be too early or too late),
• current demand in the market, or
• stumbling blocks

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.

2. It might be necessary to tweak your business idea

In order for your business to be successful, you might need to choose the following first:

• Choosing the correct business model,
• Finding the right pricing, and
• Deciding on the right target market that matches your resources and goals are all VITAL decisions to make to run a successful Business.

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:

“I have not failed. I’ve just found 10,000 ways that won’t work.”
“Many of life’s failures are people who did not realize how close they were to success when they gave up.”
“We often miss opportunity because it’s dressed in overalls and looks like work”

Thomas edison

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.

Do you want to make your Business idea successful?

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!

3. You need to measure your business success and business failures

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.

One VITAL thing to remember:

” SALES are just the revenue you bring in “

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!

4. Passion is the KEY element!

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.

Passion is VITAL in a any business!

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!

5. Be willing to adapt

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.

Business is about providing a service or product that people want.

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.

6. Perfect the Basics of Business

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.

Things like:

• Poor customer/client service,
• Spending money on the wrong tactics, or
• Developing products without sound research and feedback are just a few examples of doing things incorrectly and this will hurt your Business

Developing a sound business first, then promote it.

Your Business Plan should explain these pillars:

• The basic foundations,
• Company Core Values,
• Business Basic Principles

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.

7. Your Business Breakthrough might not feel like one

Going back to William Shakespeare’s’ quote

“Expectation is the root of all heartache”,

William shakespeare

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.

To succeed when starting a business, you’re going to have to accept that this may happen.

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:

• Fear of criticism,
• Fear of failure,
• Fear of rejection,
• Fear of missing out on the next new and the best thing
• Fear of being left out

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.

But the truth is, Entrepreneurship is not for everyone!

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!

The world needs YOU and what YOU have to offer!

Are you ready to start your business?

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!

Creating and sharing your core company values helps you find your ideal clients.

A core Company Culture is emergent and unique to each Company Organisation. After reading this blog post, I hope you will feel empowered by learning how to create your own company values which will allow you to share them to attract your ideal clients.

Your company culture is a combination of your

• thoughts,
• beliefs,
• behaviors, and
• feelings

Put it simply, this culture is HOW you choose to do the things you do. I personally believe people need to grow and develop and therefore certain roles and responsibilities will change over time.

Fundamentally, when looking to partner or collaborate with others, we look for a specific attitude.

Attitude determines altitude

ZIG ZIGLAR

It is also about having the right mindset on how to approach challenges and finding solutions.

My company slogan, since I started my accounting firm back in 2006, is “if you can put your mind to it, you can do it“.

Everything is possible, it just depends on how much effort you are willing to put into it.

That is why I help entrepreneurs and business owners create their own company values. Sharing your company values are just as important as it determines your core reasons for

• WHAT you do,
• HOW you do it, and
• WHY you do it

Your core values guide you to keep to the rules of HOW you conduct, interact, and engage with your clients, collaborators, family, and friends.

Part of my own core values is believing in creating real, honest, and transparent connections. My relationship building goes way further than just the basic service level agreements, to leave a positive impact of pride and trust on everything I deliver.

I encourage curiosity and a spirit of eagerness to learn and find ways to change things that are not working and to accept the things that we cannot change.  By adapting to circumstances allows for growth. Never stagnating allows for learning new things and implementing new innovative ways of doing mundane things better.

Here are the key fundamental behaviors that assists me to live out my core values daily:

• To show Compassion
• To Understand
• To be Honest
• To have Purpose
• To reflect Accountability
• To Empower
• To be Consistent
• To give Grace
• To be Transparent
• To be Dependable

It is imperative that everyone I interact with, especially my clients, can see these behaviors throughout my team and receive services that reflect these core values.

My purpose is to make a positive difference in people’s lives. I look at how to create more beneficial value for all my current and future stakeholders.

This includes

• my clients,
• collaborators,
• employees,
• local and global communities

I always try to partner with charitable organizations and to find ways to assist for making an impact on our local and global communities.

My mission is to help entrepreneurs and business owners enjoy the benefits of a fulfilled life. A life of freedom, impact and purpose.

Part of my company goals are based on these 3 Freedom Pillars:

• Freedom of Time
  • Saving time through innovation, technology, automation and streamlined processes
• Freedom of Location
  • By being virtual or mainly running an online business, allows for helping more people
• Freedom from Financial Stress
  • Implementing business strategies to increase revenue, profit margins and reach profit goals faster

Sharing your core values assists with attracting your ideal clients who shares the same values, beliefs and attitudes.

I believe, when your personal needs are met, business success with follow!

There you have it! My core company values, how my Company Culture is defined and how to share it with others. You now have the foundation to create your own core values! If you need further guidance on how to create your own Company Culture, come join me inside B.O.S.S Society, a business membership designed for entrepreneurs to start, grow and scale an online business.

See you online!