What You Need to Know Before Starting a Business
Starting a business requires a lot of patience and determination.
ou have to be willing to make some sacrifices in your life, change your mindset, and keep pushing through when the going gets tough. But before you hit the ground running, there are a few key things you should know before you start your business.
Why? What? Who?
Why – The first and most crucial part of your business is knowing your “Why.” Why are you doing what you’re doing? What is the driving factor that pushes you to keep this business running? Your “why” gets you out of bed every morning, even when you’re at your lowest. Being a boss babe is a rollercoaster of a journey, but you need the drive and grit to push through when the obstacles appear.
What – What are your goals? What is it that you’re trying to accomplish? Set small milestones that will help you get where you want to go. Start by creating small goals that are within reach. Not only will this help you stay on track towards the bigger picture, but you will build your confidence as you go along. The more precise you are with your goals, the less likely you will become distracted with anything that steers you away from that.
Who – Lastly, who is it that you’re doing all of this for? Who is your ideal client? The one that you dream of working with or would benefit from your services or products. The more you know about them, the better you’ll provide them with exactly what they need. When you do that, they begin to trust you, and you ultimately start to build a loyal following who believes in you, your brand, and what you’re selling.
Prepare to Sacrifice
Within the first year of your business, prepare yourself to make sacrifices. Running a business takes a lot of time. The reality is that you’ll work more hours for yourself than you ever did at your corporate, full-time job. That’s entrepreneur life for you, but the reward is worth it when you see your hard work paying off. Personally, I had to trade nights out for nights of work.
The Money Doesn’t Come Right Away
Starting a business doesn’t mean instant profit. It could take a year or longer to see a consistent and profitable income. This is usually because, within the first year, your expenses go towards building a solid foundation for your business. You’re paying for different startup costs, new equipment, software, tech, etc. You may even find yourself working for free to build a clientele that you can work with in the future. So, before you start a business – don’t quit your day job just yet. Set aside some money so that you can compensate for the days that your new business doesn’t bring any income.
Running a business is hard and takes a lot of sacrifices. If you’re not 100% passionate about why you started and who you’re doing it for, it’s easy to get lost in the struggle of trying to build a successful company.
The thought of quitting will often cross your mind, but when it does – take a step back and reevaluate where you are in your business and if it’s in the direction you want to be going. Know that you will have to pivot along the way and adjust to the many challenges that come your way, but these are the things that will make you stronger. Take those lessons, learn from them, and grow.
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