What You Need to Know Before Starting a Business

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What You Need to Know Before Starting a Business

October 3, 2018

Here's day 3 of the #Blogtober Challenge. I asked you what topics you want to see from me during October and many of you said "Starting a Business". That's a great one! It's also huge. I've covered some of the basics of How to Start a Business from Scratch in the first blog post for this year. But I thought, it would really be useful to tell you all the things you need to know about entrepreneurship before you jump all in. It's not always as glamorous as it's portrayed. 

 

Being your own boss has become a part of the pop culture. No one wants to go to work 9 to 5, listen to the ridiculous requirements of their manager and complete the same boring tasks day after day. On top of all, there's little time to go out with family and friends and regardless of how much you are getting paid, somehow there's never enough money in your bank account to do what you really want to do. So, more and more people these days (especially the young ones!) see starting their own business as a solution to all these problems. Influencers like Gary Vaynerchuk speak about the endless possibilities entrepreneurship offers and the tempting benefits you can drive from it. And while he is certainly not lying, statements like these are only telling you half the truth. My mission is to fill in the gap. 

 

 

 

#1. It's easy to start a business, but it takes  A LOT to run it successfully

 

You can start a business right from your couch at home. Yes, that's true. Also you can create your own company in just a few minutes, all done online. It's gonna cost you less than £20. Simple, easy, straightforward. But that's a tiny and almost insignificant step towards your success as a business owner. It's much more important to have a good idea that can stand on the market (do your market research), plan your goals, objectives and actions (create a business plan), get the right resources in place (connect with specialists and potential partners). All this will help you turn your idea into an actual successful venture. Of course, there's much more to it!

 

 

 

#2. You will be working LONG hours

 

If your main reason to start your business is to run away from the long hours on the job, I'll have to disappoint you. Yes, being your own boss provides you freedom in the sense that you don't have to work in particular time frame during the day. However, you should know, especially in the beginning, you will be working 12, 16, even 18 hours a day. You will have to give up sleep, social outings, sacrifice some family time. All of us who have started solo or in a partnership with another person have gone through this process. You will have to put in the work of 10 people before you can afford to hire them.