Starting a business is a dream for many people and in our minds they usually start and flourish, ending with us becoming financially independent. Unfortunately, in many cases, this isn't true. How aware you are of the pitfalls sometimes determines how and if you will be able to navigate through these unexpected challenges successfully.
You will work harder then ever. Many people who start their businesses do it because they feel underappreciated and underestimated for the hardwork that they do for someone else. We think, "If only I worked for myself, I'll be able to do what I want, when I want", or "I will be able to take a vacation whenever I want." In reality, when you own your own business, you are constantly working.. well over that 40 hours a week you are used to. Even if you aren't physically in your business 24 hours a day, you are thinking about it and planning your next move.
There is no clear roadmap. I wish it were as easy as renting a space and turning on that "We're Open" sign. Depending on your location and industry, there will be requirements that will need to be met before you can legally run your business... and the steps in most cases are not clearly laid out for you. It is your responsibility to research any licenses or fees that will need to be taken care of before you can open and run your business. And even after the grand opening, there will be things that are necessary throughout the year to make sure you can stay open.
Business is personal. They say that business isn't personal, but in a lot of ways it is. You will feel that it is personal because of the time and effort you have put into it. You just need to learn to separate yourself and not take it personally when things go wrong. There will be times when you have to say, the customer is always right, even when you believe that they are wrong. This is because, no matter what, you have to consider your actions and responses and how they will impact your business and reputation within your community.
Cash is king! This could have easily been number 1. Most businesses fail because they don't have enough cashflow to get through those first few months when they are trying to acquire customers. If you have a physical location outside of your home that you work in, this because even more apparent. No matter how good of a business idea you have, if you don't have enough money to pay rent and utilities or to put towards marketing to increase awareness, you will fail before you can even get started.
Flexibility is key. Even after a successful launch and growing customer base, things rarely stay the same. New and similar businesses may sprout up, or- like we are experiencing right now- a pandemic where we are forced to stay inside. Being able to evolve and think outside of the box to be able to cater and grow to your market is essential.
Planning your business thoroughly, and with realistic expectations, will help you avoid some of these pitfalls and put you on the path to having a successful business.
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