Starting your own business can be exciting, stressful, and risky. We wish you all the best! But, you need to know some of the hazards that could come from this venture.
Show Me the Money
Even the best plans can encounter roadblocks, or fall into irreparable sinkholes. A common cause? Cash-flow. Or, lack thereof. Even though you may have planned down to the smallest detail where your money will go, whether it’s employees, products, or investments, be prepared for the fact that issues will come up that you can’t control. Make sure to strategize, but be on your guard. It will not be smooth sailing. Be mentally prepared for this. It will soften the blow and help you stay calm and focused.
So Long, Partner
Ouch. This one hurts. You and your buddy have been outlining this new venture for months, maybe years. You’ve both invested more time and money than you care to admit. But, life happens. Perhaps, after opening the doors to your new business, things don’t go as well as planned, or tempers flare. Any number of issues can lead to someone you planned on working with, abandoning ship. If you’re the perpetual optimist, you’ll see this as a good thing and grab the bull by the horns, and still kill it solo. But, don’t go into this blindly, thinking you and your original partner(s) will live happily ever after.
At some point, you are going to feel very alone. So, iron-clad those balls, because the road ahead isn’t an easy one. Most individuals who start their own professional ventures, tend to be introverts, who actually function better in solitude. But, you do have to interact, rely on, and partner with others eventually. You are the captain behind this ship. No one else may ‘get’ the vision you have. You’ll be the face of the company, work long hours, and have to sell your ideas, products, and services. That’s a lot of pressure.
It’s always amazing when you have a good connection with another person. Especially, when it’s a client who thinks like you and with whom you share a mutual respect. New entrepreneurs have a tendency to cling prematurely to some clients who show strong initial interest, or provide major revenue. Please, future magnates, know that in this world, it’s every man for himself. A client, whom you thought was a sure thing, and would never leave you high and dry…just might.
Some of the other issues have been quantifiable, based on money or goods, but what you may not be counting on, is that you may encounter an issue that is more mental and emotional. You’re exhausted. You’ve put so much of yourself into this, when things go wrong, income plummets, or whatever myriad issues arise, make sure to keep your chin up! You started this business from scratch. It’s your vision, determination and personal investment that has brought it to fruition. Things will get better. If you feel yourself getting overwhelmed or frustrated, it’s time for a break.
Working for ‘the man’ sucks, so you’re ready to be the man. Just beware of these would-be stumbling blocks, and you’ll be on your way to an amazing future.