6 Things You Should Know Before Setting Up Your Own Business
Maybe you want the freedom to be your boss, the financial freedom you plan to achieve, the flexibility of schedules and the power to have more time for yourself and your family. Before taking a step into own business, you must be clear about some important points.
That a own business is not a magic pill
You probably already know, but I confirm it, starting a business is not a bed of roses. A very high percentage of new companies go bankrupt in the first five years. It is not easy, and I want you to keep it in mind, it is not a magic pill to get out of your current state.
So think very well about your motivation and why you want to start your business. If you want quick money or because your current job bores you and you don’t know what to do, it may not be the best option for you.
That you are not going to generate profits immediately
You have to be aware that it will take between 6 months and several years to have benefits (depending on the type of business and how you move). Therefore, you must have savings or financial support to overcome this phase.
Because opening a business without enough financial resources will be very stressful and will not let you think clearly or invest in your business (something essential).
So please do not leave everything overnight; combine it with your work if you can, start saving, find out forms of financing or available aid.
That you will have to live with the uncertainty (and enjoy)
One thing in common between science and your own business is uncertainty. You don’t know if an experiment will come out or not, if you will get the grant or project, or where you will go when the funding runs out.
The same thing happens with your business; you don’t know when you will start generating profits, where your business will be in two years, if you will find all the customers you want, if they will like your product, etc.
An essential characteristic of an entrepreneur is that he enjoys uncertainty. And you? It may not be for you if you need great stability to be happy (fixed salary at the end of the month, everything controlled).
That you have to be intense and persistent in own business
Not only are the beginnings hard, but you will receive criticism and misinformed opinions, and you will also make mistakes. If you give up on the first change, you will not get very far before the first setback. Ignore all that, be intense and persistent.
Follow your convictions and goals and look for people who support you and know what you are going through.
Surround yourself with other entrepreneurs, at events, through social networks, conferences. Learn from mistakes and consider them one more step towards success.
If you are clear that this is what you want, do whatever it takes to regain your spirits when you crash.
That you have to learn and fast in own business
One of the most gratifying things (for me) about having your own business is that you need to be continuously in training, learning and adapting to changes and what your clients want.
It allows you to develop as a person and learn a lot.
Try to keep up to date with what is happening in your business, what is wrong, what can be improved, what your customers want, etc. Learn from the best; it does not make sense to reinvent the wheel but to learn from those who are where you want to be. You should get familiar with things like licensing vs franchising, investing, expenses, and other important finance things.
Which is very rewarding!
It would be best if you didn’t stay with the negative.
If so far everything has seemed hostile, think twice before taking the step. For me, leaving my scientific career and starting my own business, going from a fixed salary per month (at least for the duration of the scholarship) to finding the beans myself, was a great challenge and a radical change in mentality.
It is not the same to be an employee (or a trainee) as an entrepreneur.
It is advantageous to be able to create and start your own business.
You had to continuously learn and adapt to changes, implement new techniques, overcome insecurity and fear, and control what you do, when you do it, and how you do it.
In short, although I do not mean to discourage you, I want you to be realistic and know what you are getting into; that you are clear about why you are going to do it, your main reason.
That you make sure that you have (or that you can get) the financial resources you need, that you don’t waste time trying to do it all by yourself and without help, and surround yourself with people who have already gone through that and can advise you.
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