Many think running a business is easy. Others think that business owners do little work and make their employees do everything. And some even think business owners have it easy. Well, I’m here to give you a little insight from someone who started a marketing agency from the ground up on what it’s actually like to be a business owner.
8 Truths About Starting And Running A Business In 2017
1) It’s NOT Easy
I’m not sure where the perception that running a business is easy ever came from, but I’m here to put the notion to rest. Starting and running a company is one of the most challenging things a person could ever take on. There are so many unexpected hurdles you will encounter, and figuring out how to overcome them all will not be a walk in the park. Everything falls back to you. Either figure it out, not matter how long that takes, or pay the consequences.
2) You Cannot Make Your Own Hours
Actually, it’s the opposite. Your business owns your life, at least at the beginning. If you decide to ignore a client call at 8pm on a Tuesday evening because you’re “busy,” well don’t be surprised when you hear about how “bad” your customer service is. Unfortunately, people expect you to be available for them at all times. Especially in this day and age, when a customer wants something, they want it NOW. And it’s your job to figure it out, fast.
3) You Must Make Sacrifices
If you think business owners get off free from making sacrifices, your thinking is incorrect. We must sacrifice family time, friends time, gym time, hobby time, and any other time you can think of. If you don’t spend enough time on your business, it will fail. It’s no accident that a majority of businesses go under in the first three years. If you want to run a business, be prepared to make a lot of sacrifices.
4) You Have To Be Committed
As mentioned earlier, you will face issues that stand in your way from growing the business. Your dedication will be tested in these moments. How bad do you want it? How much do you want your company to be successful? Are you willing to go above and beyond? These are all things that will be required of you to make your company highly profitable over time.
5) You Must Be In It For The Long Haul
Starting and running a business is not a get rich quick situation. If you think you’re going to be taking over the world your first year in business, you will be sadly disappointed. A business is something that needs a long term vision that comes to life over a period of several years, often times decades. Having a short term mindset will be detrimental to your business success.
6) You Are Not Going To Be Rich Anytime Soon
If you plan to buy a new Ferrari your first or second year in business, I think you need a reality check. If you’re thinking correctly, even if you do profit your first few years in business, you should be dumping that money back into your business to grow. If you start spending like a crazy person, you are going to limit yourself and restrict everything you want to accomplish. It’s good to think big, just understand it takes time.
7) You Need Realistic Expectations
Sure, some businesses come out of the gate firing. However, that is not typical and you shouldn’t expect that. Create some realistic goals, and push to accomplish them. If you expect to have 300 clients and 70 employees in your first year with a shoe string budget and limited experience, that’s just not realistic and you only end up disappointing yourself. Set your expectations to something difficult, but also something you feel you can achieve.
8) You Must Surround Yourself With Talent And Positive People
I would probably say this is the most important truths about running a business. You CANNOT do it all yourself if you want to achieve great things. You are only one person. However, if you develop into a leader, and surround yourself with other talented people, not the magic is being mixed. In addition, find positive people. Having negative people around you regularly is going to hurt you, even if you don’t see it right away. It negatively impacts your mentality and doesn’t help you stay focused. On the contrary, surrounding yourself with goal driven positive people means you and your team are headed to the top of the mountain. I’ll see you there! 🙂