So, you’re thinking of starting a small business, huh? It’s probably going to be the hardest, but also the most rewarding thing you could do. Let me tell you what you should be prepared for.
1. Finding your passion is hard
It’s highly unlikely your first small business idea will be your last, partly because your interest will diminish once you must put more energy in. You will realize that you liked things better when it was just a hobby. But that’s okay, you can turn many more things into money. Which is why you need to continue trying.
It can happen repeatedly, so get ready for the physical and mental energy it takes to get it started again.
2. It will eat up all your free time
You thought starting a small business will give you a passive income and will let you do whatever you want, whenever you want. Let me clarify you will become a puppet of your business. You will be doing whatever needs to be done so it can succeed. All. The. Time. So, say goodbye to all other activities.
But yes, eventually you will be able to generate enough money to take time off and enjoy the fruits of your labor. Maybe.
3. Loneliness will get to you
This might be the worst part of being an entrepreneur. Your small business is the top priority, and nobody can change that.
I said nobody for a reason.
Your social life will suffer for your ambitions so don’t let yourself become isolated. It’s insanely important to stay sane. Try one of these tips if you have trouble staying afloat.
Remember: your mental health comes before money.
4. Your small business will likely run out of money
It’s unlikely your small business will be successful enough at first to make money. Which is why it’s especially important to be prepared for struggling financially.
Planning and saving up before you get started is a key part of preparing to get a small business started. After all, you don’t want to end up on the street because of a few bad decisions.
It’s best if you have a small sum of money that you leave for emergencies or have someone reliable to help you out if you need it.
5. You will get negative feedback
Yes, your product is special, but not perfect. And people will tell you that. Harshly.
But if you want to enhance whatever you’re selling then you need to be open to criticism. The first step towards that is distancing yourself from the product. It’s not you, it wasn’t you who failed. You just need to improve the customer’s experience. Remember: negative feedback helps you succeed in the future.
But for some people it’s not that easy, so Zbigniew Gecis’s guide might be a good start to accepting criticism. Don’t take everything so hard.
6. Small Business marketing will become top priority
What most people forget about is marketing. It should be the first thing you do, because without customers you will not make a profit.
It doesn’t need to be something extravagant, of course. Leave the billboards and TV ads to the big companies. What you need are simple, but effective ways to get your brand out there.
First you will need to learn basic marketing strategies. (Retail stores do this the best, learn from them!). This way you’ll have a clue where to start. You will slowly start getting noticed by more people the more you advance your marketing skills.
Although, hiring someone to do this is also an option.
All in all, starting a small business is hard work, but it’s oh-so-worth-it.