So, you’re planning on starting your own business or maybe it’s just a distant dream. I mean, let’s get real – who doesn’t want to be their own boss!
But, it’s also common knowledge that with all the perks you get with owning a business (financial independence, choosing your own path and time flexibility) you also get to deal with your fair share of challenges.
If you are wondering what running a business really looks like, this post should provide you plenty of insight.
1. It’s going to take patience and hard work (but it’s all worth it)
First things first, don’t expect your first unit to make you super rich. You need to practice a lot of patience before expecting things to take off. Of course, hard work is the ‘key’ to it all.
Another very important thing every aspiring business owner should know is that you will be wearing a lot of hats. You will have to juggle between being the CFO, CEO, CIO, COO and a lot more “C” titles (at least initially).
As hard as it may sound, it’s also going to be truly rewarding. For one thing, you get to exercise full control and do things your way without anyone’s interference. Let’s not forget you get to learn a lot too. It’s going to be challenging, exciting, and rewarding all at the same time.
2. Build your team
As a business person, it’s important to build your own team. To that end, it’s important to connect with a community and share your learnings. You have to build and thrive on a team of trusted advisors who you can trust and lean on. They are the ones who will keep you on pace.
3. There are certain costs you can’t and shouldn’t avoid
You might be tempted to cut corners that don’t directly generate revenue, but in the long run, they may be worth it.
The thing is – there are certain costs you can avoid and then there are costs you shouldn’t. For example, the cost of hiring an attorney to review your business documents or an accountant to take care of payroll and taxes. These things may cost several thousand dollars, but they are critical to safeguard your business down the road.
4. Master the art of delegation
When you’re just getting started, it’s easy to succumb to perfectionism. But, after a point, you will need to let go of that perfection because micromanaging everything can be overwhelming.
Start practicing the art of delegation as soon as possible. Learn what responsibilities are simply not your speciality or area of expertise. Don’t take on more than you can handle.
5. Bet on yourself
When you’re running a business there is no way you can avoid risk, it’s part of the package. What’s important is that you have a plan in place ready to put in motion every time you’re faced with a risk. There’s no point in just looking at the risk and getting scared.
Are you ready to take this journey on your own? Or would it be better with a trusted advisor by your side? Contact On Pace today to take the next step.