Before you start a business, it helps to know what you’re signing up for. Otherwise, the difference between your expectations and reality might be a bit of a shock.
Yes, owning your own company has some perks. Like you get to call all the shots. And you get to keep as much of the profit as you like. But to get to that point, a lot of hard work needs to happen first.
For a few common expectations new entrepreneurs have about creating and running a business. Accompanied by the reality, please see below.
Expectation: ‘I don’t need any help running the business.’
Reality: Anyone who wants to launch a successful business needs to be comfortable leaning on others from time to time.
It’s impossible to take care of every element of a business alone. And if you try to handle components that you don’t have qualifications or experience in. You could risk making some costly mistakes.
Therefore, whether hiring Premier Consulting Services for your healthcare practice or an assistant to help take calls and handle your diary in your beauty salon.
Investing in experts or team members who are qualified or capable of relieving you of the tasks you don’t have time to dedicate any effort to is wise.
Expectation: ‘I’ll have lots of free time as a business owner.’
Reality: As the primary person responsible for whether the business floats or sinks. The reality is you’ll likely be working longer than a regular 9 to 5 job to ensure it succeeds, especially in the first 12 months.
At least that’s what an abundance of self-made millionaires explain they had to do to make their business a successful one. Some business owners worked 14 or more hours a day.
Life as an entrepreneur is a difficult one. You’re relying on whatever income you make from the business to pay for your living costs and reinvest back into the company.
As such, for a while, money is expected to be tight. Therefore, if you’re hoping that working as a business owner will give you lots of free time – it won’t.
Expectation: ‘I’ll make a profit very soon.’
Reality: The reality is, it can take new startups 18 to 24 months to breakeven.
If you’re confident, you’ll be rich in a week, month, or a few months, the reality is you probably won’t. Because, if running a million-dollar business in a month or so was so simple and easy to do, everyone would be doing it.
A prosperous business takes time to accumulate real wealth. This is why commitment and passion are essential to pull you through and help you persevere despite any setbacks.
The reality is whether you’re selling homemade jewelry on Etsy. Or you are launching a construction material business on an industrial estate. Running your own business is challenging. And it takes a lot of time and effort to lift off the ground.
But as the first expectation vs. reality point in this post highlights, there’s no way you can do it alone. Business consultants, in particular, have a wealth of experience that it might take decades to accumulate. Investing in such services will help you avoid catastrophic mistakes and ensure you make smarter choices to pull your company forward.