Starting a business can be very difficult especially if you are new to the industry and have no previous experience. Every person will tell you, with experience, you build confidence, which is why those who have been involved in the business for years usually have an easier time setting things up correctly. These same people know what to expect when in business, which makes them more relaxed going through the process. Anyway, I’m writing to help all those people who are new to the business and don’t know what factors are involved. I’ve worked with several people over the years and have noticed everyone has things in common. They wish they knew these factors before getting started because it simply wouldn’t slow them down in the beginning. Next,
Keep in mind, business involves investing a lot of time and money, which people don’t have when they start out. An experienced entrepreneur will have those resources available to them, but NOT someone who just starting out right now. Anyway, let’s go over some factors to keep a close eye on when getting started in business.
Harder Than You Think
This applies to someone who just starting out because you have never experienced the business life and don’t know what to expect. You don’t think about the “nitty gritty” (small points) and when they arise, they’ll catch you off-guard. It’s different when you work for someone because they have a backend system in place to make sure all the small factors are taken care of and your job is to make sure you complete your assigned tasks. However, when it’s your business, you have to worry about everything and this can be very time consuming and expensive at the same time. Another contributing factor is you have a closed mind when you first start your business, especially that you have pre-conceived ideas about business. You often see people who’ve become very wealthy through business, but fail to see the struggle they’ve faced in between. When you start your business, you expect quick success and when this doesn’t happen, you start to panic.
The point I’m making is you have to be realistic because business is VERY difficult and way harder than you think. Here are some things I suggest going forward…
- Ask experienced business people what to expect
- Research as much as you can before starting
- Be realistic
It’s About Who You Know
I’ve worked with people who are starting an online and physical business and learned it’s all about who you know. You’re going to have competition in every niche, with some who have been in the business longer than you have. This means they have the customer base and resource you need to build your brand quickly. Many of these people will avoid to working with you, but you’ll find the handful of people who have an open mind if the offer is right. What do I mean? Everyone will tell you networking involves making sure you have a mutually beneficial offer so the partnership is enticing. For example, I have “7” online blogs and have networked with some of the MOST authoritative people to build my brand. However, in return, I have offered to do the following to build my business:
- Write guest posts
- Promote their products
- Sharing their content
- Mention their names
- Work with them on other services for the future.
Many influential people, before partnering up, will often ask: What’s in it for me? If it makes sense, then they’ll have no problem working with you going forward.
Focus on the Bottom Line
I’ve noticed many people forget about their bottom line along the way because of panic mode. I can’t mention how important it is to have a clear vision about your bottom line throughout your entire business because when you lose focus, you begin to make decisions NOT good for the success of your business and this will start to deteriorate your brand. Here are two reasons why entrepreneurs lose sight of the bottom line:
- They are NOT making money as fast as they thought. This leads to poorly thought out ideas for their business.
- They make quick decision or expand way too fast, making them worry about several factors at one time
Before starting your business, it’s important to have a clear bottom line and knowing that should be your focus going forward. I wish I knew that when I started some of my businesses, that it’s always about the bottom line, which will be profit, conversions, or leads, etc. You should also know, losing insight into your bottom line will be detrimental to your success.
In Part 2, we’ll be exploring the other 2-3 factors that people wish they knew before starting a business.