There are benefits to starting your own business. There is more independence and you are in more control of your success. If you have a solid business plan and ample financing, you should be off to a good start. But are you prepared for what may lie ahead?
Setting your own hours sounds great, until you recognize there aren’t enough hours in the day. Running a business is a full-time job…and then some.
Most business owners have had to forego paychecks so employees could get paid, inventory purchased or to keep the lights turned on.
As a self-employed business owner, you will be treated by different rules, especially by banks and lenders. Getting funding can be more challenging. You may have to put up personal assets for collateral. Even your personal financing may get treated differently.
You Need to Become Your Own Cheerleader
Even if you have the support of your spouse, family and friends, you will still need to be your own cheerleader. Self-motivation and eliminating negative self-talk is crucial. There will be times when it feels like it is you against the world.
You’ll Need to Say No
Once you are in business, you will be asked for more cash or merchandise donations than you can imagine. You will be offered space in the local high school football program and asked to advertise in yearbooks. Pick and choose wisely. Don’t confuse advertising and marketing with what is essentially a donation.
Weekends? Holidays? Vacations?
Remember having weekends and even holidays off? Remember taking a week or two to go on vacation? They could become a thing of the past, at least for a while.
Know Your Desired Outcome
Do you want your business to help you build wealth or simply provide a solid income? Do you want to eventually leave it for a family member or is it something you just want to try? Do you potentially want to sell it or leave it to employees? Knowing your desired outcome when you start a business can help you maintain focus.
Protect your enterprise with business insurance from one of our independent business insurance professionals. From small, at-home businesses to well-financed start-ups, we can help you get the protection you deserve. Many of our customers are surprised at just how affordable coverage can be. Contact us today to discuss your business and to get a no-obligation quote. Don’t say no…until you know.