Six things everyone should know about starting their own business

November 24, 2014

Most of us know the general benefits and risks of starting your own business. We have discussed several in this blog. But while most people may think they have an idea of what they are getting into when they start their own company, there is always information that they look back at in hindsight, wishing they had known when they were starting out with their individual ventures. Fortunately, the Guardian has compiled what it describes as “six things no one tells you about starting your own business.” Understanding this and leveraging this information to guide your company in its early days will go a long way towards ensuring your success both on a personal and professional level.

The six are:

It’s a lonely game:

If you’re starting on your own, you have to be prepared to spend a lot of alone time working by yourself. Sure, there are resources you should take advantage of, but you will ultimately spend much of your time making your business work by your lonesome.

You’ll face negativity: 

This comes with the territory, so it’s important that you never let it discourage you. You may bring a business idea to an investor that turns you down. Someone else might tell you that your idea won’t work. If you are able to ignore this (while being mindful of any constructive criticism) you will go a long way towards ensuring your success.

Don’t put off any of the boring work:

 Ultimately, starting your own business is an exciting time. However, there is always necessary work that has to get done, which may, at times, be boring. Sure, organizing a financial plan might not be as fun as designing your logo or developing your company’s products, but it’s important and you should never look for shortcuts just because this part of the business isn’t “fun.”

You’re a part of the entrepreneur community, so embrace it: 

There are hundreds of thousands of people out there trying to make their business work, just like you. You’re all going through the same trials and tribulations, so lean on each other. Share ideas and be the support that each one of you needs to overcome the obstacles that come with starting your own company.

Always stay focused:

You are going to run into many obstacles along the way. Particularly in the early days of your company—that may try to take you off track. You can’t let that happen. Set clear goals and objectives for your business before you even begin. This allows you to have a well-established path to stay on at all times.

Employ people better than you: 

This is a controversial idea, as you want to establish your credibility and authority at your company once you have the resources needed to bring on extra help. However, if you allow yourself to hire those with experience in your industry, perhaps even more than you have, they may prove to be extremely valuable members of your team.

The important thing to remember is that these ideas are relevant before and after incorporating your business. Once you launch your company, if you keep this information in mind, you can help ensure greater long-term success.