5 Things to Know Before Starting Your Own Business

So, you have this dream...this longing to be your own boss, create your own product, and be your own brand. That's great! Those desires are real and are there for a reason. Before you immediately pull the trigger, quit everything you're doing, and dive right in...let's talk about some REAL things you will face when you start. Or...at least what I faced.

Time

If your story is anything like mine, then you are currently working a full time job, longing to create your own business, but you are exhausted when you get home and life gets in the way.

Yuck.

You have this idea...this great service, product, or experience you want to share with the world and you want to do it NOW. That fire to take that leap of faith is burning in your soul and you're tired of snuffing the flames. You want to release it all at once, have it start and BOOM - do what you love for a living and make an income off of it.

*life smacks you across the face*

Nope.

Listen, I get it. Believe me! I am currently doing it!

At one point, while thinking about my shop, I started working on my logo and the website. The website was generic, had stock images that weren't mine, and was basically less than a skeleton. AKA I had zero foundation.

"But, I have a logo! A website and a domain!" my naive-self thought.

I was going to launch it right then and there. I was going to announce it to everyone, share it on social media and just start. Why? Because I wanted it so badly. Then I realized:

- This isn't what I want it to look like.

- I want it to be beautiful.

- I want all errors and flaws to be found and fixed.

- I want my own images on my site.

- I want it to actually look like my vision.

It would be a disservice to myself, and my dream, to jump the gun that quickly. My passions and goals in life deserve attention.

So, all this to say, it takes time. It takes a lot of thinking through each step and it takes realistically looking at what you're working towards and saying, "Yep. It will be ready in 3 months...or more. And that's okay."

It will get there. It doesn't matter how long it will take you because it. will. get. there.

For me? It took 8 months for everything to be ready. I had a check list that helped bring my feet back to the ground and focus on each project - one step at a time.

Hard Work

"With great power comes great responsibility" - Uncle Ben, Spiderman

As silly as it may seem, this quote rings true with entrepreneurship.

That desire you have to be your own boss and to own your own business is great, but you now need to have the desire to WORK. Just because you launched your business does not mean it's time to kick back and relax. It actually means that you are about to work 10x harder than you did prior to your launch.

Here are some stats to bring you back to reality:

Start Up Failure Statistics

Approximately 10% of startups will fail within the first year. While others:

• 20% fail within the first two years

• 45% don't survive the fifth year

• 65% fail during the first ten years

• 75% of American startups go out of business during the first fifteen years

Other interesting facts:

• The failure rate for new startups is currently 90%

• First-time startup founders have a success rate of 18%

• The average cost of launching a startup is $3,000

• 34% of small businesses that fail lack the proper product-market fit

• 22% of startups that fail don't have a sound marketing strategy

**These facts came from Exploding Topics written by Josh Howarth**

Not to be a Debby Downer, but this is something to be aware of. The moment you breathe life into your business, it's time to monitor, work, and update when necessary. You must treat your business as if it were your full time job. You need to figure out the best ways to create brand awareness, budgeting for advertising, understanding your audience, understanding what form of advertisement is best for you, best practice for local exposure, etc.

With your hard work, your business will grow. Your audience will grow. Your confidence in your dream will grow.

Just remember, if you only base your businesses "success" off of money...you'll end up disappointed right off the bat. Do it because it's what you're passionate about... not because you want to be a millionaire.

Patience

"Patience is Key." Well, it is.

Every project, every goal, every step requires patience. It requires a moment to realize that things can't happen instantly. Living in the mentality of instant gratification will not only blind you from the satisfaction of your hard earned work, but it will also cripple your business until it no longer exists.

As I said before, I was ready to pull that trigger. I was so ready to light that fire and get it going. Then, I realized that if I truly want to do this...then I need to do this right.

By working smarter, not harder, I was able to save myself a lot of time and energy on my shop, how I operate, packaging, payment options, email marketing, etc. in advance. I figured this all out BEFORE I brought my shop to life. And I'm glad I did! I can't imagine what it would have been like launching my shop and not knowing what the heck to do if someone ordered, emailed, or reached out.

Make sure you work smarter, not harder. Understand that patience is key and it will take time. But you'll be making progress with each step. I promise.

Practice

Not everyone is a Marketer, a businessman / woman, an entrepreneur guru...but YOU can be. How?

By practice.

Practice makes permanent. It becomes something that is ingrained in who you are and how you function. So, what are the best practices for owning your own business?

RESEARCH. Pick up a good book about first time business owners. Go take a few business classes at your near by community college or university. Attend some seminars that are geared toward your current situation. Listen to podcasts - podcasts are the best. The more you learn, the more you can apply to your dream. Why not let your shop flourish with extra knowledge?

Reality

When it all comes down to it, you have to understand the reality of your dream. It can happen. It really can! But you need to hop off your high horse and understand that it might not hit those "big dream" goals right away. Start with some achievable small goals first.

If you're doing this to be famous or to be a multi-millionaire and generate an enormous amount of income by day two of opening your business....you're already doing it wrong.

Those things can and might happen for you - congrats if it does! But how many multi-millionaire business owners have you heard of that didn't work hard, didn't have patience and didn't learn best practices for their dream? Most well established companies you've heard of took years to be where they are now - and that satisfaction of knowing that their hard work paid off must be amazing.

Allow yourself to know that you'll start off small, but you'll still make an impact. Even a tiny pebble thrown into a lake makes multiple ripples. Sounds like a fortune cookie, but it's true. If you do this, start small and have attainable goals first, you won't be disappointed and your business will continue to flourish right before your eyes.

All in all, you got this. Take a deep breath. No one is taking away your dream from you because you are in control of its course. Allow yourself to fail, brush the dust off and try, try again! You will learn so much through this journey of starting your own business, big or small, so pause and take those baby steps towards accomplishing your goals.