Once you have mustered enough courage, confidence and market information to really buckle up for an exciting self-employed new life, sit down a minute and learn some lessons established business owners ahead of you are willing to share so you can indeed be one step closer to becoming a prepared entrepreneur.
The Types of Money One Will Need
When finally starting that venture you can call your very own, know that in all business there two types of money – the start-up capital and the working capital. The start-up capital is the financial backing essential for you to realize your business from blue print plans to its actual operations. On the other hand, working capital is the money you will need to keep the day-to-day operations going. For most newbie business owners, it is very easy to fall into the illusion trap that it does not take much to jumpstart their dream and that customers will be flooding in once they open shop with the eagerness to pay for whatever they offer. The moral is simply, save up for that rainy day.
Connections Cannot Be Spelled Only With F-R-I-E-N-D-S
Surely, friends will be giving you their encouragement and congratulations once you explicitly express your desire to finally strike it on your own. And yes, they shall be sincere about it too. But when it comes to openly helping you with opportunities for your new baby business, very few will lay their necks on the line by endorsing you work until they themselves are satisfied that you have established a mark on your own. The lesson to be learned here is for your business to get started towards the level of thriving, never stop establishing your network.
Research Does Not Consider Baseless Assumptions
So you’re confident what you can offer will be invaluable to your target market – that is good. But before waking up tomorrow and banking on that unique selling proposition, take time to make sure that what you are about to sell is indeed unique. Many start-ups assume that what they can offer the market has never been offered before only to realize that the niche they have chosen to establish in is already popular and moreover, populated to the hilt with competition. When preparing for battle in the marketplace, it is essential that all possible information be obtained, every likelihood studied – whether that of the battle ground terrain, the battle implements involved or the strength and weakness the enemy, the so-called threat himself, carries.
Passion Needed for Self-Motivation
Once you start your own business, you will most probably be working alone. With no peers beside you to keep you encouraged or challenged so yes, there will be days of self doubt. Fear not those days if you have the passion for your chosen path in your heart. Why? In that passionate heart of yours lies perseverance. When those dark days hover over your head, it will surprise you that your enthusiasm to continue your contribution to the market will tide you over till the silver linings of the dark clouds appear once again.
Whoever is with You Should Agree to Be Your Partner
Yes, once self-employed and your business success turn ripe and ready for harvest, all the wealth luck and lifestyle comforts will be yours and your life partner’s to reap and enjoy. Like everything else though, there is a yin to a yang. While undergoing birth pains essential for start-ups to survive and eventually prosper, your life partner has to agree to be with you for the long haul because the burden of business at times will be theirs to share as well.
Time Measurements and Allocations
Fall not into the illusion that self-employed people, because they no longer have to report to others for their productivity and performance, will have lots of free time to do leisurely activities to their heart’s content. Once you start your own business, it may take up more time than you think. But the beauty of it all is that this time, unlike an employee, the sense of ownership is truly genuine! By finally handling your own work of art – your business – calculations of time spent for it versus time spent for yourself alone becomes immaterial.
When finally starting your very own business, learn from the ways of a humble airplane. An airbus burns more fuel taking off from the runway of an airport than when it goes on cruising mode once it has achieved its desired altitude. But once on that gliding cruising mode, the flight will be enjoyable. Sure, there will be bumpy air pockets along the way, but don’t be afraid of it because with perseverance, one will eventually reach one’s desired destination: success.