Starting your own business can be an exciting adventure. Success brings financial security, stability, and an opportunity to build wealth that most 9-5 jobs don’t allow you to achieve.
Of course, the road to success is paved with obstacles and initial challenges that you’ll have to overcome before you see the fruits of your labors.
Long Hours
Starting your own business isn’t a get rich quick scheme. It requires a lot of work and a lot of patience to confront the initial challenges. You’ll likely need to invest a lot of hours in the beginning. This may go on for months or even years.
According to MYVA360, it typically takes around three years to establish your business, and that most tend to see success somewhere around the 7–10 year mark. If you want your business to succeed, you need to be willing to put the work into it to make it succeed.
Finding Funds
While there are always exceptions, starting up your own business tends to cost a great deal of money. Especially considering the year we’ve just come from, that’s something that is in short supply for many. This can make funding a new business venture tricky. Some options include business loans, crowdfunding, or tapping into personal savings.
According to Franchise Gator, you can tap into retirement funds through a Rollover for Business Startups (ROBS) to finance your business. Be careful before you decide to tap into retirement funds though. Depending on your situation and how much financing you need, that may or may not be your best option.
Making Decisions
There are a lot of different decisions business owners have to make. In fact, according to Productive Club, making decisions is a never-ending responsibility that can lead to developing decision fatigue. You’ll be making decisions constantly, from big ones that impact the future of the company to lesser ones that may only impact a single employee.
No decision regarding your business will only impact yourself. To make the right decisions, you’ll have to weigh the impact they’ll have on your customers, your employees, and your business as a whole. If you aren’t mentally prepared, that can become a pretty impactful stressor.
There are some significant initial challenges you’ll face when you start up your own business. Most new businesses will require you to put in long hours, find funding, and make virtually all of the decisions yourself.
If you navigate these and other obstacles successfully, however, you can watch as your business prospers to the point where you can step back and enjoy your success.
Ready to start your own business by not sure where to start? Get my step-by-step guide here.
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