When I started my business back in 2014, I knew in my heart it would be a challenging task. There are so many obstacles to starting a business that no one tells you. There are thousands of courses, business classes, etc. but I believe entrepreneurship isn’t taught, it’s all based on experiences. I was one of those people who thought I could just get up and start a business. After a few months, I had a reality check that money wasn’t going to just come to me, just because I started a business.
After reading several books and articles I realized that I had to dig deeper and figure out what was important to me.
Starting a business is a roller coaster, you have extremely high moments, and then you have your lows. If you keep pushing through and focus on the light at the end of the tunnel, you will succeed. As they say, Rome wasn’t built in a day, so your dream will take time to transition into something great, and that’s okay. Enjoy the process, enjoy the journey, and be creative trust me it’s worth it.
I have compiled seven things I wish I knew before starting a business.
Surround yourself with Positive and Successful People
When starting your business, make sure you tell your goals and dreams to people who are positive and want to see you succeed. Sometimes we get so excited about our ideas and end up spilling the tea to someone who doesn’t have our best interest at heart. These people can tear down your dreams, which makes you second guess yourself and you end up losing interest in something great.
If you don’t have someone positive or successful in your immediate circle, ask around for a mentor, look online, check out YouTube videos, online self help articles. In all, find people you can trust and help you get where you need to go.
Sell Feelings, Profits will come later
One classic gem I live by is to “SELL FEELINGS” when you have a business, you need to make your potential customer feel something. If you look around, one of the biggest industries is the fitness industry. Why? Because they make people feel good about themselves without actually getting their goals upfront. They sell you on challenging yourself to get the perfect body, but at the end of the day, it’s up to you to put in the work. In all, it makes you feel good, knowing if you purchase this 12-week program, you will look and feel better about yourself at the end. So what do people do? They buy upfront, no questions asked.
Make your clients feel something, and you will be selling your products and services like hotcakes. Yes, there is more to it, but keep in the back of your mind, ” SELL FEELINGS.”
Don’t Be Afraid to Say “NO”
I can’t stress this enough; knowing your worth and value is what helps you say “NO.” When I first started my business, I would say “YES” to any job that came my way. I needed the money, and I wanted to build a portfolio, but after a few months of saying “YES,” I was burnt out. Why am I saying yes to everything? It isn’t getting me to my goals any faster. I highly encourage you to learn the art of saying NO. I promise you will feel empowered, and people will recognize your value. People take advantage of a person who says YES but will respect a person who can say NO.
Learn from your mistakes
When you start your business, you are going to be making a lot of mistakes. Trust me, I made so many dumb decisions and spent unnecessary money. Know that making mistakes isn’t a bad thing unless you make the same mistake twice. If you screw up or overspend, take it in, evaluate the situation, and move on. Making mistakes builds character, in which you will need to become a strong entrepreneur.
I’ve actually come to terms with the fact that we are all human and everyone makes mistakes. We can’t be perfect all the time, in fact being so perfect is boring. Mess up and learn!
Accounting is Extremely Important
So let’s say you started your business and you’re finally making money. Don’t just put the money in your personal account, start a business account, or have a separate account with your new earnings. Account for every cent you make so you can see how far you’ve come. I make sure I account for all of my business earnings at the end of each month. Keeping track of your earnings on a monthly basis makes life easier, once tax season comes. Be smart with your money and invest your money back into your business. Trust me, the small victories are so worth it.
Build Relationships
Building relationships within your business is so meaningful. I learned this from one of the previous employers I freelanced for. Try to network wherever you go, you would be amazed at the places I’ve found my clients. Also, never lose sight of your clients, if you stay loyal to them, they will stay loyal to you. Lastly, building relationships with vendors within your industry is extremely resourceful. I have a huge community of people in my network. I’ve built trust and a relationship with each and every one of them and in return, they help me grow my business every day.
Everyday is not the same
In all honesty, this is the cool part of starting a business. Unlike the 9-5 lifestyle, you get to make your schedule, which is a plus. BUT with that being said, you have to be your own motivator. Creating a plan helps you stay focused so you can keep persevering. When you have a business, no day is the same; you will have amazing days and days you were you wonder what you got yourself into. It’s all worth it because you get to call the shots.
Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.
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“The best way to predict your future is to create it”
– Peter Drucker.
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