Everyone wants to be a boss of their own. Almost everyday, I hear people saying that they want to have their own businesses so that they’d have the time and money to enjoy. Quite true, right? However, it is not as easy as it sounds. It entails a whole lot of sacrifice and sleepless nights.
But, if you’re eager to go through the birth pains of having a business of your own, here are the challenges you might want to look into first:
- Conviction and commitment – Dig deep inside your inner consciousness if you really want to venture on to this path of life; To a point where you’re still unsure of your business concept but you are convinced that you have a business to conceive.
- Sleepless nights – Putting up a business entails numerous meetings, brainstorming and a generous dose of headaches.
- A concept that will blow the market away – For a business to bloom (fast), it has to be new or at least a well-renovated concept. Before putting up a business, make sure you know your target market because this will help you build your entire business model. Branding is very important, if not, the most crucial.
- Do the numbers – Numbers don’t lie. Feasibility study is a good indicator if you should still push through with your business in mind.
- Location – Almost all businesses live and die by this aspect. A shark is mighty in sea but is harmless on land. A Ferrari is blazing fast on land but is ridiculously useless underwater. My point is, your location should complement your strengths as a business. It sounds so simple but is mostly overlooked.
- Meetings and presentations – Meetings with your business partners, your investors, your space lessors and everything else in between. You are your business and you have to know how to sell yourself. Always be professional and presentable. Know when to be quirky, clever, cunning or funny but also know when to be as serious as Batman’s voice.
- Utilize your connections – Connections are leverages. You have to use it to your favor. As long as you’re not stepping on other people’s feet, then you should be fine. For example, you know someone who knows someone, then that someone can be your someone too. It’s redundant but extremely relevant.
- Permits, permits, permits – I had to say it thrice, and that’s an understatement. If you’re planning to put up a legitimate business (legitimate meaning it would show up on BIR’s radar) then better put your floaters on because you’ll drown in a sea of requirements! The worst part is, I am not exaggerating, not one bit.
- Willpower – At some point of experiencing business birth pains, you would want to quit. You would want to stop and just be worry-free again. But, in the midst of your misery, you would feel the need to be something more, to be relevant, to be somebody. Everyone thirsts for fulfillment; The constant chase to be significant. In this part, right here, is where you’ll be needing your willpower the most. The intangible force that will keep you going to reach the finish line of the race you’ve started. Willpower is everything. When we started conceptualizing our business we had zero money, zero capital. But, the willpower was there. We knew deep inside ourselves that we had to do it. If there’s a will, there’s a way. So, we looked for an investor and the rest is history.
- “No risk, no reward” – There’s a famous line that says, “An entrepreneur is someone who jumps from a plane without a parachute, and figures out how to build one on the way down.” and that’s pretty self explanatory. Nothing great comes easy. Nothing extravagant will come out of something not worth risking for. Step out of your comfort zone, risk everything to gain everything. Dive into the ocean of uncertainties to find your treasure. Besides, if it doesn’t work out the way you wanted it to be, you won’t go home empty handed because you learned.
Do not be discouraged with everything listed here. It’s normal and it is a part of putting up a business. When in doubt, just look at number 1 and start over again.
And, that’s just starting up a business – To actually operate and profit from your business is a whole new different ball game. One at a time!
Good luck and never give up!