Everyone has an idea of how starting a business would be. You've heard about the hardship, learned about the perks, and are ready to tackle the challenges that come along. Similar to other endeavors, there are a few things you won't know about until you get started.
But what if you get an inside glimpse of what to expect? You'd probably set off your business on the right track and maybe manage most of the risks that come along. Here are ten things nobody tells you about owning a business that you should learn about.
You Must Work Harder to Reach on the Level of Business Owners You Look Up To
The beginning stages of starting a business involve much undignified "networking," similar to the first time of a new employer. This will happen even after being your boss and after gaining control of the people around you. The journey to success isn't traveled alone. Therefore, to succeed, you must be ready to work hard for other people's approval, especially those that they're directly involved in your business's success.
Remember, the rest of the world ignores startup businesses unless they demonstrate their prowess. Since this will take time, you'll probably have to kiss up to your customers, investors, and other business people, whether you like it or not. You're not alone. Most successful entrepreneurs have gone through this road and made it.
You're Not the First One in your Business, Competition is Stiff
Many people in the world want to become successful in their business, just like you. Therefore, coming up with the idea that's 100% original is rather tricky, especially in this age of information where sharing information has become easier than ever.
However, this doesn't mean that it is impossible to develop a new and innovative business. With the increasing competition in the market, the best business doesn't often have new ideas but instead creates or offers their products better than before. For instance, the concept of Facebook wasn't entirely new, like Myspace and other early social networks that had already marked themselves in the market. However, Facebook came with a better user interface and other extra services that have made them one of the best companies globally than the pioneers of social networking. This explains how novel ideas can help you succeed in an existing market.
Even so, this doesn't mean that you can have something original. It's possible to come up with a product that's uniquely conceived in your mind. In that case, you can deliver the success of your business from the specific unique product and the clever way you run your business.
With enough hard work, innovative thinking, and good decision-making, creating a successful business in an already-existing industry isn't too hard.
Paying Your Bills and Handling Your Tax Returns Can Be Dreadful. Hiring a Professional is So Expensive, but You Have to Do It Anyway
Things like accounting, legal, and tax paperwork can be tedious unless your business revolves around providing these services, which in this case, you enjoy. Unfortunately, hiring an expert to do these things can be expensive. That's why you'll find so many small businesses or startups opting to handle them by themselves.
Accountants, lawyers, and other professionals are necessary, especially when running a large company. However, these needs are pretty minimal in a small startup business, meaning that you can manage to handle them alone if you put in a little bit of effort. If you're running a business experiencing fast growth, a sizable company, or a franchise, you'd probably need to hire these experts. Otherwise, by simply bucking down and taking care of the paperwork that sits before you, you will probably be doing your startup business a favor.
Make Yourself a Priority
If you can't take care of yourself, you won't take care of anything else. This includes coaching, teaching, training, instructing, or other things that require you to lead someone else. If you can't lead yourself, you can be able to lead anyone else.
Therefore, it's crucial to prioritize activities and tasks that would help you achieve your goals. In a business startup, since you're both the employee and employer. You'll have to decide what should be done and ensure that all tasks are completed. Simply put, you must be the one taking your foot off the break and decide to stop on the gas. The best way to improve on yourself is by gaining the skills needed in running a business. You can start by learning basic financial management skills as you establish your business.
Sometimes You Have to Put Up with Telemarketers when it's Not the Customer that You're Hoping for
Although your business does its cold-calling, you'll probably be disappointed when someone who's trying to solicit your business by calling you over the phone. In a world of brutal competition, you'll be met with the voices of people who hope to take your money when you're expecting your customers to call. As a business person, you're all too familiar with the companies with call centers working for them. Therefore, you probably have no time or the energy to deal with people who're trying to sell their products to you.
Rather than being angry, it's helpful to think about the person on the other end of the line. From a larger perspective, these people are trying to do their job. Therefore, it wouldn't be helpful to explode on them. All you need to do is keep a cool head and continue with your day once you listen to what they have to say.
You'll Probably Have to Give Up Some Things You Love to Win
Most unsuccessful business people aren't willing to make sacrifices and eliminate some things from their schedule. Well, you probably don't find anything worth sacrificing to be successful in your business. Still, there are some things that you must eliminate or cancel to spend the necessary time needed to make your business a reality.
Yes, you can plan your downtime and time to spend with your friends and kids, but you must have a stern look at what needs to be eliminated to focus on things that you should accomplish.
You'll Be Surprised When You Learn How Much the IRS Will Take Away Your Hard Earned Money
April 15th is one of the days that every American dreads. Taxes are no fun unless you're working for the IRS. As your business grows larger and profitable, your tax rates increase. This turns the IRS from an annoyance to a sworn archenemy. There is nothing sadder than making an income of $100,000 after a long time only to realize that much of this hard-earned money will not make its way to the bank.
You might owe the IRS more than you think, especially if you are running a corporation. The location of your business also makes a significant difference in how much you should pay your taxes. That's why it's recommendable to consider these specifics before you start doing your business to make your tax burden as manageable as possible.
Your First Sale Matters a Lot
You've worked hard, braved on, and handled all the tribulations that come along. The culmination of all the brainstorming, paperwork, and late-night involved in getting your business running is your first sale. It's bound to be the most memorable moments of your life as a business owner, no matter how trivial this might seem.
Now, you've officially received confirmation that your service or product is worth a specific amount of money, and that feels amazing. All this represents the validation of your hard work, and if everything goes as planned, this might be the first of countless deals you'll be striking with your customers and probably see your business end up on the Fortune 500.
All these experiences must help you derive your motivation to move on. Remember, all successful entrepreneurs are driven by the chance of growth, and everything starts from here.
Contact a Business Financing Expert
Your ability to take ideas and turn them into reality doesn't warrant you to figure out everything all by yourself. There are plenty of professionals and services out there available to make your startup business easier.
To position yourself for success, you must tap into the expertise of those that have experienced the world of business in a better way. An excellent place to start is through merchant or business financing. Starting a business is very rewarding and can also be expensive once you factor in all aspects you have to fulfill. On the other hand, bank loans can take weeks to be approved or even fail to be approved at all.
Therefore, you must come up with a way to create the necessary funds to run your business without leaving it in debt. You should also have means to help you avoid the temptation of pulling out money from your savings to fuel your business.
Wide Merchant Group can help your business with fast, easy, and flexible financing options. The funding process is mostly hassle-free, as minimum paperwork is required, and funds can generally be disbursed within a couple of business days. Contact us today at 800-630-4214, and let's get started.