IF YOU’RE thinking about starting a business, you might be wondering what to expect. In this article, I share 9 things that I wish I knew before starting my business – Although there are many uncertainties that you’ll have to face, you come to one or more these realizations at one point or another along your journey.
Key Takeaways
If you only take a few items away from this article, let them be these.
- When you find yourself losing friends, it’s a sign that you’ve outgrown your friendships. You’ve evolved and grown into a stronger person. You now want to surround yourself with likeminded people.
- You might work 100 hours a week. You’ll have to work early and late. Some nights you might not get more than 6 hours of sleep. And some days you won’t have enough time to exercise, spend time with your family and friends, or engage in hobbies.
- Those who succeed in business always question their beliefs. Highly successful people actively change what they believe to be true.
9 Things I Wish I Knew Before Starting My Business
Here are some truths that I have discovered since launching my business. If you like the information I share in this article and you’re looking to stay on track with your goals in business, feel free to sign up for my weekly newsletter (It’s free and you may unsubscribe at any time).
1. Some Friends Will Become Your Enemies
New entrepreneurs might think that everybody will support them. That might be the case. But get ready to be surprised. Some of the people that surround you will distance themselves from you. Perhaps they’re jealous that you made a successful exit from your 9 to 5 job. Or maybe they can’t help but draw comparisons when they’re spending time around you, feeling inferior when they see your ability to persist, make tough decisions, and work through hardship.
When you find yourself losing friends, it’s a sign that you’ve outgrown your friendships. You’ve evolved and grown into a stronger person. You now want to surround yourself with likeminded people. Attend networking events and spend more time with other entrepreneurs in your town or city – With time you’ll meet people that think like you, share similar interests, and are pursuing similar goals.
2. Get Comfortable With Working 100-Hour Weeks
Entrepreneurs often wear multiple hats, at least until they can afford to hire people to help them. You might work 100 hours a week. You’ll have to work early and late. Some nights you might not get more than 6 hours of sleep. And some days you won’t have enough time to exercise, spend time with your family and friends, or engage in hobbies.
The reality of entrepreneurship is that it is very time-consuming (that is, if you want to do it well). The problems you’ll face will take multiple days, or sometimes weeks on end to solve. It takes perseverance, passion, and the ability to work through fatigue to make it in business.
3. Your Network Is Your Net Worth
A strong network is important for a successful business. You want to surround yourself with people who open new doors and present you with opportunities (You want to do the same for them as well, of course). A lot of new entrepreneurs believe that they can make it all by themselves – Although that’s possible, it’s much easier to reach success when you have a strong network.
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4. Always Question Your Beliefs
When you start out and find it’s not as easy as you think to get clients, you might stop in your tracks. More often than not, this is because of your belief system. For example, you might think that …
- You shouldn’t call people out of the blue to sell them something.
- Sales people are looked at as desperate and untrustworthy.
- You don’t have what it takes to become good at sales.
You can’t let thoughts like these control you – In fact, you should diffuse them as soon as you notice them because they’ll prevent you from achieving new heights. Those who succeed in business always question their beliefs. Highly successful people actively change what they believe to be true.
Here’s how successful people stay open to new ideas and opportunities:
Find people who don’t share the same beliefs – They find people who will oppose them. You need to speak to others to ensure you aren’t missing something fundamental. Circumstances may have changed since you formed a particular belief. Getting perspectives from other people is a great way to learn about new situations that may warrant changing your mind.
Experiment – Try different approaches to prove your current theories wrong. The best way to change a belief is to find evidence that speaks against it.
5. You Can’t Ignore Your Health
Good health is the most important thing when you’re an entrepreneur. You’ll put much time into your brick-and-mortar or online business, but you need to be at your best to serve your clients. Make time for sleep, exercise, and healthy eating every day (if possible).
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6. You’ll Always Think Failure is Near
As an entrepreneur, you’ll always ask yourself, “Will my business be successful?.” You’ll think that failure is near even when things are going well. This can cause stress, so it’s important that you invest in stress management. Spend some time with your loved ones, get into meditation, and add breathing exercises to your morning routine.
7. Books Are Your Best Friend
As an entrepreneur, you need to keep up on the trends in your business. That’s why books are your best friend, especially when you’re just starting. Starting a Business QuickStart Guide: The Simplified Beginner’s Guide to Launching a Successful Small Business has some great information on how to get started. Another good resource is Start Your Own Business: The Only Startup Book You’ll Ever Need. Finally, The Young Entrepreneur’s Guide to Starting and Running A Business: Turn Your Ideas Into Money has important lessons for entrepreneurs who are just getting started.
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8. You’ll Have to Become a Master At Sales
As an entrepreneur, it’s easy to develop shiny object syndrome. Many entrepreneurs are seduced by products or programs that claim they can sell the entrepreneur’s product or service for them without any hard work. Still, the reality is that the entrepreneur needs to become a master at sales. That means understanding the features and benefits of the product or service they’re selling so they can attract more customers, and then finding ways to attract more customers every day, whether they write blog posts, post on social media, build an email list, or work on their communication skill. They need to incorporate this into their business plan in the early days of their business, so they know what their long-term plans are.
Further Reading: 15 Small Business Quotes for Inspiration
9. Offer High Ticket Products
Entrepreneurs that are wondering how to get clients for a coaching business often shy away from selling low ticket offers. Truth is, many customers are willing to pay for a high ticket service. Why find 1,000 customers to sell a $10 product to, when you can find 10 customers to sell a $1000 service to in less time?
It could be a $200 coaching package or a digital course. Whatever you think is the best way for your business to make money in the long run, figure out how much you want to make, and how many of each package you would have to sell at your chosen price to hit your goal. If you don’t hit your goal with your first product, you may have to try new things to hit your bottom line, like starting YouTube channels to supplement your sales.
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What I Wish You Knew Before Starting Your Business
Starting a business can be a challenging and rewarding experience, but it’s important to be prepared for the journey ahead. Only people who step outside their comfort zone and apply the tips and tricks listed in this article will save a lot of time and make a lot of money.