Many people, at one point in their lives, have thought about opening up their own business. And among these, a number will be lucky enough to actually follow through with their plan. But then they start to realize that running your own business isn’t as easy as it seems. From thinking about your business name to marketing efforts, there will be a lot of challenges every step of the way. Here are five things every startup business owner will go through before they even start making a profit from their business.
1. Clear and snappy pitches are important
You may not even have thought about what your pitch should be, but this is one of the most important things that you initially figure out. Many entrepreneurs have a hard time marketing their product just because they don’t have a clear elevator pitch. Elevator pitches are called such because a good test whether a pitch is effective or not is if you are able to explain what your business is to a person within a few seconds you are both in the elevator–which is more or less 30 seconds. Once you have a clear pitch, you will be surprised how everything else will seem to be easier to plan as well.
2. You will go broke before breaking even
However, having a clear plan will not necessarily translate to profit. As a matter of fact, you will use up your inital budget and more likely need to get additional money to fund an aspect in your business such as marketing or branding efforts. Those who plan on starting a business have a vague idea that they will need a lot of money, but those who are already a few months in with running their business know that not only will they need a lot of money initially, but also backup funds.
3. Even if you love your product, it will be challenging
There will come a time, maybe while you are trying to write your elevator pitch or borrowing money from the bank, that you will start to question if it was a good idea to start a business in the first place. All startup business owners have had doubts because it would be foolish not to have them. And the truth is, even if you believe in the product that you are selling, this doesn’t mean the general public or your target audience will immediately feel the same. It takes consistent hard work, and a lot of marketing efforts, before you really reap the rewards of running your own business.
4. You realize you have little idea about running a business
When you finally accept that there are so many things to be taken into consideration when running a business, that’s when you realize that you can’t do everything. You can’t be your own accountant, sales and marketing manager, and recruitment and training manager all at the same time. One of the most crucial skills that you will learn when you start a business is how to properly and effectively delegate tasks to the right people.
5. The best way to learn is by making mistakes
Given all these, the challenges, the things you need to learn before even breaking even in your business, should not discourage you from opening your business. Because as difficult as it will be to be your own boss and take control of your own career, it will be worth it in the long run as long as you are passionate about what you do. If you are a newbie entrepreneur, you can guarantee that you will have a number of mistakes. But with the right attitude and enough determination, you can just consider these mistakes as learning experiences, and you will be a better and stronger entrepreneur in the end.