Last week, I watched a television show (pardon me, but I completely forgot the title) featuring a couple of successful small business owners. They talked about how they came up with the idea and how their businesses became a success. The show’s intention is pretty clear— to inspire people to have their own small businesses. In fact, this is also the reason why similar shows keep on popping in the different television network. Unfortunately, albeit mentioning few bumps they met along the way, they failed to focus on the truth about running your own small business.
Do not worry though, because we aim to fill that gap for you. We do not want aspiring small business owners left blinded about these underlying truths. So, brace yourself and get ready to unravel the unknown.
Running a small business is frightening and unnerving.
Running your own small business is not a walk in the park. Indeed, it won’t even give you the view of a park yet because you will be so anxious and scared at the same time. We are not saying that you will not be excited about your business, but in between your positive feeling, fear and anxiety is possible to creep in.
We often hear successful small business stories along with their few ups and downs. But we rarely hear the part when they were sleepless because they were running out of funds, they have zero customers for a month, or a bill collector keeps on bugging them. Amidst these circumstances, they have to put up a pleasant face and be ready to face a new day running their businesses. It’s exactly like living this known saying, “when the going gets tough, you need to be tougher”. Have you been in that situation before?
Running your own small business is a lifestyle decision.
“You are so lucky to be running your own business because you are your own boss”. Sounds familiar? I bet you hear this a lot of times if you are a small business owner. The truth is, having your own business is not your job. You can barely say it is a career either. It is a lifestyle decision.
You can look at it this way: you go to the gym every day and you opt to eat organic foods to be healthy. For you, this is not an activity, it is part of your lifestyle. The same goes in owning a small business. You do all the work needed, and it’s not all work for you— it is part of your lifestyle.
Expectation versus reality matters on running your small business.
Putting up your own small business comes with a vision of what you want to achieve. That is very common among many business-minded individuals. However, it is best that you do not always expect your venture to turn out the exact way you envisioned it. The truth is, most of those who reached success are those that are spirited and flexible enough that they are able to swivel.
Always plan your budget accordingly when starting a project. It is a good idea to save up enough money, because when difficult time hit, your business can go through the ups and downs. Cashflow is the lifeblood of very business. A good inexpensive way to track all your expense is to either write it down in an excel sheet or use a budgeting / invoice tracker app that’s available on the market. You will save a lot of time when it is time for tax.
In running your own small business, change is inevitable and you have to live with it; that is the reality.For now, we may have shared few of the underlying truths about running your own small business, hence, we encourage you to come back as we promised to give you more insights and knowledge about the in and out of being in the business world.