anyspacedirect news

Is running a business for you?

29th July 2011
Many entrepreneurs start their own business as they seek to earn income doing what they love whilst seeking flexibility across their home life. Nevertheless, there are certain sacrifices one must make in order to get your new business off the ground.

The idea of running your own business and stipulating your own working hours may sound attractive, but there are many hurdles to overcome before your start-up becomes profitable.

Be prepared to invest
Unless you are going to be funded by major investors you will need to be prepared to invest your personal savings into the business in order to keep up with initial running costs. This is largely because new businesses can take months even years to become profitable. Running a small business is unpredictable and can place undue stress on families so be prepared for the mental strain.

Working hours
Although the idea of working for yourself and defining a comfortable work-home life balance is appealing, the reality is this will prove difficult in the early stages of any new business. In fact getting a start-up business off the ground is almost certain to consume you in its infancy. Be prepared to spend evenings and weekends on admin duties as well as networking with local businesses and potential clients.

Patience and resilience

These are two of the main attributes you will require in abundance to get your new business off the ground. Be prepared for knock-backs when tendering for potential clients and the realisation that you are not going to become a billionaire at the click of a finger!

More than just your livelihood at stake?
Running your own business brings even greater responsibility than just controlling the destiny of your working career. If you have a family to support and employees to look after these are all extra issues that can create pressure to ensuring the success of the business. Be prepared for a roller-coaster journey with trials and tribulations that are sure to test your courage and skill within your chosen industry.

Always seek to improve your knowledge

At the start of the long road to a profitable business you are unlikely to know everything about your industry. Be prepared to soak up knowledge like a sponge from more experienced members of the industry where possible. Starting a new business is a steep learning curve but it can also be the most rewarding vocation when the hard work and long hours pay off.

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