Things to know before starting a business. Listen to me, don’t start a business until you read this. You see people on social media, on Instagram, on facebook. You see the lifestyle of successful entrepreneur. You see the car they drive or you see they vacation spot, you see their home, house and you see the life that they have. And you say to yourself, I want that too. What I’m I going to do? I’m going to start a business like them. Well are you ready? Do you know if you are ready to be an entrepreneur? Are you aware of things to known before starting a business? Here is five warning sign that you may not be ready to be in business for yourself just yet:
5 Things To Know Before Starting A Business
1.Don’t StartA Business If You Have No Money
Don’t start a business if you have no money. If you need money like you need blood in your vein don’t start business. Why? Because it takes time for business to mature, to generate profit. If you think you going start a business and going make money in the next two weeks, four weeks or month, man that’s employment mentality. As employee you get cheque in two weeks, by the end of the month. As an entrepreneur that doesn’t happen. It might take you six months, a year or even two years or more. Most business owners don’t make profit until many years. In the main time, what are you going to do? You still going to eat right and pay the bills? If you have absolutely no money right now, what do you do? You should get a job, don’t start a business. Because business takes time, efforts and it does take money to grow. I always say take care of your cash flow needs first before you worry about building an empire. Take care of your income first.
2.Don’t Start A Business If You Don’t Understand The Industry
I always ask this question before you start any business and that is and I’m asking you now. Why you? Why now? If you answer is, I just want to make some money. You will fail. Why you and why now? What qualifies you to be in this space right now? Not what you saw on Facebook or this is a nice idea. This guy is making some much money doing this, I should jump into that too. No, why you and why now? In other to make money in any industry you have to understand the industry. If you don’t know the industry, first you have to learn the industry. Let’s say you want to go and open up a restaurant, I’m not saying this is a good idea but let’s say you want to open up a restaurant. Isn’t a good idea for you to go and work in a restaurant? See what the day to day activity is like. What is it like to work in a restaurant? So if you open up a restaurant you have to know the industry.
- Don’t Start A Business If You Don’t Have Stamina
I mean, mental toughness to endure pain. Many years ago I had this conversation with my mentor and he asked me the question. What do you think is the one quality of an entrepreneur? And I said many, many things. I said talent, team and I said good idea, I said, many things. And he said no. he said number quality of a successful entrepreneur is the ability to endure pains for long period of time. What are you willing to give up? What price are you willing to pay to accomplish success, to build your business? I can tell you any successful entrepreneur I know, almost all of them experienced pain for long period of time before they accomplished even a little bit of success. Everybody wants to talk about glimmers side of entrepreneurship. No one wants to talk about the dark side. Are you ok to be able to endure pains for a long period of time?
Related: 3 Skills That Are In Demand
- Don’t Start A Business If You Want More Free Time.
That’s right, if you start a business, you may think now I can quit my job. The 9am – 5pm, 5 days a week. I’m going be entrepreneur, a business own and now I’m going to have freedom. Just hear me clear, you are dreaming. You might have freedom after working so many years, maybe a decade than you will have freedom. The first 5 – 10 years of your business, you will be the one to be paid last. You pay others before you pay yourself. So if you think you will get rich quick doing business. The answer is no. when you are running your own business there is no 95%. Comment below if you are a business owner, entrepreneur. If you agree with me, comment below. Let’s wake people up, let them know there is no 95% of free time for you. Forget about the 5 days a week, it is 24/7. So this is the number four in the things to know before starting a business.
- Don’t Start A Business If You Don’t know How To Close.
Period, if you want to get customers you have to close. You want better financing, you have to close. You want patterns to help you grow your business you have to close. If you don’t have the ability to close anyone at anytime, if you don’t have closing mentality and you don’t have closing skill you are not qualified to be in business period. I don’t care what is it that you do, I don’t care what industry you are in. I don’t care of what products and services you sell. You need to be able to close. So those are the 5 things to know before starting a business.
Starter success story
I Lost $30000 Becoming A Successful Business Owner
When I was a kid I always knew I wanted to own a business and maybe that came from both of my parents being entrepreneurs but I was never sure what I wanted to do with my life. I ended up following the traditional route of school and then some sort of standard office job and career and during that time I hated my life and felt like a literal robot just waking up to do the same task until I went home ate and went back to bed in order to repeat the same thing the next day.
During that time I had saved up about $35,000 and one day I decided it was time to make a go of it, and let me tell you I tried everything from stocks (minus $8,000), to Uber (minus $2,000 my car broke down), a clothing business (minus $10,000), and even sports gambling (minus $10,000) which probably wasn’t my greatest idea but this was just my shortlist and I had spent all this time with no results until I decided maybe it was time to really sit down with one of these ideas and let it ride rather than trying these ideas for months or so before leaving them.
I decided eventually I would go back to my bread and butter which was marketing more specifically SEO and open my own agency to see how it would play out. When I say I had 0 clients in my first 6 months it was the open and honest truth all these companies and businesses would come in, get interested, and walk away when they realized how small my business was and that would devastate me every time hearing things like well we like the service but prefer a larger company. I probably talked to over 1,000 different companies until one finally decided to give me a shot. A small roofing company in Colorado ran by an owner who was willing to take chances to make sure his business was where it needed to be. He took a chance on me and after grinding away at his business for months on end I finally got him to the number one spot in his city and since then have used his work to land other clients continuing this process every time I’ve been successful. While I can finally say I made my original investment back with my last $5,000 and the work of 1 full client I’m not a Jeff Bezos by any means; however, I did have a dream and currently make enough money to pay my bills so I’ll throw up the W for that one.
This is really truth and motivating for anyone out there that really want to start anything serious
Every business takes time to build though most successful business owners don’t normally share their stories but believe me their stories are similar that above. Thanks for reading. Please share and comment below.