Inspiring Women welcomes this blog by guest writer Arlene Chandler, enjoy!
Being inspired to run your own business is an incredible feeling.
Having the passion to create your own life and fulfil your own destiny instead of simply playing a secondary character in someone else’s is a chance not many people take. However, while being your own boss, doing things the way you feel is best, and earning your own source of income is a powerful feeling, it’s important to know what comes along with it.
In order to make that dream of being a successful entrepreneur an uplifting reality, it’s important to make sure you’re not guilty of making the following assumptions.
I Won’t Need Much Funding or Insurance
When it comes to running your own company, you’ll always need more money than you initially think you will. Grants and loans don’t grow on trees, and agencies generally want to see that you have a steady source of income coming in, a large sum of money saved, or a very detailed plan of how you plan on bringing money in with your business. Just because you’re aiming to open up a small line of business doesn’t mean you’ll be able to do so for a low cost.
Insurance is another thing you’ll want to invest in as soon as you start operating your company. Many entrepreneurs tend to think that, because they’re working on their own, they don’t need to factor insurance into their start-up costs. On the contrary, even small businesses need to include a few basic policies; life insurance helps ensure the company can financially stand strong if you were to pass away, contents (either home or property) insurance protects your business assets in the event that a flood, fire, etc. were to ruin your important business files or merchandise, and business interruption insurance helps replace any lost income in case your business had to be shut down due to a natural disaster.
I Want to Be an Independent Entrepreneur, so I’m Going to Take on Everything Myself
While it’s natural to want be involved in every aspect of your company, don’t be too high strung and stubborn that you forget the power of outside insight.
You’ll want to talk to a financial adviser, an attorney, and a business consultant (either a professional or a personal mentor). While it’s important to stay strong when it comes to keeping up with your vision, things can easily fall through the cracks when you’re looking too closely at something.
Those with professional experience in the business world can give you honest and useful advice, so welcome it with an open mind. Collaboration not only assists you in the beginning, but it helps you network and build connections for future purposes as well.
Once I Get the First Client in the Door, the Rest Will Come Rolling In
Getting your first client or customer is a huge deal; it means your hard work and efforts are paying off, and you can officially call yourself the founder of an up-and-running company. While it’s a moment to be cherished, don’t fall into the trap many new business owners make. Word of mouth is a very effective business tactic, but you’ll need more than one mouth spreading the good news. It’s not a reason to reduce your marketing strategies or take it easy on the advertising; in fact, even if you had more clients that you could possibly handle, it’s always important to be selling your services or products to ensure someone else is on the line if something with your current clientele falls through.
Running My Own Company Will Open Up Much More Free Time
One of the driving factors that causes many individuals to pursue entrepreneurship is the idea of increased free time. While sitting on the beach sipping on a pina colada while cash flows into your back account is a great fantasy, it’s important to be realistic about the time investment running a company involves. If you hire a staff and divide responsibilities, you should be able to have more free time as a result, but getting your company started is a time consuming activity.
In order for your business to be a success, it’s important to step back and look at things from a practical angle. Don’t let these corrected versions of common assumptions bring down your spirit, but instead, let them inspire you to go further and harder to create a company that stands strong amongst the chaos of the business world.