The dream: shopping sprees, fast cars, and ridiculously enormous homes. What could get you to that level of success faster than a business? The problem is that there’s more to starting a business than you might initially believe. Read on to find some things you should take the time to think about ahead of time.
It’s a Difficult Road
Where do we even begin? Going down the business route means plenty of pitfalls, making it one of the most difficult career tracks in life. You could go bankrupt, lose your spouse, or become the laughing stock in your circle of friends. On top of that, your business may become the victim of a spoofing attack or other cybercrime. Weigh your options carefully before choosing to go into business because it will change your life forever.
You Won’t Make Much in the Beginning
A job will pay you within three weeks and consistently afterward. A business, however, only pays you when it makes money, making it a pretty unstable source of income — at least, in the beginning. It takes businesses at least three years to become profitable and 7-10 years to find lasting success. If you’re sure that you want to do business, then expect to work long hours for little or no pay in the early years.
You Won’t Get Any Help
Think you can count on family and friends to support your new business? Think again! Actually, friends and family are some of the worst people to talk to about your business plans; they’ll shut down your aspirations and insult you, to boot. Then, they’ll laugh at you as you struggle to get your business off the ground. Only after you become successful will they finally decide to show up — but only to ask for handouts.
You’ll Make Mistakes
You may have flown through life without making a single error, but the world of business will take you for a spin. This is particularly true for startups that focus on ideas, services, and products that the market has never seen before. Entrepreneurs often admit to making mistake after mistake until they finally reached the point where they became proficient in their fields. The point is that you should not worry about making any mistakes, but expect them to happen and then find the lesson in each one.
You’ll Have Competition
Oh, did you think you were the only one with a fresh business plan? It may have taken you a long time to think about your potential business and then take steps to plan it all out, but you definitely weren’t the only one making preparations. Other wide-eyed individuals craved success just as much as you do, which eventually led them down the same path you took. Although it may feel frustrating, competition is actually a good thing; it means that there is money to be made in the market and that you’re going in the right direction.
You’ll Meet Fake Friends
Remember Johnny, the boy you knew in high school, but hadn’t seen or heard from in nearly a decade? Well, he is suddenly back in your life now! When people hear about your business ventures, they often want a piece of the pie, but without having to put in any of the work. Unfortunately, this is a rather common occurrence and one that you should expect to undergo as you strike forth on the ladder of success.
It’s Worth It in the End
Long hours, low pay, and constant loneliness; is it really worth it? Yes, starting your own business is completely worth the time and effort because it will (potentially) pay off in the long run. Unlike a normal job, a legitimate business has no income ceiling, so you may end up with more success than you could have imagined. If you do become wildly successful, you will not have to work anymore and be able to afford anything your heart desires.