Starting your own business is never easy. Did you know between 500,000 and 700,000 new start up businesses are launched each year in the UK?*
With that being said, around 60% of small businesses will go bust in the first three years of trading.
But why are these figures so high?
Often when starting a new business, it’s usually an individual who has had little to no experience in the field they wish to go into.
Of course, it’s not impossible to start your own successful business, but it’s definitely a lot more difficult than some people think (trust us, we’ve been there!)
In this blog we’ll be sharing 8 harsh truths you may need to hear, if you’re considering starting your own business.
There’s not enough hours in the day
When looking to start your own business, you’re usually not in the position to give up your day job and throw yourself fully into your new business venture. Unfortunately you will no doubt be still working your 9 to 5 until you have a sustainable income, to pack in your day job. This means that you’ll be using your evenings, weekends and otherwise leisure time to do your research, and set your small business up. You’ll no doubt discover (quite quickly, may we add) that there really isn’t enough time in the day!
What we would suggest doing is write down a list of all the jobs you have to do to get your business off the ground, and prioritise them. That way you can stay focused and spend your time effectively.
Everything costs money
As you may have already figured out by now, there’s no such thing as a free lunch. Do you want a website for your business? Money. Do you want a bespoke logo or graphics? Money. Unfortunately unless you know how to do something well for yourself, you’re going to need some help: and as nice as it is for your cousin or your uncle to offer to do something as a favour, if you want your business to stand out from the crowd you’re going to need some professionals.
As well as the cost of outsourcing, there’s also the hidden costs you may not have thought about. Insurance, tax fees and startup costs are just a few examples of things you need to consider when starting your own business.
There’s no crystal ball when starting your own business
We’ve spoken briefly about hidden costs, but what about the hidden roadblocks or challenges you may face, which will cost you and your business time? Sadly there’s no way to see into the future when you start your own business, and if you ask anyone who has launched their own business, they will no doubt tell you they’ve encountered their fair share of challenges. It’s just like driving a car, you can study as much theory as possible, pass your test, and only start learning when you’re out on the roads.
One of the best things we advise our clients, is be sure to have contingency plans in place. What happens if something goes wrong? What external factors may affect your plan of action, and how will you react?
You might feel lonely sometimes
Unless you’re starting a business with a friend, family member or co-founder, often at times starting your own business can feel quite isolating. Every moment of your free time is spent working on getting things off the ground and you’re often sacrificing social time for work time.
Although at the beginning it may feel like you’re fighting an uphill battle, with an endless list of tasks, just remember you’re not alone. If it was easy, everyone would be doing it. Many individuals have done what you’re doing and they had two things: patience, and faith.
Not everyone cares that you’re starting your own business
One of the hardest lessons to learn when starting your own business, is that not everyone will be as passionate about your baby, as you are. We can guarantee that at first, it will feel disappointing to see that friends, or family refuse to share your social posts. They may not even recommend your products or services when asked for recommendations. Often those that you think will share your content, don’t. DO NOT TAKE THIS PERSONALLY.
You want your business to run on more than friends and family connections, and you will find an audience who will love what you do, and be advocates for your brand!
And at the end of the day, your friends and family probably aren’t your ideal customer profile, and they’re not the people you’re targeting anyway!
Mistakes are inevitable
We’ve touched on this one slightly, but mistakes are bound to happen. Rather than kicking yourself for the oversight, see mistakes as opportunities.
Also, don’t be afraid to mix things up. If your original plan didn’t work, reassess the situation and try something new!
There’s no such thing as “friendly competition”
You’ve probably heard of the famous Godfather saying “it’s not personal, it’s strictly business”, and there really is no other way to say it: sadly as much as in an ideal world we would all help boost each other up and share insights to benefit those around us – in reality that just isn’t the case. Most people see business as a dog eats dog world so don’t be disheartened if a brand or individual you look up to doesn’t want to know about your new venture.
For us, we’re not gatekeepers and we love sharing our experiences with others to help them find their own success (and you are no exception!).
Not everyone is quite so selfish, so when you find people who are willing to give you a few tips from their own experience, hold them tight!
There’s no overnight success
Again we’ll this start this one with a quote, and you no doubt know what we’re about to say… “Rome was not built in a day”. Stop fantasising about having your content, product or service going viral, and making you an instant millionaire. The reality is, success comes from a series of failures. To avoid being one of businesses who fail within the first three years, enjoy the process of taking things slow, and walking before you run. Nobody is judging you on how long it takes to start your business. There’s no hard deadline, or crowd of people looking over your shoulder.
Sadly the only stories you hear of successful business in the press or online, are those going viral and making a substantial amount of income in a short amount of time. There are plenty of businesses who are “successful”, who you don’t hear about in mainstream media. You know, the ones who actually put hard work in, and don’t lean into the fantasy of an overnight success.
* https://fundsquire.co.uk/startup-statistics/
** CBInsights
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