8 Things no one tells you when starting a Small Business

Now more than ever, people are making their business ideas a reality. People are no longer bound to their 9 to 5 jobs but instead, seek other income alternatives like starting their own business from home. Small business owners play a vital role in the economy as they create jobs for many South Africans. However, before you start your business, it’s important to know what you’re up against. This can ensure that your business has a chance to not only survive but to compete against its bigger competitors. 

Here are eight things no one tells you when starting a new business. 

1. It’s a lot of hard work 

While it may seem obvious that starting a business will be challenging, many people don’t realise just how tough it is. People don’t realise how starting a business can impact you, your personal life and your work life if you still have your 9 to 5. You need to be physically, mentally and emotionally prepared for the workload and understand that it won’t happen in a day. Your success will take time, but persistence is what will see you succeed. Always remember that when you’re doing something that you love, those long hours will be worth it in the long run. 

2. You will need to prioritise

In life, you can’t have it all. And when you want your business to succeed, you have to understand that there are certain things you will no longer be able to do. For example, you may have to work over the weekends or after hours, which means that family time will be shorter. Or you may have to cut back on spending as you’ll need it to bulk up your cash flow. Either way, there will be sacrifices that you will need to make. However, this does not mean that you cannot have any downtime or spend time with family and friends. It just means that you will need to do it in a way that accommodates your business project. 

3. You will need additional financial resources

While many business owners wish to succeed without additional financing from lenders and prefer the bootstrap approach, this isn’t an ideal reality for all. For some businesses to succeed and avoid the biggest challenges, business finance is necessary to help with the financial pressure. Business finance can help your business start up, stay afloat, or even expand. Lenders have various financing options available depending on your needs, such as buying or leasing equipment. 

4. You have to believe in your business

When you’re starting out, you won’t only have to work hard, but you will need to believe in your business. During the first couple of years of starting your business, you will face obstacles, and many people won’t believe in your dream. However, you need to block out the noise, believe in yourself and your business idea, and find people who will believe in your business just as much you do. That way, you’ll be able to find mentors, partners and investors who can help you further your business. 

5. Marketing is a must

In most cases, you can’t run a business without having marketing strategies that can assist with your business growth. To compete with other large and medium enterprises, you need effective digital marketing to help sustain the company’s existence, engage more customers, build brand authority, sell your product or service, improve business growth, and more. To do this, you need digital marketing such as SEO, social media marketing, pay per click marketing, and content marketing. With these tools on your side, you’ll begin to see true growth in your business. 

6. It can get lonely 

Starting a business, whether you have a partner or not, can get lonely. Most of your time is spent growing your company, meaning you might see your friends, family and partner much less. It’s important to understand it won’t be like this forever. Once your business is up and running and succeeding, you will have the financial resources to employ more people to handle the workload and have a flexible schedule that allows you to spend more time with your loved ones. When you are still trying to pick up your business, make sure you have time to keep your relationships going. Try scheduling some downtime once or twice a week where you can meet up with friends and family for dinner or a games night. This will also help you unwind and keep your mind off business for a while, so you can recharge and get back to business. 

7. Make yourself a priority 

At first, it will be difficult to think about anything else but your business. However, for your company to succeed, you need to make yourself a priority just as much as your business. Ensure you get enough sleep, exercise, and when feeling sick, take some time off. While you may want to push forward, you need to make sure that you are physically in the position to work and keep things running smoothly. Always remember that health is wealth, and without it, your business goals will take longer to reach. 

8. Partnerships won’t always work

As much as you want to start a business with your family or close friend, it is not always the best idea. It needs to be someone who has a skill set you can use and someone who sees the potential of your business idea. Partnering with a friend or family member only because you’re close won’t help grow your business. Instead, it can harm your relationships and your business, so when you choose your business partner, make sure it’s for the right reasons and brings value to your business. 

Final thoughts 

Starting a business is never easy. It requires money, support, time, and an understanding of your product or service. However, it’s important to always believe in your business and work towards making others believe in it too. Over time, it will succeed and be the business you dreamed it to be.