Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question, “what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.
Sitting, gazing out of the window in your office, do you long to pack it all in and put all that sweat and toil into starting up your own business? While this daydream is one many employees have often, the realities of pursuing entrepreneurship aren’t as easy as walking out of your office and never looking back.
Your success is not guaranteed
There is security in being an employee. One of the scariest statistics for entrepreneurs is that 90 percent of all startups fail in the first year. This number shouldn’t keep you from trying, think of it more as a motivator to fine-tune your business idea before you start. Making sure that you know exactly what you need to be successful, what the threats are, and what could go wrong. Coming up with contingency plans for all of these items. These contingency plans will allow you to recover quickly even if the worst does happen. Planning to fail doesn’t mean you will fail, it just means you will have the tools necessary to bounce back from a setback.
You will need money
Contrary to popular belief most startups aren’t controlled by someone with little to no funding, out of their garage or bedroom. This means you will need money to set up a business, even a small startup. There are lots of funding options for those pursuing a small business, such as getting a line of credit for small business, seeking investments, or getting a loan. A line of credit can work well, as it provides you with money if you need it while avoiding charges if you don’t. Making it much easier to handle your finances, a vital part of making your business successful. While a loan or investment may be better if you are looking for a larger sum to get the entire project off of the ground. You’ll want to work with a local accountant to make sure your startup capital is in line with your business goals. For example, you’ll want to make sure you know exactly what your potential business partners want in exchange for funds. Some might ask for a share of your business, can leave you in a weak position if you give too much away.
You will need tenacity
Tenacity is also something that every entrepreneur is going to need to be successful. There is a lot of work involved in getting a business off the ground, getting your brand noticed and continuing to turn a profit when everything rests on your shoulders. It’s tough and there are going to be bad days. Days where you question why you got started down this road in the first place. That is why you need to be tenacious, to not let go even when it seems like it’s the only way out. You need to be able to hold on even in the roughest situations and fight for what is best for your business to achieve lasting success.