Four things you need to know before starting a small business
By Lorin M|
May 12, 2022
Starting a business is one of the scariest, yet most rewarding things a person can do. You’re about to walk into a world that requires resilience among the journey’s twists and turns, agility when faced with unexpected changes, and gratitude for the small defeats that ultimately lead to success.
Luckily, you’re not the only one who has, or will, experience starting their own business, and what better way to prepare yourself than by learning from others.
Here are four things you need to know before you prepare for launch.
Find opportunities, don’t wait for them.
Opportunities are everywhere. They could include finding a business partner, expanding to new locations, or going eCommerce. It can be daunting when you already have so much on your plate, leaving no time to consider your opportunities, nevermind embracing them.
However, opportunity isn’t always going to come knocking on your door. So, if you’re given the chance to grow and evolve, take it. With the level of competition out there, you cannot be left behind.
Success doesn’t require overtime
We cannot deny that starting a business requires constant attention, dedication and motivation. However, you might be surprised to know that working longer hours doesn’t mean you’re going to secure success.
In fact, it could lead to the exact opposite. For instance, we know that burnout impacts our mental and physical health, leading to illness and fatigue. If you’re sick, you won’t be able to support your business, and if you’re overtired you could make costly mistakes. That’s why balancing your work and personal life is not only acceptable, it’s encouraged.
Be prepared for the big changes
If your business saw significant growth overnight, would you have the infrastructure to support it? There are a variety of things to consider here. For instance, do you have sufficient staff to support the increase in workload? Do you have enough equipment and supplies to fulfill larger orders? Have you planned for updated processes and explored business softwares?
You may dream of growth, but when it finally arrives, you don’t want to damage that hard-earned success.
You’re going to run out of money
You can anticipate and prepare and plan as much as you want, but running out of money forms part of almost every entrepreneur’s journey. The most important thing to know is that you have to keep moving forward. Wake up the next day and continue responding to customers, keep workshopping that new product idea or start looking for business funding to supplement your business in the interim.
There is nothing more inspiring than climbing right back up from rock bottom. Despite the challenges you might face, pushing through those times shows how much you love what you do and how much you care about your business.
Starting a business comes with a myriad of choices, and you’re not always going to make the right one. As a new entrepreneur, you need to understand that it is not uncommon to make mistakes. In fact, mistakes are a proven method of significant learning.
At Bridgement, we work alongside our clients to support them through their own mistakes. That’s what makes us more than just a business finance facilitator. Instead, we strive to be partners in small business, making your success a possibility.
Bridgement Business Funding
The cold is right on our doorstep, which means it’s time to prepare for more nights in, more load shedding and the return of the winter sale. While many businesses can thrive during the winter, others are planning innovative ways to stay above water. Whether you’re going off the grid, finding ways to keep customers…
Gone are the days of walking into a bank and putting both your business and yourself on the line in front of a preoccupied loan officer who could on one hand reject your application because they want to leave early, or accept it and tie you into a lifetime of debt and repayments under the…