Your first year as an entrepreneur will be tough. You are going to have to quit your job, depend largely on others for money and work large numbers of hours. In this article we will be looking at the importance of planning ahead, managing your expectations, and finding balance in your life.
Plan Ahead
When trying to start your own business the first thing you will need to do is quit your job. It is important to save up a year's salary before doing so just in case your business takes a while to get on its feet, or, it falls through. Having this money set aside will help you not have to borrow money from others.
If you are married make sure to explain the risks involved to your spouse. Explain that there will be ups and downs so that there are no surprises. Also, figure out who is going to be taking care of the different aspects of the business. If your spouse does not plan to be involved be sure not to severe their ties to the business completely. Make sure to listen to their ideas about the business as a sign of respect. You may also need to listen to other family members’ ideas as well, however do not let your business get in the way of your family. Another important part of planning ahead is considering taxes, insurance, equipment and other expenditures.
Manage Expectations
It is important to realize that when you start your business things are going to be tough. You will be working all the time and probably be seemingly broke for a while. It is important to remain calm, and the best way of doing this is managing your expectations. You are not going to be swimming in a pool of money your first year. In fact, you will actually need to find ways of raising and borrowing money.
Most often than not you will have to borrow money from your investors and new clients. The important part is not seeming desperate. Let your clients and investors know that you are a new business which needs money to fuel its new innovative ideas. Also, remember that the market can be unpredictable. You have to be able to cope with change. Be prepared to rethink business plans. This may involve thinking outside the box.
Find Balance
It is going to feel like work is your life. Remember that you are the one in charge. You are in the position to find balance. If you only have off one day a week make sure to make the best of it. Find something that will help calm you and remove you from work just for the day.
Take up yoga or get a walk in. Also, make sure to spend some time with your family. This is especially important if your new job operates outside of the house. Sit down for a nice family meal and share with each other the events of the week. Plan to spend the afternoon with one another. With the amount of hours you will be having to pull in at your new job it is important to balance it with quality hours away from work.
