I am all about the unicorns and rainbows, but we must also face some of the challenges that we will face in our business. Most people that you talk to don’t want to be a Negative Nelly, so they’re just some things that are not going to be in the brochure.
Starting a business is an incredible journey, but there are things no one told me to look out for. Here are 7 Things No One Will(Ever) Tell You About Starting a Business.
Not every business idea is going to be a home run (or even a base hit).
When you start your business, you will be super excited about every idea that pops into your head, and you will feel crushed when they don’t work out. As you grow, you will come to understand and even appreciate that not all ideas are right for your business.
Sales aren’t the only or even best measure of success.
When you first get started, you want to make sure that you have several benchmarks and analytics that you are tracking. Don’t ever lose sight of the numbers, but other metrics can be related to impact and actual profit margins.
Be OK with being uncomfortable, feeling awkward, and getting rejected.
You must be willing to get out of your comfort zone and do things that you have never done before. Hate going Live on social media because you don’t know what to say? Do it regardless. Not sure if that prospect is going to say yes? You still have to ask. Make room for the yes by putting yourself out there.
It can get lonely at times.
Unless your friends are entrepreneurs that may not understand what you are going through. In all likelihood, all you want to talk about your business all the time. Your friends and family will get sick of hearing you talk about your business. Find a business bestie and join some Facebook groups to find people with similar interests that you can talk shop. JOIN THE BWMB FACEBOOK GROUP FOR SUPPORT
PS: You may also want to cry, and just so you know, that’s normal.
Finding and keeping a business partner is no easy task.
A business partner is not always the answer. It can even be more trouble than it’s worth. Partnering with friends and family adds additional challenges, and you must be precise with loved ones that business is business. If you do decide to partner, then be sure to document the relationship with a contract that outlines all expectations (profit sharing, responsibilities, termination, etc.) This step is critical, so speak to a legal professional in the beginning, and it would not cost you in the long run.
Even if you make money on day one, don’t spend it.
Your business is always going to need “stuff,” especially if you intend to grow it. We all know that a rainy day is coming, and you want to be as prepared as possible when it does, so create good money habits on day one.
Want to learn more about creating a money mindset? Visit (link to blog here).
At some point, you will question everything you have ever accomplished.
Imposter syndrome is a psychological term referring to a pattern of behavior where people doubt their accomplishments and have a persistent and often internalized fear of being exposed as a fraud. It plagues a countless number of new and established entrepreneurs. Once this negative mindset kicks in, you find yourself chasing perfectionism and needing to be a superwoman.
BONUS – Do NOT set yourself up for that mental trap!
I encourage you to take time away and give yourself some grace! You deserve it. Build up the habit of quoting positive affirmations to yourself and creating a supportive community that works for you. Write in a dedicated business journal highlighting the challenges you face and the rewards of starting your business—Indulge in things that keep you in the right mindset. It could be as simple as grabbing a coffee or taking a walk.
Remain focused, learn from the mishaps, and you will accomplish the goals you set to achieve.
BWMB is dedicated to the enrichment of Black Women and is defining what it means to be a Black Women in business today and tomorrow. Women turn to us when their heads are filled with great ideas and they are ready to create a competitive edge and grow a thriving business.