Ask any business owner who has been there and worn the t-shirt. It’s incredibly exciting but equally just as frightening.
Today’s topic is all about that dreaded first year in business. If you’ve done any research on the topic, you’ll have read countless statistics and probably already have second thoughts! Well, it doesn’t necessarily have to be like this.
While certain truths must be outlined, others may convince you you’re doing the right thing. Let’s examine some of the most common myths about your first year of business.
“I need to have everything figured out before I launch.”
This is one of the most common myths and is definitely not true. You’ll never have everything figured out, and that’s okay. The key is to have a clear vision and to be passionate about what you’re doing.
If you try and iron out every finer detail, you’ll never launch out on your own.
“I need to make a lot of money in my first year.”
This is another myth that is often perpetuated by society. We live in a culture obsessed with money and success, often leading to unrealistic expectations.
While it is important to be profitable, making a lot of money in your first year is not essential. In fact, it is often more important to focus on building a solid foundation and ensuring that your business is sustainable in the long term.
If you chase after contract after contract, issues such as cash flow can soon get the better of you. Instead, take things slowly, focus on profit, and ensure you’re doing everything properly and sustainably.
“I need to be an expert in everything.”
This is another myth that can often lead to paralysis by analysis. Being an expert in everything is not essential, especially in the early days.
Of course, it is important to have a good understanding of your industry and to be up to date with the latest trends. However, you don’t need to be an expert in everything. As your business grows, you can always hire people to help you with the things you’re not so good at.
Yes, you may have to organize your public liability insurance in your first year and do all the bookkeeping tasks you’ve never dabbled in before! However, as time progresses, you’ll understand your strengths and how and where to delegate effectively.
“I need to work 24/7”
This is one of the most harmful myths as it can lead to burnout. Running a business is demanding, and it is important to put in the hours to make it a success.
However, taking breaks to switch off and recharge your batteries is also important. If you try and work 24/7, you’ll quickly burn out, and this will have a negative impact on both your physical and mental health.
If you feel your business needs excessive work and it’s not easing up, it might be a sign that this isn’t sustainable. New business owners work hard in their first year, but if it’s showing no signs of slowing up, you need to take a step back and reconsider what you are taking on.
“I know all my costs from the outset.”
In a nutshell, you don’t. It’s impossible to know all of your costs from the outset as there will always be unforeseen costs.
Of course, you can make estimates, and you should understand your overheads well. However, there will always crop up costs you haven’t anticipated.
It’s important to have a contingency fund to cover unexpected costs. This will help ease any financial pressure and ensure that your business can weather any storm.
Featured Image by StartupStockPhotos from Pixabay