10 Things I Wish I Knew When I Started My Business
Starting and sustaining a business is hard, real hard. The journey to becoming a successful business owner is, by far, not a smooth one. Its filled with unexpected detours, and many bumps. However, without adversity there is no growth. Despite the hardships of owning a business, it is an exhilarating experience that is extremely rewarding. As a business owner, there were many obstacles I had to overcome, and some of those challenges came from simply not knowing. With that said, here are ten things I wish I knew before starting my business:
1. It’s hard.
As a sole proprietor, I was working on my business, day and night. I was the founder, CEO, IT department, web designer, marketer, consultant, and employee. It required 100% commitment and focus. Some days are harder than others, but the reward is well worth it.
2. It takes time and patience.
The first year of a business is crucial. You will spend most of the first year of business branding and building your company. If you put in the work in year one, you will start to see the fruit of your labor in years two and three. Be patient; great things take time.
3. It’s lonely.
If you’re a sole proprietor, like me, you have a lot of responsibilities that are primarily yours alone. It can get incredibly lonely and overwhelming at times.
4. Hire an accountant immediately.
Hiring an accountant is extremely important and should be done before you bring in your first dollar. Unfortunately, I learned the hard way with not obtaining an accountant until later and realized I not been compliant with some state and federal tax laws, which resulted in several fees.
5. You should connect with other entrepreneurs in your industry for collaboration or mentorship.