Most people starting an entrepreneurial venture are focused solely on the goods or services they intend to sell. Afterall, that’s what will make you money. While important, there are some other considerations many new entrepreneurs learn the hard way.
Three key things to consider before you start your business:
- It’s not just about the product or service
- Having a plan makes a difference
- It might take longer than you thought
It’s not just about the product or service
Entrepreneurs are great at what they do or make. Their goods and services are their money-maker. That would be great if that was all you needed to succeed.
But being an entrepreneur is more than what you sell, it’s also how you sell it, how you manage your on and off-duty life, and a list of other unexpected things. It’s important to consider as many of the aspects of business ownership while developing a game plan. Thinking things through can lessen the learning curve.
Recommended read: 13 Important Things You Need to Hear as a Business Owner
Having a plan makes a difference
Taking the time to build a mission and vision statement can make a difference in the focus and success of your business.
You might “just” be making stickers, but detailing out why you are making stickers and what steps you want to take to make certain your stickers are the best in the marketplace matters. These types of details help you base a lot of important decisions and will help you stay on track when things feel overwhelming and uncertain down the road.
Recommended read: Start-Up Business Advice – 6 Must Read Tips
It might take longer than you think
It’s important to accept the fact that it might take longer than you thought to get things off the ground or turn a profit.
Most businesses don’t make any profit in their first year of business, according to Forbes. In fact, most new businesses need 18 to 24 months to reach profitability. And then there’s the reality that 25% of new businesses fail in their first year, according to the Small Business Administration.
However, just by understanding that you may not be profitable in your first 2 years of business – and planning for it – greatly increases the likelihood of your success. It’s important to stay the fight and commit to facing challenges, and doing what it takes to see your venture through.
There are no guarantees in entrepreneurialism, but there are plenty of rewards for those who stick with it. Being focused on your goods and services is important, but not more important than pre-planning and digging deep to commit to the things coming that you didn’t expect.
Create a mission and vision and stay focused on your goals so you can make your dreams come true.