8 Things Entrepreneurs Should Consider Before Starting a Business

Many people dream of starting a business. Doing what you love, being your own boss and reaping the profits from your hard work is alluring and can be incredibly rewarding.

However, the reality of entrepreneurship is often surprising to those who enter into it without an accurate picture of what to expect. Here are eight things most business owners wish they knew before starting out.

You’re Not the Boss

If you are going into business so you don’t have to take orders from anyone, think again. Your customers are your first priority, and your main focus is to keep them happy. Their needs and wants are now your primary concern, and they ultimately decide whether or not you will remain in business. The right mindset, a true passion for the work and a growing list of happy clients will help to keep you motivated.

People Need to Know You are There

You might be starting a venture because you’re really good at accounting or skilled at making hand-crafted furniture. But you also have to become a marketing expert (or pay a qualified professional). Figure out how to reach prospective clients – not just once, but over and over again. Research, ask for help and make every effort to network with those who can guide you.

Nobody Cares as Much as You Do

The world wants you to succeed. But no one – not the accountants, the consultants, the marketing firm, the employees you hire – will care as much about your business as you do. After all, the business is your brainchild and dream come to life. You are the driving force behind it, and no one is as invested as you. As the owner, you must be aware of what’s happening on all fronts of your business. Listen to experts, but follow your gut.

Your Time is Not Your Own

Many people look forward to the flexibility of owning a business. But sometimes, it means choosing which 17 hours you want to work in a day. When you own the company, you don’t always get to decide when you will leave work, take a vacation, call in sick, or take an afternoon off to run errands. Build a strong team to keep things efficiently running while you continue to market your service or product. You also need to make time to rest and rejuvenate your brain. Some of the best ideas come from periods of calm and respite.

Financial Preparedness is Crucial

Before leaving a paid job, saving enough money for a years’ worth of living expenses is ideal. Consider a side gig that can bring in extra cash as you get your business underway. Lowball your estimates of how much money you’ll make with your entrepreneurial efforts. That way you’ll be pleasantly surprised if you exceed your projections – and since you’re not expecting it, you’ll have more money to reinvest in the business. Profits can be a long time coming, and it’s important to be prepared for lean times as you grow your new business.

First Impressions Matter

Whether you are opening an ice cream shop or a financial consulting firm, the employees who interact with your clients are the face of your organization. Hire people who will project a positive image. If you’ve ever witnessed poor customer service – unhelpful store staff or unfriendly receptionists – you know how important it is to get this right.

No Overnight Success

Building a successful business can take years – even decades. Behind every news story about a company that is exploding with growth is probably someone who put in years of preparation and work. Be patient and don’t expect your business to take off overnight. Hard work, continued learning, networking and an exceptional product or service is a strong indicator you will be rewarded in the marketplace.

Pursue Inspiration

There will be times when things don’t go your way, and you will feel down or even defeated. Whether it’s reading motivational books, subscribing to a daily inspiring quote or regular lunches with other supportive entrepreneurs, find ways to keep yourself motivated and pumped up to weather the tough times.

“Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

You may also like A Productive Morning Begins the Night Before. For more of Diane’s etiquette tips, read her posts on Inc., subscribe to her articles on Huff Post, “like” The Protocol School of Texas on Facebook, and follow her on Pinterest, Instagram and Twitter. Buy her new book, Modern Etiquette for a Better Life.