What sacrifices does it take to start a business?
Starting a business can be akin to having a baby as you are creating a new enterprise that might grow into an independent entity if carefully nurtured. However, like children, a new business requires some sacrifices and commitment on the part of the ‘parent’. These sacrifices come in different forms and categories, with the ultimate aim of ensuring the survival and fostering the progress and productivity of the said business entity.
- Heads up! You will make personal sacrifices if you are starting a business and you want to nurture it. You will miss birthdays, hangouts with friends, wedding ceremonies, PTAs, and many more. The first few months are usually the hardest when you are trying to get your processes in place and your systems running, and if you are investing your money in a venture, you should invest your time in it as well. It is however important that you do not neglect your life totally in a bid to start, as you will need all the support you can get through the ups and downs that characterize the business world. Balance is an art you will have to learn.
- You will sacrifice your luxuries for capital: taking a loan for a brand new car will be meaningless to you if you need capital for a specific aspect of your new business. You will scrutinize every dollar to get the best value, and in some cases, research endless financial possibilities like loan pioneer review 600 and others.
- Make no mistakes about it, you will sacrifice your rest. When starting, your mind will constantly seek out ways to improve upon your business. You might struggle to understand the different components of your business, and in between thinking about issues like tax, getting employees, running sustainable processes, or even customer relationship management, you might lose a little bit of sleep (or a lot, depending on your temperament). On the issue of tax, getting help through companies that provide tax services like FreeTaxUSA might reduce the amount of sleep you lose.
- You might have to sacrifice your income and, in some cases, quality of life, for a while. Most businesses do not make a profit within the first few months, and you might not make a dollar in profit for months on end. Do not get discouraged, the goal is to build credibility, build a strong customer base, and break-even as you build your business structure and systems. It might seem like your safety nest is gone, but people who play it safe never leave the ground, anyway. As the business grows, you can then start thinking of paying yourself some salary, but until then, your income might be short.
- You will sacrifice your comfort zone. Taking risks comes with starting a business, and you will be required at some point to make instantaneous decisions that can make or mar your business. If you used to work for a company or with others, being solely responsible for decisions might make you uncomfortable, but don’t worry, you’ll get used to it. It’s going to be lonely sometimes, and it’s going to be tough at first. You might leak a tear or two, or pull at your hair from frustration – it’s all part of the process.
As time goes on and you watch your child (business) start to sit up, then crawl, then toddle, then walk, all the sacrifices would have been worth it, and all the late nights will become anecdotes and war stories to spur others. So, go ahead and make the sacrifices, champ!