The TRUTH About Starting Your Own BUSINESS
Currently, small businesses make up 99% of the UK business population, showing entrepreneurship plays a huge part in the economy.
People are discovering the many perks of having your own business, such as being in control of how much money you make, flexible hours, the ability to take time off whenever you want, freedom of creative expression etc.
But there are also many misconceptions based around becoming an entrepreneur that you should be aware of before setting out on the exciting, but eye-opening world of business.
Let’s uncover a few of the popular myths based around becoming an entrepreneur and how to navigate them.
You are your own boss
I always wanted to become my own boss because I disliked being told what to do.
At jobs, I always preferred my ideas to those of my managers and decided I would be better in a job where I could express my ideas freely.
Oh, how wrong was I?
Running your own business means you are your own boss, but only to an extent. However, it’s important to remember the ultimate boss is the customer or client and what they want is the most important of all.
Without sales from customers and client bookings, there is no business.
This means technically you do have someone to answer to, and that is your customer’s needs.
Of course, you are in control of aspects such as branding, (even so it’s important to keep up with trends), the name of your business, who you hire, and so forth.
However, becoming a business owner requires you to listen to your community and create a product or service that others want to buy, this means your customer or client is the boss.
You Become an Overnight Success
When I launched Kitaka, it was my first experience in the business world, I was very naïve
.A family friend who himself has been incredibly successful in business advised me not to believe I will instantly become a millionaire, however being the optimist that I am I still presumed I would become an overnight success.
Now, don’t get me wrong, my brand has done well, and over the years I’ve built a strong customer base, been featured in magazines around the world and secured an international stockist, but none of it happened overnight or without its challenges.
It took years.
Don’t believe the hype, becoming an overnight success takes a lot of hard work, curiosity, discipline and most of all patience.
Jeff Bezos, said “All overnight success stories take 10 years”
So, before you set out to become an entrepreneur, ask yourself if you would dedicate the next ten years to what it is you want to do.
Waking Up Whenever You Want
Thinking you can wake up later than if you were to work an ordinary job is not only not true, but you’ll find you're waking up earlier than usual because there is so much to do.
You are the captain of this ship and without you being efficient and motivated it will sink.
Not only do you need to wake up earlier, but you’ll need to build yourself a morning routine that sets a positive tone for the day.
With that said, entrepreneurship is tough so do schedule days where you can wake up later, mine are Friday and Sunday mornings.
No one can speak to me before 10am, it’s my time to sleep in, mindlessly scroll social media, listen to music, and become a sloth.
More Time To Socialise
If I had a pound for every time someone said they wanted to start their own business so they could have more ‘free’ time my wealth would be through the roof!
If you are serious about building a business that is sustainable with long-term goals, do not expect much of a social life within the first few years.
Becoming an entrepreneur takes up your time, so good luck finding any that is free. This is not to say you shouldn’t take days off to rest or spend time with your family and friends, it means you will have to schedule and plan.
Being a business owner is non-stop, it’s making sure
The website is running smoothly
Customer acquisition
Customer retention
Customer service
Product development
Quality control, branding
Social media management
Packaging orders and sending them out
You’ll quickly discover that free time is a luxury, and something you very rarely come across.
You Need a Big Social Media Following To Be Successful
You wouldn’t be wrong to think the more followers you have on your social media platform equals the number of customers you have for your business.
A large following of thousands, or even millions means more eyes on your business, yet, despite a following of this size, there is no guarantee every follower will convert into a customer.
Instead of focusing on growing your follower count, focus on nurturing the following you already have.
Build those relationships, learn their needs, and what they love about the product, and encourage them to leave reviews and give their feedback.
Your business should focus on a small community of engaged customers who you are building genuine relationships with than having a mass audience where people start to simply look like numbers.
It’s a Glamourous Job Title
Being an entrepreneur sounds a lot sexier than it actually is.
For many, having a business sounds like spending your days looking pretty, making commands, and making a lot of money.
And although we do have control over what we wear to the office (remote or not) and if you run a small team, you will be allocating tasks, it doesn’t alleviate the stress and chaos of what being an entrepreneur really is.
Expect early mornings, late nights, everything going wrong then suddenly going right, along with blood, sweat and tears.
Being an entrepreneur is only glamourous when you love what you do so much, you’d do it for free.
That’s why it’s important when you go into business you choose an industry you are incredibly passionate about.
You Don’t Need Help from Others
There’s beauty in being able to work for yourself, by yourself, especially if you love your own company (excuse the pun).
Working alone means not having to negotiate or liaise with others, you have more control and say so over the day-to-day running of your business.
But be careful of becoming too self-reliant, refusing help from others can slow down the progress of what you are trying to build.
I was adamant I wanted to do it all alone, I would launch this amazing beauty brand and everyone would come to the website and make a purchase.
I did this for a while, and then I was approached by a beauty boutique in Germany who saw Kitaka, loved it, and wanted to stock it in their store. I suddenly became nervous.
I knew this meant I would have to start talking wholesale prices and negotiate numbers which I had never done before. I had even put them off for a while to see if I could wriggle out of it until my sister reminded me that working with them would be a great way to grow the brand.
I responded to their email and now the Goodnight Goddess Multipurpose Overnight Lip Balm has sold out for the second time it’s in such demand.
Say yes to those who want to help you, work with you, or both.
Chances are they see potential in your business and believe you have something special, accepting the help can do wonders for your brand.
If like me you’re worried this means having to learn something new quickly, jump right in, ask for help if you’re not sure, and in doubt, use the best resource we have in the world right now, the internet.
