Some people love being employed by a company that is not theirs. They focus on excelling in their field of work, without having to worry about where the money is coming from to pay the salaries of employees. Of course, it involves hard work and immense upskilling to succeed and create wealth. Then there are people with an entrepreneurial bent, who streamline all their passion and energies into creating their own start-up, their own small business.
It’s all about the life you choose, and each side has its own struggles. Many people think that having your own business is a piece of cake, and once you have it, you are sorted for life. People who do own a small business will tell you otherwise.
If you have your own venture, you will relate to the following things. And if you are still in the planning stage, take cues from this list and prep yourself for what lies ahead.
You have to give your research a realistic approach
Sahana Rai, founder and CEO, Glocal Brand Solutions, has her own Public Relations (PR) agency and asserts that any business needs thorough research. She was realistic in her approach and asked herself, “What would be the downside if I decided to pursue this business? If I failed, what next?”
After thoroughly reflecting and planning for the best and worst, she went on to go on to the intricate details. “One important planning-related activity I did was doing a dipstick to understand if my network of friends would come forward to support me, and I am very glad that I got strong support and love from friends and colleagues. This reinforced the ideology that building a good network is indeed a vital investment to make,” Rai revealed.
Being your own boss doesn’t mean you have more free time
Many people think having your own small business means you can take time off, anytime. However, that is far from being the truth. Small business owners will tell you that being your own boss means you have to put in many more hours than you did in a job. “I worked in the corporate world for close to 13 years. When I started my entrepreneurial journey, I had the mindset that when you are the boss your job is only to delegate and manage your team. Little did I know then that I ought to put in 10 times more time, effort, energy, and passion into what I believed in! You cannot afford to let your guard down until your business settles and starts giving you a decent ROI,” Rai explains.
“Now, if you are lucky, this can happen in a year but for some, it could be a long struggle of two, maybe five or even ten years. So, when I decided to go the entrepreneurial way, I was mentally prepared to give it my all! Today when I look back at this journey, it definitely brings a smile to my face,” Rai adds.
You have to be prepared to make less than your last drawn salary, initially
Ninja Monga, founder of Ideen Co, a creative agency and production house reveals, “You should be prepared for earning lesser than your last-drawn salary or a meagre income for an initial period of business to make it. Such a mindset is the key to surviving in business and reaching your business goals.”
“Having a capital which covers the yearly salary of your employees and the operational expenses is a plus, as you will have to focus on getting business to reach the break-even point and start earning without worrying. But it's not a mandate that you can start a business only if you have a ready capital amount. There are innumerable business opportunities in the service industry today which can be explored which requires no capital, just a laptop and your business idea and if your service is on point, you are good to go to pitch,” Monga adds.
The lesson to learn here is that you have to be patient for your business to take off.
Business partnerships are not as simple as they seem
Monga, advises that business partnerships should not be taken lightly. You have to carefully choose a business partner based on many criteria. “There should be a defined symbiotic relationship between the business partners. It surely helps to build a strong foundation of business if this clarity exists between partners. I have seen business partnerships fail just because one of the partners is lazy and not so responsible. Such things can surely be avoided with prior analysis of each partner’s personality and goals and whether all can be in sync or not,” Monga explains.
You will hit rock bottom—but the show must go on
“March and April 2020 were the lowest points for our business as most of our clients backed out and everything came to a standstill. I had salaries to pay and had to borrow money to pay, but never held back any payments: this I am particularly proud of! I realised, it was introspection time and pivotal that we took a few steps back to do a thorough evaluation of our business decisions. This was also the time when I started getting deeper into PR and understanding the nuances of running a business,” Rai revealed how her business hit rock bottom when the pandemic started.
However, she didn’t give up and the support of her people kept her going. “By now, I had made up my mind, I was going to face this situation head-on and wither the storm if the need be. In trying times like these, a strong support system plays a big role in helping you sail through. My family, my husband and my beautiful twins became my anchor and they went all out to support me. Their faith in me changed my approach and perspective towards business management, problem-solving and helped me develop the persistence that an entrepreneur/solopreneur needs to imbibe,” Rai adds.
You have to ask yourself if you are really willing to give it all
Rai explains that simply wanting to be an entrepreneur is not enough. You have to know what you are giving up to make it work, and be willing to do so. “If you are looking to start your venture, the first question you need to ask yourself is what is the trade-off? Are you willing to sweat it off to make your business work? Businesses need a lot of time, energy and passion, which means fewer luxuries and pastimes of life—a little to no social life, sleep deprivation, no weekends mostly,” Rai points out.
Also Read: The Rise Of Solopreneurs In 2022