Starting a Business: Expectations VS. Reality

Expectations

The first expectation will be, the business will be a success. Very few people start a new business expecting it to fail or have a limited financial reward. Secondly, there will be financial rewards and personal achievement. The new business owner will be looking forward to creating fantastic relationships with both clients and suppliers. Their clients will value their product or service. Clients will become an advocate for their business. Invoices paid on time and in full clients will be courteous and respectful. Suppliers will provide value for money. Ordered goods are delivered. Suppliers will not supply faulty goods. Discounts offered to loyal clients. Setting goals helps with Business expectations. One of the most common expectations is that you’ll need to spend thousands of dollars to make a success of a new business, and whilst that’s true in some industries. Customers will come to me as soon as I launch.

Reality

Being your boss is even harder than working for someone else, as it requires your full attention, and dedication every single day. Committing yourself to a dream and a vision makes entrepreneurship all the more attractive. Each party should be fully aware of what the terms and conditions are and if there are any break clauses. It’s possible to run a business on a shoestring budget or no budget at all in some circumstances. Even with the world’s best brand and product, customers aren’t going to buy from you until they know you exist. It’s easy to get lost in the crowd of other businesses and brands so build brand awareness and drive sales, but also to position your business as a leader in your field and to ensure your long-term stability in the market. You’re likely to spend more than you make, at least in the early days of a new venture, therefore, making fortune shouldn't be on your mind. If you want to ensure your growth, then you should take a hands-on role until your business is turning a profit, otherwise, you could be throwing money and resources down the drain.

Written by Pauline Garmia Smith

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