Every [Unsexy] Thing You Should Consider Before Launching Your Business
Part 2 in a guide for aspiring entrepreneurs.
Want to Start a Business? Not so fast.
If you’re thinking about starting a business, there’s a good chance you know a lot about what your business will do.
But have you thought about the business side of a business?
Upset a customer? You could get sued. Screw up your taxes? You could earn a visit from the IRS. Fail to comply with laws or regulations? You could get fined.
Most people wouldn’t know what to do in serious cases like those. These hardly scratch the surface. Small factors trip up even seasoned entrepreneurs.
Factors like: Who will recruit and train staff? Handle billing? Manage inventory? Oversee payroll?
The business of starting a business can certainly be a reason not to start. But don’t fret.
There’s no escaping it
Your industry doesn’t matter. Running a business means answering for all the above and more. All these distract from the true value your firm provides. They take away from your ability to focus on bigger picture things, like the quality of your product or service, managing staff, driving growth, servicing customers, or improving profitability.
If you have the itch to start something, sooner or later these issues will arise. Save yourself a ton of time by facing them head on.
So, Which Mindset are You?
Scenario 1: “After learning of all the business that goes with starting a business, there is no way I could sleep well at night. Even with good help and outsourcing, the risks and hassles of these things scare me and would negatively affect my quality of life.”
Solution: This is an easy answer. Do not start a small business (perhaps a large well-funded business would be OK). It is very likely that you are not cut out for this. No matter what measures you take, the business of business will always pose threats, and it takes a certain person to manage a high-quality of life in spite of this. If that is not you, there’s no shame in it. Move to find what that itch really is telling you.
Scenario 2: “After learning of all the business that goes with business, I’m a little intimidated, but figure that other people have made it through all of this and I will figure it out as well.”
Solution: If this is you, by all means, get started!
Scenario 3: “After learning of all the business that goes with business, I’m not worried about it all.”
Solution: Hold on, you might not have enough paranoia to survive in business. I have nothing to tell you except to be careful.
Now that you understand whether you truly want to start a business, it’s time to think about how you will manage those business operations.
Clueless? You’re in luck.
We live in a time where affordable access to specialists of all types is only a click away. (See Upwork, TaskRabbit, or LegalZoom for a few examples.)
Today you can fulfill most of the complex components of your business on-demand. You have access to a world of resources once reserved only for large and well-funded businesses. You can start your business and enjoy peace of mind like never before.
…But, You’re Not Off the Hook
Affordable access to services and solutions reduces the business of doing business to a minor nuisance and is not a reason to never get started. But at the end of the day, you’re responsible for your business. Outsourced or not, you need to achieve at least a basic understanding of each component.
If you’re still excited about starting a business after thinking through the unsexy operations side of it, then stay tuned, because you just might be an entrepreneur.
Upcoming posts will address how to know if you should start a business.
