Overcoming the Financial Hurdle in Your Entrepreneurial Journey
Entrepreneurship is no walk in the park. For many though there is great amount of potential worth exploring. Specifically for many of us and perhaps yourself the sound of being an independent business owner simply has a good ring to it. Exciting, right? Make your own hours. Spend time with the family when needed. Slip out of the office when needed without permission.
Sounds enticing, right? Well, of course it does! Hence why small business drives the economical backbone of America. And there is a constant demand and need for entrepreneurs, innovators, inventors, and individuals who can contribute to the stimulation of small business.
Here is the thing though…entrepreneurship is no walk in the park. It is emotional, stressful, time consuming, financially burdening, and sometimes will take the piss out of you. While the idea of being an entrepreneur is enticing, it’s important to at least familiarize yourself with the ramifications such endeavor may have one you.
Entrepreneurship WILL break the bank (and you need to acknowledge that).
Let me explain. Being an entrepreneur can also be labeled as a bit of a loose canon initiative. There are unforeseen circumstances that will often arise enforcing financial expenses you are simply NOT prepared for.
Useful Lessons I’ve Learned Thus Far in Entrepreneurship
Approximately six month ago I joined my father’s company in taking a CEO type role. However, that was not made official until recently though. By the way, I’m not big on titles by any means but for the sake of protocol ended up going with the CEO title.
It’s all about rolling up your sleeves and getting shit done. But before putting the buggy before the horse it’s imperative to have a game plan intact. There are a few things that became quite evident right off the bet to me when working alongside my father.
- Forget about a steady paycheck — this is probably one of the most shocking things to the new entrepreneur. In the early stages of entrepreneurship achieving financial consistency will be difficult to accomplish. Be prepared for some setbacks or even tapping into a savings account for sustainability.
- Expect longer than usual hours. The 9 to 5 is a thing of the best. As a matter of fact it is practically non-existent for the serial entrepreneur. If you want to achieve something badly enough then forget about only working between the hours of 9 to 5, Monday through Friday.
- Account for tension and stress. Entrepreneurship is no picnic. For me I spend a good portion of my day running errands, handling client phone calls, marketing endeavors, AP/AR, business development, and more. On average a typical day commences around 6:30 a.m. and ends around 11 or 12 a.m. It is exhausting, stressful, and build tension.
- Unexpected expenses. In the flooring industry there are far too many unexpected expenses incurred. Majority of them are centered around material ordering and upfront spending. Therefore a cash reserve is essential and something to account for strategicially. In your business chances are you will too face unexpected expenses. For example, tapping into personal funds may be necessary to make ends meet.
- Comprise a game plan. The flooring industry is extremely cutthroat. Extremely competitive and saturated rolled up into one. One of the first things I learned when first stepping into it was that a game plan would be a key ingredient for success. Now, for the sake of background history I do have prior experience in the industry. Something that I believe was advantageous to me. However, seeing how cutthroat the flooring industry currently is I started thinking about the brand. Putting together a strategic plan that will help build consistency, sustainability, and ensure longevity.
You WILL feel financial instability…a good portion of the time.
Overcoming the Financial Hurdles of Entrepreneurship
Achieving financial independence as an entrepreneur is a difficult path to walk. For some it happens sooner than others. However for most of us achieving such goal will take some time. Is entrepreneurship worth the hassle though? OH YES IT IS! There are so many advantages but you will not fully acknowledge all of them until fully immersed into it.
There is no quick path to success. And that’s the reality of things. The basic principles of business still apply to this day.
Work hard, penetrate competition, think strategically, implement efficiently, execute tactically.
How to overcome the financial challenges? Well, there is no out-of-the-box solution. If anything money issues will become a larger issue as a your business takes flight. Focus on acquiring meaningful relationship that can turn into potential monetary value.
Have thoughts, comments, suggestions? I’d love to hear them below.