Entrepreneurship is a word that’s become almost synonymous with freedom and ambition. And while we’re bombarded with things to look out for and be aware of when launching a business, we rarely hear about the things that might not quite turn out as we expect! So, here is Tide member Ben Kamara’s top five things he didn’t expect when starting out on his own.
1. The universe to align
For some people, the thought of leaving steady paid employment can be a big hurdle. Life gets in the way: changes in living costs, relationships and other uncertainty can derail your glowing business idea before you even get going. This might come as good or bad news, but there’s never a perfect time to launch.
Trust your gut – it’s likely you’ll know when it feels like the wrong time or opportunity, but there’s no guarantee of a sign that it’ll feel right.
- Guaranteed success
We love a good start-up success story. But while business owners will rarely tell you negative stories, statistics show that only 44% of new businesses last more than 5 years.
It’s worth bearing in mind, and approaching your business with both a short-term mindset as well as simultaneously building the long-term vision.
- Someone to do all the boring stuff for you
It’s nice to think we can just ‘pay away the pain’ and get someone else to do the boring/ time-consuming work for you, but for most start-ups, it’s hard to do this without spending more money than is necessary.
Admin is the least glamorous part of running your own business, but it’s undeniably important.
4. Investors to throw themselves at you
There are plenty of startup newsletters and bulletin boards with daily news of startups who have raised capital. But whilst it can seem like there is unlimited money available to invest in your ideas, the truth is that investment can be a mirage. Like a mirage in the desert, you may end up spending your time and money never to reach the investment on the horizon.
Many small businesses do need an injection of cash to help them reach viability. So it’s a good idea to prove your concept as quickly and cheaply as possible – perhaps even before setting up your company – and then to start having conversations about financing with the right people as early as possible.
5. An easy mental journey
The phrase “it’s lonely at the top” has been around for decades. And for most people starting a new business, it can be just as lonely. Paid employment, especially in large organisations can be comforting, and you’re surrounded by colleagues and peers who often share your values and are in similar positions in life. When you become an entrepreneur, you’ll likely lose all of that. It’s tough – and clients can’t be expected to fill the void of colleagues.
You can find companionship in other entrepreneurs and small business owners, who you may come across at co-working spaces, shared offices or start-up meetups.
Tide business banking will be at Accountex on 1-2 May on Stand 210.