When you’ve had an idea for a long time… finally seeing it become a business can be a very proud moment. All those years putting in work after hours and dealing with a frustrating boss have all been worth it. This is your moment… right?
But wait. Have you really considered the potential obstacles? Even those that may seem unimportant in the beginning phases of being a business owner?
Not all barriers can be foreseen, but all can be overcome.
3 things to prepare for when you’re a business owner
It’s probably not at all what you expected me to say. But how often do we think about our health? It’s the one thing that can limit our ability to function at work, in an instant.
We often take our personal well being for granted. Sure, we might get the flu or a bug once in a blue moon, that causes us to take a few days off, but it usually passes quickly and we get back to it. But if something were to happen to you, what happens to your business? Will you be one of those entrepreneurs putting out apology status posts to let your customers know why you haven’t sent out their order?
While I don’t want to alarm you… you should at a minimum make it a priority to get your annual physical – every year.
For example, during my most recent checkup, I found out that my blood pressure was through the roof. Imagine how it felt for the nurse to give me EKG practice information. Then, later find out that the doctor wanted me to go that day to have the EKG done – just in case. It was definitely a wake-up call for me to start taking better care of myself and being mindful of my health. Turns out that my blood pressure is high, and I need to make some changes, but my heart is healthy.
Other Companies Misfortunes
Take a moment and think about how much you rely on other companies, vendors or contractors for supplies, inventory, graphic design, marketing materials or even staff. If one of these companies were to suddenly shut done or stop providing the service that you use, what effect would it have on your business?
Get ahead of any potential setback by curating a list of alternative suppliers.
Develop a network of professionals and specialists, to minimize your risk. Larger more established companies may not present much risk. But this is especially important if you rely on other small businesses to provide you with a service, product, or supplies.
What happens if your business takes off in a way that you can’t keep up with. Happens all the time. It’s why there are shows like Shark Tank and The Profit.
Think about this scenario: You launch. Orders start pouring in. You outpace your current inventory… but the cash flow isn’t buoyant enough to fulfill all the orders.
You have one of two options.
1 – Try to pace your business growth with a suitable marketing campaign and adequate funding to mitigate the chances of shock expansion.
2 – Prepare for this potential situation ahead of time by finding ways to finance your business. Or at least developing a strong relationship with your bank or investors, so that when the time comes, you have funds to pull from, if needed.
Launching a business can be both overwhelming and rewarding. Much of what you’ll learn will come from trial and error. Learn from others, connect with industry leaders so that you have mentors in place to guide you. Stay positive and always be moving forward.
Obstacles are like bumps in the road, that only become mountains if you let them!