The idea of a self-made man or woman, as represented by numerous films and media is as far from the reality as you can get. Indeed, if you grew up on the stories of successful entrepreneurs who made it happen with nothing but strong will and hard work, you need to review your strategic approach. More than half of small businesses fail within their first few years as a result of the preconception that entrepreneurs need to build their companies alone. The truth is that you can’t grow your business by yourself. A company is an entity that requires exchanges of good practice, knowledge, expertise, trade, and skills to grow.
First of all, you need practice
If you’re new to the business world, and still unfamiliar with market processes, you might feel nervous about launching your first company. In fact, it’s fair to say that if you want your launch to work, you need previous business experience – and not the kind of experience that you can receive as an office employee. But you can start your business journey is a side hustle pop up shop that lets you try the market and experiment until you find the right formula. The advantage is that you can get all the practice you need to feel more confident without putting your future company at risk. More importantly, this lets you practice with prospective customers and partners.
No, your DIY tools are right for the job
So, if you thought you could easily rely on your laptop and an external hardware disk to save your business data, you need to think again. The confidential data of your customers, your business and your partners are too precious to be protected from a DIY system. You need to work with IT professionals such as Red Key Solutions to ensure that your data are secure. Additionally, when most of the communication with your customers is likely to occur online – through email, online booking system, payment, etc. – you can’t afford not to rely on the best possible tools.
A team, what do I need a team for?
It’s your own business, and you’re not ready yet to hire a team – whether financially or mentally. Nevertheless, it’s unlikely you’ll be able to maintain a professional presence on your own. The secret to making it look like a professional company without the team is to outsource some tasks – ensuring you don’t tackle everything alone. Web design and management, virtual assistance and competitor research can be entrusted to talented freelancers to save you time and effort.
There is no such thing as a single-person business
The most difficult thing to accept when you start your business is that the myth of the solo entrepreneur is just that, a myth. To get over this mental barrier, you need to be honest with yourself. For a start, even if you charge $100/hour for a 50-hour week, you’ll never earn $5,000/week. Why? Because your time will be spent doing administrative tasks, looking for more work and organizing paperwork. To make it work, you have to rely on others.
For introverts, starting a company can be the way out of a crowded and uncomfortable office environment. But it doesn’t mean that you can and should run your company on your own. Growing a business is teamwork.