What to Expect in the First Few Years
WHAT YOU CAN REALLY EXPECT IN THE FIRST FEW YEARS IN BUSINESS
Don’t you wish you had a tell all book that shared the truth about challenges and struggles frequently encountered while launching a business? It seems that most successful stories leave out the details of business creation while maintaining a budget PBJ’s and a side of Mac and Cheese. The first few years in business can be frustrating and misleading. According to the Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years. Expectations seem to be high and misconceptions of working the grind can leave many struggling to keep the faith. Here are three tips I wish I knew when launching my first business.
- FEAR : When we think of fear, we generally think of snakes or gigantic spiders. Perhaps the fear you experience is focused with the possible inability to provide for your family and basic living expenses. The growing fear you will encounter in business will go beyond what you can envision at the start. You will be reminded of former experiences that are tied to grand mistakes, you’ll recall moments when you failed miserably and they will all serve to back up your growing fears in the moments of shifting growth. This type of fear stifles creativity, it makes anxiety flourish and it serves to keep you still and stagnant. If the fears start to win, you will remain in a perpetual state of non-growth which can pivot into saying the words “I give up”.
ACTION PLAN : When you start to become still, and find that you are not moving forward in business growth or revenue, create a list of 5 action steps you need to take and note 3 reasons under each of what is holding you back. If you are honest with yourself, and truly searching for the answers, you will note the fears, recognize its instilled limitations and conquer those next steps.
- TEAM : You think you can do this on your own and your invincibility will shine on in a world of entrepreneurism? Doing all the roles at the start of your business launch perhaps is the way to get it all rolling. But eventually in order to really get growing and get money to roll in, you will need a team. Business grows when we delegate roles, accurately share the vision and give tasks to others. This frees up our time to work on the growth of the business and not the daily maintenance.
ACTION PLAN : Create a list of 5 team players you will need to help take your business to the next level. Note what their roles would be and how they can help you to develop a larger business momentum.
- BELIEF : You will doubt, question and believe that you cannot do this business venture. You will feel like quitting and giving up. You will dance between the roles of “all in” and “all out”. Your confidence will be tested and others may vocalize their lack of confidence in your ability as well. You may be the only person that believes in “you” and even “you” will say “I won’t ever be successful”.
ACTION PLAN : Your biggest fight will be the conversation you share internally. The times you center around the negativity and dismay of the situation will take time away from the success you have the power to create. When you catch the negative conversation and the lack of belief within yourself, stop and consciously change the conversation. The biggest secret in business success, is the belief that you have everything it takes at this very moment to get there. Once you re-work and re–program your mind to embrace the strongest self-confidence in creating your dream business, the steps and perseverance will lead you there. You’ve got this.
Violette is the Founder of FemCity // an online global network featuring business and lifestyle trends with over 70 local communities designed exclusively for women. Violette is also a business coach, motivational speaker, small business consultant, writer and mother of three. She’s been quoted in CNBC, Success and Entrepreneur as a business expert. As a serial entrepreneur with over 20 years of experience, Violette is passionate about supporting women entrepreneurs through business growth, big vision strategies and positivity along the way. For more inspiration and business tips, visit www.femcity.com and www.violettedeayala.com. Follow Violette de Ayala // @violettedeayala