So your new years resolution is to create a start up business, an idea that you may have been thinking about for awhile. You may be on the fence since you still have a lot of unanswered questions. Will you enjoy the process? How will it affect your schedule? What new skills are required to be a business owner? These are all questions that can be taunting when thinking about starting a business. Below are the top 4 stats to know when making your decision.
If given the choice, 86 percent of all small business owners say they would do it all again.
This stat shows that even through the ups and downs of running your own business, in the end the process is worth it. Start up business owners should be self starters and dedicated to improving their business 24/7. This may mean that you can’t take vacations while you start your business, or that you may be working more than 40 hours a week (lets face it, you will be working more than that) but small business owners are satisfied with the work that they do and would do it all over again if they could.
65 percent of small business owners expect their business to be thriving five years from now.
Start up business owners need to carry un-waivering optimism. Very few small businesses thrive immediately, so patience and optimism that your business will succeed is crucial. Say one day, the one client you’ve secured has asked that you part ways. In stead of giving up on your dream of running this business, you need to understand that you will run into obstacles, and use your network to reach out to new potential clients as soon as you can. Time is money and very expensive money in small business world.
Top challenges of running your own business: having to wear many hats, riding out bad economic times, and hiring and managing a staff.
As a start up business owner, it is your responsibility to understand all roles of a business. This means accounting, finance, sales, marketing, purchasing, customer services, etc. How do you expect your business to thrive if you don’t understand why your business is succeeding or not succeeding. Hiring a staff if the most efficient way to ace all areas of the business but that is only able to happen once you’ve established your business. Riding out bad economic times is tough especially because you may feel helpless. Just remember to hold confidence in your brand, reach out to your mentors, and make business adjustments as necessary.
62 percent of people say that starting a business allows them to pursue their passion.
Starting a business often stems from a great idea and a great deal of passion. Think about what else in life you are passionate about.You’re likely willing to go through a lot to keep pursuing those passions. You will endure rough times as a start up owner, but you are also bound to learn a lot of business and life lessons. When feeling conflicted about starting a business, ask your self if you are ready to fulfill your dreams, and make sure you are willing to do all you need to do.
Creating a start up business is not easy. It takes a lot of courage to stop your current career in the hopes of pursuing your passion of a start up. Making the decision is tough, but when reading these stats you should know that even though it may seem scary, you’ll likely want to do it all again. Contact us at the Marketing Desks to learn more about what it takes to be a successful start up business.