TikVah Business Consulting

 

Startup Life: Expectations vs. Reality - Part 1

Owning a small business is exciting and rewarding. But it’s challenging. 
You must consider specifics such as a business plan, finances, legal matters, marketing, branding, etc., to help your small business thrive. These things take time. Many people start a business expecting that it will make them rich fast.
But you must work hard, respect your limitations, learn new skills, take risks, and overcome many challenges before building a successful and sustainable
business. Many aspiring small business owners and entrepreneurs have shared expectations of what it takes to succeed with a new business. Unfortunately,
many of those expectations are wrong. Here are seven common mistaken assumptions most small business owners have when starting their businesses:

1. Getting rich quickly vs. becoming profitable

Many people who start their businesses assume that they can get rich quickly.
Your startup will likely take at least three years to become profitable.
This is true even for the most successful companies. For example, the famous electric sports car brand Tesla took a decade to see actual profits.
Companies making new products take more time to become profitable than
home-based online businesses. That’s because it costs more to manufacture, transport, and sell products. On the other hand, you can start an online business with little to no money.

2. Burnout vs. delegating and working smarter

Small business owners and entrepreneurs typically try to do everything 

themselves to save money. But this can be counter productive and burn 

you out. It’s essential to watch your spending, especially as a new business. 

But you can’t do everything yourself. For example, most small business 

owners and entrepreneurs are not marketing experts. And it’s not always 

easy or cheap to hire marketers when you first start your business. 

Thankfully, there are many alternatives today to address this. Software 

apps help business owners be more efficient and productive and work 

smarter, not harder. Apps like Hootsuite and Buffer can help you manage 

your social media content marketing efforts. Other apps, like Notion and 

Calendly, can help you increase productivity. As soon as you have the 

budget to expand your team, do so. You can hire people directly or hire contractors to help with everyday tasks. The sooner you learn to delegate, the faster your business will grow.

3. Startup life vs. work-life balance

People assume that business owners have a lot of free time to relax and pursue hobbies. This is rarely true, especially for a new small business. You can only expect this freedom once you’ve built a successful and sustainable business or if you’re superhuman and can juggle everything simultaneously. But none of us are superhuman, and as we mentioned above, it’s challenging to build a successful 

and sustainable business. Expect to work most days of the week to help your startup thrive in its beginning stages. But this doesn’t mean you should ignore other aspects of your life such as recreation and health. Remember that you are your most significant investment. If you’re😊 not healthy, neither is your business. Find ways to manage your time efficiently and experiment with improving productivity. Use free tools such as Google Calendar or note apps to set your schedule and reminders and plan your day.

4. Virality vs. strong branding

Many inexperienced entrepreneurs and small business owners think a viral video or ads on Facebook can help them reach profitability quickly. This is rarely true. Small business owners waste billions of dollars advertising on social media. And while viral videos can create buzz, they don’t always lead to sales. And more importantly, it’s typically impossible to create virality without spending a substantial amount of money. Instead of gambling on virality or expensive ads, invest in strong branding. Branding can make or break your business. Strong branding will build brand awareness and increase brand equity. Weak branding will make your company forgettable. Entrepreneurs sometimes assume that their company’s brand identity and overall brand will take shape over time, even if they do nothing proactive to shape that identity. And in some ways, this is true. But your identity is chaotic and confusing when you don’t take proactive steps. It will only hurt your business. Brand identity is what people see when they engage with your business. Brand identity includes your business name, company logo, website, business cards, marketing materials, social media presence, and more.You should never leave these critical branding elements to chance. The most successful brands, including Airbnb, Uber, Apple, and many others, carefully craft their brand identity to support their brands.