Starting your own business is a dream for a lot of people. It’s like having your own baby! While it’s exciting, there’s a lot you need to learn before you start the venture.
The first step is to identify the triggering point for this decision. Yes – let’s really understand why you want to start a business in the first place. It’s a very long journey and it can pay some rich dividends but it can also turn your life upside down completely within a matter of months.
Every time someone tells us we want to start a business, we ask them “Why do you really want to start this business?”. The answers we usually hear are:
– I do not want to work for someone else
– I want to have freedom around my work hours
– I do not want to work 40 hours a week
– I want to make more money and easily
– I want to spend more time with my family
– I want to make the decisions myself, etc.
While all of these reasons are good reasons to change your current situation, neither one of these reasons in isolation is strong enough to start a business. Running a business is a journey & a lifestyle.
1. There is no easy money – EVER! If you think that you will wake up rich one morning then let us assure you that it is very unlikely to happen.
2. There is no 40 hour week for a business owner. On average, a start-up entrepreneur works an average of 80-100 hours a week and most of this is generally unpaid work.
3. You have the flexibility to make your own decision but this could lead to your downfall too because your decisions at crunch time will decide if you make it big or go under.
4. You also get to choose your workload and lifestyle which is great but it is quite easy to get distracted and engage in non income producing activities and by the time you realise, it’s generally too late.
5. One of the major setback most business owners face is the inability to deal properly with their tax obligations. When you work as an employee, generally your taxes are taken care of by your employers but when you run your own business, you have to take care of them yourself and these are generally substantial cash flow items which means that if not planned properly, it can quickly lead your business and personal finances in a cash flow deficit. Don’t get us wrong, Business is a beautiful journey full of excitement & learning if you are willing to learn continuously and take it for what it’s worth.
The main reason to start a business should be: Purpose. Period. As the saying goes, “Do what you love and you will love what you do.” The day you start enjoying your work, it will never feel like work again. If you are aligned with a goal of providing value to your customers and suppliers in any form of products or services then you should look at providing those products or services. Money will come later if you are always aligned to your core mission and purpose. Business skills can be learnt but no one can teach you vision. It is what makes you who you are. Ask yourself this question before investing your time, money & other resources into a new idea or a business. If you are not able to truly align with your products and services on offer, don’t do it. You will thank us later for saving you time & money.
To get clarity on your purpose, vision and mission, contact our team at info@shahlegacy.com.au
Viral Shah CA
Shah Legacy
Empowering the Entrepreneurs
