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Friday, 18 August 2017

Are you feeling like you are ready to give up?

So you quit your job in order to work your own business did you?

The lure of owning your own business is huge and always looks rosy in the beginning. But what you saw your "boss" doing was only part of all the work he/she does. Plus, if there are employees in the business, that business has been around a while and the owner has learned to delegate to staff many of the things he/she once did.

You were probably one of the employees that facilitated this delegation.

When you start your own business, for the first while, you need to do EVERYTHING! I mean EVERYTHING! There is nobody to delegate to. You need a plan and to follow that plan every day no matter what. You need to do the hard things and the easy things. Remember that "when you do the hard things, your life will become easy; when you do the easy things, your life will become hard."

Many small business owners start their own business as a result of seeing their boss reaping the rewards of the employee's hard work. They get tired of putting fur coats on the back of the boss's wife, so to speak.

Then off the employee goes to start a business, not realizing that now they will not only do the work that they are good at, but they will also need to do the bookkeeping,  administration, shipping and handling, sales, etc.

Sound familiar?

Most small business owners start their business flying by the seat of their plans...no business or marketing plan. In fact, these small business owners probably don't even know that there is such a thing as a business plan necessary.

Back in the day when my Father was in business as a veterinarian, people could decide to start a business by just walking into the bank and asking for a loan. The bank would ask for collateral, the papers would be signed, and voila, the loan would magically appear!

Today, if you are looking for financial backing from a bank, you need a business plan, or you will not get very far.

With the Canadian statistics showing that 80% of businesses fail in the first two years of business, no wonder banks are being more cautious.

Also, if you want to be successful with your business, you need a plan to help keep you on track. It is pretty safe to say that without a plan, you doom your business to failure with certainty.

Oh! I might also add that once you acquire that business loan, it does not mean that you can do with the money what you will. You will have business expenses and you need to be able to cover your expenses for at least 6 months before you will start to turn any kind of a profit.
Owning your own business requires work.

Yes, your old boss looked like he/she spent much of their time on the golf course or at luncheon meetings. What you did not realize is that they were working building the relationships they needed and wanted for business. If they didn't have you, they would have had to be doing your job at the end of the day, after hours, or in the wee hours of the morning.

No matter what you do, work is required...consistent effort must be applied to your business for it to succeed.

By now, you might be thinking that you were an idiot for starting your own business, because you have never worked so hard in your entire life before. You have laid everything on the line, your house, your cottage at the lake and your family. You are sick and tired of being sick and tired. You want to quit.

Am I right? Or am I right?

Believe me, you are not alone. Hang in there and keep doing the hard things. Your life will become easier.

If you are looking for some guidance to help you get through and make your business a success, connect with Shauna Madsen.

Christine Till

The Marketing Mentress





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