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5 Things You Should Know Before Starting Your Own Business

More and more of us are choosing to pack in our day jobs and launch our own businesses, and while that’s great for the local economy, it means there’s more competition than ever before. In this article, we’ll give you some home truths on becoming your home boss; make sure you read this before you delve into a new venture head-first, as what we’re about to say may shock you.

A lot of new businesses fail

If you’ve ever been told that nine out of ten new businesses fail, then you were told by a liar. In fact, startup businesses have a higher success rate than you might think, with only 20% of startups closing their doors after a year in operation. But that doesn’t mean your business will automatically succeed – today, one in five businesses still struggle to make enough money to stay afloat in their first year, and that figure sharply increases as the years go by. Research into the trends in your industry before you get started so you know exactly your chances of survival.

It’s not as easy as it sounds

Even if you’re the highest performing employee in your job and you’re juggling a couple of freelance clients on the side, you shouldn’t expect to find a new business venture easy. Indeed, the majority of small business owners underestimate the amount of work that’s involved in doing it on your own, from filing accounts to marketing your business. Make sure you have the time, the dedication and the passion for your business, because it will become all-encompassing.

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You might hate your clients

If you’re offering a service, then expect to hate your clients. From picky customers to downright rude clients, you should be prepared for everything when you run your own business. Always try to get your clients to pay their invoices on time, and never offer free trials of your services if you don’t think that a client is genuinely interested, as the chances are that you’ll be wasting time.

Outsourcing tasks is essential

Unless you’ve got all the time in the world for your business, you should think about the benefits of outsourcing some tasks to third parties. Marketing, for example, is a commonly-outsourced activity, as it’s difficult to get right and can be done on the cheap. A company offering affordable social media management, for example, will save you hundreds of hours of the year, and will help you to grow your digital presence while you get on with more pressing activities.

The rewards are worth it

Having said all of the above, running your own business is overall worthwhile. Sure, you might struggle to bring in business or find your work-life balance for the first couple of years, but in the long-run, the rewards will speak for themselves. No working for other people, no spending hours in the car contending with rush hour, and unlimited holiday and sick leave. You’ll love it!

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