- Your Full Commitment: Be prepared to go all-in. Heart, soul, time — all of them need to go into your business. When you get started, you and your family need to understand that you’ll be putting large chunks of time and effort into your business.
- The Four Ds: Commitment alone doesn’t guarantee a successful business. To really make it in the business world, you need desire, drive, determination and discipline.
- Learning All You Can: Getting business knowledge is essential. You should be able to wear many different hats or find a few trusted professionals to outsource tasks you aren’t up to.
- Finding Startup Money: Financing is among the biggest early challenges you might face. This typically involves tapping into personal savings or getting a small business loan.
Manage Work/Life Balance Expectations
Entrepreneurs often feel like they’re walking a tightrope. They balance the need to devote the majority of their time to the business with the desire to still be there for family. Here are a few ways to find a little balance, even in the chaotic early days of your startup:
- Don’t Go at It Alone: Bounce ideas off your partner and talk about your struggles. Involving your significant other can give you a fresh perspective while also keeping you both connected.
- Learn to Juggle: You’re not going to be a pro right out of the gate. In the meantime, do your best. Be open and honest with your loved ones and avoid over-promising.
- Ask for Help: You’ll need to delegate — both at work and at home — to manage your time and commitments effectively. As a plus, this demonstrates your confidence in the people around you. It can also help them be more engaged in supporting what you’re doing.
- Set up an emergency fund to help reduce the impact that a disaster could have on your business.
- Separate your business and personal finances to simplify your taxes and better stick to your business’s budget.
- Build your cashflow with efficient invoicing to encourage faster payments.