During the past few years there's been an increase in people looking to break out of the daily grind and aim for something greater for themselves by starting up their own business. While this can be a great thing, there are a lot of things people don't tell you so they can get extra clicks on their own content by promising exciting, fun experiences and huge paydays.
Believe it or not, when you decide to startup your own business it's all going to fall on you. While some do great with this type of pressure, others may have difficulty separating themselves from these responsibilities. Be prepared to face those things that you avoided because they made you uncomfortable when you used to work for a company.
Contrary to what you might see or read on social media, don't expect a big payday when you startup. Properly starting up a business can be a slow and meticulous thing, and should take some serious time to build correctly. Many skip through the early steps of business startup and later need to back pedal to fix what was skipped, ultimately taking longer than it originally should have.
Yeah, forget what you know about how a vacation works when you worked for a company. Starting up your own business that you're at the centre of requires you to be available 24/7 if need be. Taking a vacation means everything stops, including money. You also ain't getting that wonderful "vacation pay" anymore.
Just kidding, they actually don't. If you're planning to move on from being employed and into self-employment be prepared to provide 2 full years of T1 tax reports with your business before any lending occurs.
Even though it may look it, startup business that show off aren't as successful as they look. People on social media only like to show the positive things in their life and rarely do we see a startup business "show off" the negative things about the experience or what they've sacrificed to make things happen. If you're a startup business, don't compare your business to others thinking you're less successful because it may be the other way around!
Typically startup businesses have limited employees, maybe just you and another. This means you'll be doing multiple roles in the business to make sure things get done. Be prepared to jump in ready to learn fast. Being responsible for every role and learning the workflow and how much time goes into everything means you'll become a master of your own business and learn more than working for a company possibly ever could.
No one likes to hear it, but it's gonna take some time. Get excited about the idea of nurturing your business and spending those extra hours on building up your skills and sustainable business ideas to set your business up for greatness.
Learning new skills and spending all those extra hours away from more interesting things can seem like a negative thing. Having your own business that you're passionate in allows you to carry these extra burdens with pride knowing there's huge reward around each corner of any project completion, proposal approval new customer, product sale, etc.
You made that happen, and you should be proud.