Entrepreneurs will always tell you that they enjoy the flexibility of schedule and life choices they have as an entrepreneur. That is one of the benefits of being an entrepreneur. Solo entrepreneurs, freelancers, micro-entrepreneurs enjoy the ability to choose their schedule and how they will develop their career. That is incredibly appealing to many. Especially women, since they have personal goals they want to reach and be present for. However, the opposing issue is that entrepreneurs are wholly responsible for their own success.
That can be frightening and often, that thought alone stops many from venturing out on their own and becoming their own boss. Realizing the idea they had or desire to call the shots and be in charge...no longer becomes a possibility because of that one paralyzing fear.
Some realize that they can stay at a job (which no job is truly secure) and have that security and they have a hard time letting that safety go. There is nothing wrong with that. Especially if they are the sole earner. But often when I speak to those considering going out on their own...its because they are disillusioned, unfulfilled, tired of the grind and want meaningful work and relationships.
That is why many come to realize that becoming a solo entrepreneur is truly the only way they can find success through their talents, life schedule and responsibilities and abilities. Its just risky. It takes time. It takes hard work, forethought, a reliable network, and sheer determination. (Often working the job, while you are developing the new business if you are the sole earner)
The quote: "Starting a business is like having the child...The first 2 years are brutal" is true. But it doesn't have to be miserable. The rewards are there. There is a way to get through the early years and see the success you envision.
- Starting small - just solo is a good idea. A service based simple business for instance. Why? Mistakes are then made on a much smaller scale and corrections can be made - at a far less cost. Adjusting your service, how you deliver it, by seeing the responses you are receiving. This early time is meant for this.
- You learn all parts of the business and you are in the trenches doing most all of it so you are better equipped to direct others as your business grows. You know the "ins-and-outs" This is important. You must be able to pull a P&L statement,etc.
- You begin to see where your energies are best spent and where you can hand off tasks
- Much like a child, your business starts to take shape and become something all its own. It will continue to change with the current market and your input but you will be better equipped to see the areas that need the change. You will be able to adapt and create the change. It is close to you...You've been living and breathing it for a while.
- By experience and the knowledge you gain, you can pick and choose the type of work/client/projects you want and really focus in on how you will make that happen.
But it has to start somewhere. Start small. Nothing happens overnight and it is much more manageable. If you are strapped for money...Try to find a supplemental income or a part-time job. Developing a new business just for the money will create a vacuum of poor decisions. It will not create a foundation to grow on.
The KEY is to keep your 5 years, 7 years and 10-year outcomes in mind. It does not have to be followed to perfection...But, when the timelines of outcomes are set, and that will set the tone for the business. If by 3-4 years the business is not getting to a place where it is using virtual assistants, outside contractors, etc. Then it time to really reassess. No one can do it ALL. Not successfully.
That may be because of a difficulty with letting go of control. No one can grow a successful business without relying on a network or a team. There are coaches for this problem.
You will most definitely eventually burn out. And you won't see as much success.
With small businesses, income in the early years is not predictable and it can go up and down. In this era of technology and freelancers, there is more available now than ever to those needing help through independent contractors on an as-needed basis.
Not having to employ people and keeping your overhead low is vital for the first few years and now, with so many other solo entrepreneurs offering their services, it is very possible to successfully grow your business.
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