Starting my own business: If only I'd known!

I'm not a big believer in crying over spilt milk. However I’ve recently been considering what I might like to have known before starting my own business. I look forward to learning from your own comments on the topic!

Money

All businesses need two types of money - start up capital and working capital. Start up capital is the money you need to get your business from concept to day-to-day operation. Working capital is money you need to stay in operation. People tend to underestimate how much it costs to get going, whilst overestimating their customers’ willingness to pay. If only I'd known the importance of having a tidy sum tucked away for that rainy day!

Friends

They’ll give you the best wishes and be sincere in doing it, but if only I’d known that when it comes to directly helping you, few will want to risk their own careers by awarding you work until they are satisfied you are so well-established that you don't need it!

Needs

When you're working for someone else, it’s easy to overestimate the work you are doing. If only I'd known how much I had depended on others!

Loneliness

I thought that people who started their own business and then ended up working full time for a client were never serious in the first place. If only I had known before starting my own business how much is involved in achieving comfort in your personal space when working alone.

Marketplace

I started out as a business coach because I thought my skills would be invaluable to my target market. If only I’d known that I had chosen such a popular ‘niche’.

Motivation

I thought that starting my own business and being self-employed was all the motivation that I needed. If only I had known that even coaches and consultants have days of doubt.

Partner support

I thought that being self-employed meant automatic wealth and the comforts that financial security bring. If only I had known that success, like everything else, has a price – the burden of which your partner needs to be willing to share.

Time

I thought that self-employed people, no longer having to report to others, had lots of free time! If only I had known that all the above takes time!

Quality of life

If only I’d known how wonderful it is to not have to sit in endless meetings about nothing, to not have to be nice to someone just because you have the same boss – in fact, as an adult, to be your own boss – I’d have done it ten years earlier!!

What would you like to have known before starting your own business?

Grant Hyman is a specialist Sales Consultant whose company, Sales Central, is dedicated to maximising the sales successes of clients by assisting in the areas of Training, Recruiting, Automation, Motivational Speaking and Coaching.

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If only I'd known that the deck is stacked against you when it comes to taxes! I feel like I am working more for the IRS than I am working for myself. It is VERY difficult to grow your new business (i.e., hire help) when 30% (or more) of everything you earn is going to the government. The employer matching portion of your income taxes goes away when you are self employed. It didn't seem to hurt quite as much when a portion was taken out of every paycheck. Now my life revolves around scraping together my quarterly estimates. There's got to be a better way! Mike Haynes from Miami Beach, FL
Hi Grant - thanks for sharing & enjoy your day today at Flying Solo Live!!
Interesting comments Mike – the ACCA recently released a report on how unfair the Australian tax system is when you compared it to other systems around the world. It is interesting to hear your comments on the US of A. I guess your accountant has explored every option and offset?
If I had have known ten years ago what I know now, I would have done it ten years ago!! Heather Smith from SUNNY BRISBANE! | Read my articles
If Only.
familiar words,which indicate lack of research.
Obviously didnt do a Business Plan either.
Being a Soloist has its ups and downs, and when you are starting out on your own for the first time there are probably more downs than ups. Survive the first two years and you have a pretty good chance of staying in business. These early years sort out the players from the stayers. unless you have adequate capital, you may go hungry from time to time.
Think smart. Research your market. Discuss finances with your accountant, mentor and family, before you dive in . Test you ideas locally, before you take on the world.
Sounds all gloom and doom. Not really just get there and have fun. patrick Burgess from north Ryde NSW
I'm a brand new soloist so I'm very interested in the 'if only's'. For me, the sole regret is that I didn't do this sooner. Yes, stress levels are high and money is tight but in the end, I'm happy at the end of each day and feel I have achieved something.
I'm an administration solution specialist for small businesses (8 words to answer 'what do you do?') Michelle Lee from Mareeba Far North Queensland
The need for a grain of salt when considering possible contracts. Some clients have amazing dreams for the amount of work they will provide when their business grows. Knowing not to rely too heavily on their estimates was something I would have like to know at the start. Rich from Sydney
Mine is if only I had remembered (from my corporate days) how much cash and time it takes to develop and launch and succeed with a totally new product. Susan Oakes from Sydney

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