4 Harsh Truths About Starting a Business From Scratch
In the world of social media, I notice there’s a Field of Dreams mentality about starting a business from scratch. I often have to coach individuals through the harsh realities of what it’s actually like to start a business. Spoiler alert: It’s not easy.
That being said, the sooner you learn and integrate these four truths on your journey, the easier time you’ll have starting a business.
Truth #1: It’s a numbers game.
When you’re starting a business, no one knows who you are. That means you likely won’t have opportunities falling into your lap because you don’t have a reputation yet. At this point, it means starting a business is just a numbers game.
More specifically, how many sales conversations can you have in a given week? How can you get on the phone with as many people as possible quickly?
I recently coached one of my private clients through this. She has everything she needs to make money, but she was still struggling. Upon further investigation, I realized it was an issue of simple math. She simply wasn’t having enough sales conversations.
This realization can yield results very quickly. For example, a colleague of mine recently quit their job. Within four weeks they’d gotten $6,000 worth of new business because they got in front of everyone they could.
Truth #2: There is no such thing as overnight success.
I know a lot of people who run successful businesses. In fact, I’ve known many of them since they were in the beginning stages of starting a business online. Not one of them had it easy. Not even the ones who look like they were overnight successes really were.
Starting a business from scratch takes time and sweat equity. How much time? It really just depends on you, but a good rule of thumb is about three years.
Truth #3: No, you can’t just share products with your friends.
Many people are roped into starting a business because someone told them all they would have to do is share products with their friends. I guess their friends are just supposed to magically want to spend all their money immediately.
Here’s a reality check: That’s not how starting a business works. That’s not even how sales and marketing works.
Truth #4: You’re going to need to invest money at some point.
I already touched upon how starting a business takes time. Now I want to touch upon the fact that it takes money.
If you’re serious about having a business, you’re going to need to invest some money at some point. Now, this doesn’t mean you need to find investors or take out a bank loan. I have personally bootstrapped my business every step of the way. What it does mean is you’ll have to throw some money into it, even if it’s slowly.
Starting a business is not for the faint of heart. Not even close. It takes time, money and sweat equity to really start something from nothing.