What's the roller coaster ride in business all about?

By Marie Davis

 Being an entrepreneur is not easy like most people make it appear. You constantly hear about the positives majority of the time, but the negatives are rarely discussed. This is very unfair to those that are starting out assuming everything will be peaches ‘n’ cream until they get their start in becoming an entrepreneur. Then they realize this is not what they’re expecting, because the entire truth was not revealed. If they had known beforehand, they probably wouldn't have started the business.

Business at times can resemble a roller coaster ride. You will experience the ups and downs, so don’t ever assume that everything will move at a steady pace without any interruptions or else you will be highly disappointed. Also, always be ready for the unexpected. 

Sometimes as an entrepreneur, it’s very easy to become overwhelmed. Especially when you’re trying to multitask or when things aren’t working out as planned (example: customers, orders, sales, inventory, teamwork, funds, survival, and more.) It may make you think about giving up everything you’ve worked for. That’s when some may decide to come to the conclusion of giving up the roller coaster ride, because they thought it was going to be a smooth and easy ride.

Depending on the size of the company, if possible and if needed, make sure you have a team. Your team can consist of family members, employees, volunteers, interns, mentors, etc. When you have a team, it makes things a little easier when it comes to delegating, but there may come a time you may have to do it alone. You will also realize that everybody is not for you, or they may not be a good fit. Also be able to accept criticism in business. Everyone is not going to agree with you always. 

Sometimes the way you start in the beginning may not be the way you finish in the end in business. Those that were there for you in the beginning may not be there for you down the road, but there should be no harsh feelings. You must remember that others may have family, other jobs, and a business of their own too. At the time, they may have been there just for that season, or sometimes circumstances may occur beyond their control.

When starting a business and trying to get your product out into retail, you may experience quite a few no’s but don’t give up. Just keep moving to the next retailer, and it will happen eventually. Remember your reason for starting. Locations are also important when looking to place your products. 

It’s also up to you whether or not you will accept the agreement that is presented to you for your items to be placed. Sometimes it may not work out, or it may not be an ideal fit.

TIPS:

• Believe in yourself. 

• Start small.

• Be patient.

• It is not easy.

• It is not perfect.

• There will be challenges.

• Don’t compare yourself to others.

• Don’t make it all about the money, it may not be steady.

• It’s a learning process.

 Will you be able to handle it?

When starting out in business, it’s up to you to make the decision if you will be able to be there for your family, work your full-time job and your side hustle all at once. When balancing your family, work, and side hustle, it’s very important to keep all three separated. This will make everyone happy and eliminate a lot of chaos. Also, you may have to decide to reduce your hours of work at your full-time job in order to be able to continue your side hustle. It’s best to continue working your full-time job until you’ve worked your side hustle for at least 2-3 years. When you see a tremendous amount of growth in the side hustle (2-3 years), then you can make a decision on whether or not you should quit your full-time job.

You will also have to determine if you will work online, at a storefront, or in retail. Will you be able to afford the overhead for a storefront? What type of business structure will it be (example: proprietorship, partnership, or limited liability company?)

TIPS:

•  Have a business plan.

•  Do your research.

•  Register your business.

•  Apply for an Employer Identification Number (EIN).

•  Get federal and state tax IDs.

•  Apply for a business license.

•  Open a business bank account.

•  Apply for trademarks, copyrights, or patents.

•  Purchase an insurance policy.

 Rewarding

One of the most rewarding touches about being an entrepreneur is that you’re sharing your gift with others that God has provided you with by assisting and providing others with a solution to their problems. This makes the process all worthwhile.

Connect With Marie

www.riasbeautycollection.com

@riasbeautycollection1