Flexible hours, the ability to spend more time with your family, more money or being your own boss; whatever your reason for escaping the constraints of the rat race and starting your own business, you’ll face harsh realities before the dividends.
There is a low success rate
There are many worrying stats thrown around about the success rates of a new business - according to Bloomberg, a staggering 80% crash and burn within the first 18 months. This should not be a figure to deter your pursuits, but you need to prepare for the odds against you. Business owners who have a clear plan and regularly revisit their goals, carefully manage their cash flow and look for viable staffing options will have greater longevity.
There are always hidden costs
There are a lot of costs in setting up an SME and your profits are not guaranteed. Even with the most careful financial budgets and plans, there will always be unforeseen circumstances to set you back. The reality of your open-spaced office may actually be the kitchen table for the first few years.
You can’t do everything
A mistake made by most business owners is thinking they can wear all the hats. You have a great business idea but no matter how skilled and talented you are, you can’t handle every area of your business. While it is difficult to accept that other people will have more knowledge in certain areas than you, you need to learn to let go of the ego and hire a professional. Your time needs to be focused growing the business.
You won’t get it right first time
There will be times when you have committed all your energy and savings into an idea only to see it fail miserably. Successful owners are not those who invest emotions into their decision-making but make choices that are best for the company based on logic and data.
Good staff are hard to come by
Your product or service is only as good as the team you have driving it. You will soon find out that recruiting good staff locally is difficult and expensive. Deployed offers solutions to entrepreneurs looking to get their businesses off the ground. When you outsource to the Philippines, you have access to a skilled and talented workforce at a fraction of the price of local talent. Offshore outsourcing also provides solutions to the lack of office space and expensive overheads.
When starting an exciting entrepreneurial journey, let Deployed help in making it a success. Whether you are looking for one virtual employee or a whole team of remote workers, we can offer you affordable staffing solutions. Contact one of our advisers today.