Entrepreneurship can sometimes feel like a roller-coaster. Sometimes you’re riding the highs and feel on top of the world; the next moment, you’re on a wild ride of twists and turns and have no idea what’s coming next.
If you’re a new entrepreneur, here are 3 of the biggest sacrifices you may have to make, as well as 3 helpful tips to help you address them like a pro.
#1: A Predictable Schedule. Running your own business dramatically expands the amount of work you have to do. People will tell you this before you start your business, and you will nod politely, but you won’t know what this means until you start to work for yourself. Even when you’re blessed enough to have a team to delegate to, the process of delegating can be work in itself. You will be BUSY. Even if you’re the most efficient woman in the world, fitting everything into a single week will be extremely challenging.
Helpful Tip: When it comes to prioritizing, work smarter, not harder. Learn when it’s time to let go and delegate to someone else.
#2: Financial Stability. Financial instability is one of the biggest hurdles to clear as a new entrepreneur. Remember when you could look 6 months into the future and project exactly how much you would bring in? Those days are behind you. For most entrepreneurs, even the best projections of future revenue are just that – projections. Clients cancel, projects go south. You’ve got to be comfortable with the fact that you’ll never be able to predict it all.
Helpful Tip: Budget, budget, budget. Know where every dollar is going, and make smart financial decisions.
#3: Being Selective. Unless your business is automatically in wonderful shape, you may need to take some opportunities that you wish you could pass on. Difficult client that you’d rather not work with? Until you’re back in the black, you may have to swallow your pride and sign them on.
Helpful Tip: Always trust your gut. If you’re seeing red flags before starting a project, don’t ignore them.
What are some sacrifices you have had to make as a new entrepreneur? Share your stories in the comments below!