Starting your own business and stepping out into the world as an entrepreneur is meant to be an exciting experience, but risk is undoubtedly involved. Despite having a well-thought-out plan and strategy behind launching a new venture, there are a few common but unexpected challenges that no one really talks about. Entrepreneur recently revealed the five setbacks you can and probably will face as you build your own company, so check out the list below for a glimpse of what to expect before you start your new business.
- Expenses will sneak up on you. Even if you think you’ve covered everything under the sun while drawing up your budget, there will be unforeseen expenses that pop up out of nowhere. Be prepared to compensate for these unexpected charges, which will likely affect your profit margins. This one’s a bummer, but it happens with all businesses.
- Logistics won’t always line up. When in the first stages of building your startup, you’ll find things in a constant state of change, but when it comes time to formalize positions and your company’s plan of attack, it helps to consolidate what’s working and have some level consistency to bank on when things take that turn.
- People will try to take advantage of you. You could be doing everything right but that doesn’t mean you won’t run into competitors or frauds looking to bring you down. Fraud happens all the time, and you and your new business are definitely a target. Keep your guard up and be sure you’ve thoroughly researched your options to protect yourself from being blindsided.
- There’s no secret to staying motivated. Starting a business from scratch is demanding and takes everything out of you, but in order to be a strong leader, you’ll have to remain determined and sustain motivation even if you’re tired, overworked, and most likely underpaid.
- It’s lonely out there. This one may come as a surprise but entrepreneurs often experience stages of loneliness as you bear the burden of your business in private. You’ll give up many aspects of your personal life as you build your empire at all hours every day of the week, including weekends. The work never stops when it’s your business, so be prepared to go at it and stay at it—sometimes alone.
Have you run into any of these challenges as an entrepreneur or is there a common one we're missing? Tell us in the comments below.