5 challenges to turning your dream business into reality

It’s pretty safe to say that most people have toyed with the idea of starting a small business.

But there’s a common misconception that turning a passion project into a small business automatically leads to a happy and fulfilling life.

It’s certainly possible but if you’re considering how to start a business, there are a few obstacles you’ll need to hurdle before your small business starts running smoothly and provides the career satisfaction you’ve been craving.

1. Prepare yourself for a leap of faith

It’s likely you’ve heard the popular proverb about taking the leap and letting the universe catch you. This is a lovely thought in theory but in practice it’s usually a different story. If you’ve just started a small business you need to be prepared for the unexpected – extra costs, cash flow problems and staffing issues. The best thing you can do is go into your new business, expecting the worst. That way when you get thrown a curve ball, you’re in a better position to catch it.

Be prepared for extra costs, cash flow problems and staffing issues.

2. Schedule some down time

This is particularly important if your small business is based on what used to be your hobby. For example if you used fix up houses and re-sell them in your spare time and then started a business in real estate, you’ll need to create some distance from real estate-related activities outside of work hours. When you spend all day doing something you love for profit, no matter how much you love your work, you’re almost guaranteed to get fatigued. This isn’t necessarily a bad thing, it’s just something to be aware of.

3. Remember that work is always work

No matter how appealing the small business dream seems, it’s still going to be a lot of work. For example, full time artists don’t spend every single minute in their studio working on their paintings. A good portion of their time is spent writing grants applications, making frames, lecturing at universities and doing unpaid shift work in the galleries where they show their pieces. Owning a small business can look a lot rosier than the reality. You need to start your business with a positive attitude and be prepared to do the hard work to get your business to where you want it to be.

Action oriented: Easy steps to creating a business plan

4. Be open to the idea that this might not be your last career change

Even if your small business is very successful and grows into a larger business, that doesn’t necessarily mean you’ll keep working in it. Keep in mind that your business is fluid so don’t be afraid to rebrand, take it in a new direction, sell it or shut it down. Be sure to check in with yourself every few months to make sure what you’re doing is what you actually want to be doing.

Your business is fluid so don’t be afraid to rebrand.

5. Get ready for the never-ending hustle

The problem with starting a small business is that lots of other people are starting small businesses too. There’s nothing wrong with a little healthy competition but it means you need to stay ahead of the game. For a business to thrive you need to find your point of difference, figure out what your ideal customer actually wants and then provide them with consistently excellent service; then repeat these actions ad infinitum.

Get started: Setting up a small business office