Without risk, there is no reward! This is especially true for entrepreneurs. Becoming your own boss can be extremely rewarding financially and personally. The better prepared you are, the greater the odds you’ll succeed. One way to address risk is to make sure you have an excellent Indiana BOP Policy. Another is to educate yourself on what to expect. Here are five risks to anticipate when starting your business.
Your Income will Ebb and Flow
If the thought of not having a guaranteed, steady paycheck sends you into a panic, you may need to reconsider whether you’re ready to start your own business. Success is not guaranteed. Even a business that does eventually become successful will not usually generate a reliable income flow in the early stages. It’s smart to build up a nest egg to get you through the lean times and/or have a second source of income until your business becomes profitable.
Even with Careful Planning, Expect Delays
Entrepreneurs quickly learn that things rarely go completely as planned. It’s smart to set deadlines as to when you’ll need to break even or see a profit. Shoot for those goals by all means, but have a Plan B ready in case you don’t meet them.
Success is Not Guaranteed
Even if you conduct scrupulous market research and study consumer habits and trends, what seems certain to be a “sure thing” may not be. According to Forbes, an astounding 90% of all business startups eventually fail. That doesn’t mean you shouldn’t go for it if you are passionate about your plan. It does mean you should be prepared for a long, bumpy road.
Employees May Disappoint You
When you’re the boss, you may learn hard lessons about loyalty and human nature. At the end of the day, the only person you can trust 100% is yourself. You have an agenda and so do your employees.
Being the Boss Takes A Physical and Emotional Toll
Not only will you face financial risks when you launch your business, but there is a great deal of stress when launching a new business. Be aware of signs and symptoms and don’t let your business ruin your health.
Launching your own business is risky for sure. It’s also potentially the smartest decision you’ll ever make. We would love to be part of your journey by setting you up with business insurance that will help set you up for success. Call us at Walker & Associates Insurance, (888) 760-7292, to get started.