Women Thrive MagazineFollow
Media platform spotlighting and celebrating entrepreneurial women and their achievements. Creating a platform where every woman can be seen and heard. We are disrupting the media industry by democratising media channels for women. If you have a business or an idea and you would like to rise and thrive, you are in the right place.
The Entrepreneurship Rollercoaster
Being an entrepreneur is not easy as most people make it appear. You hear about the positives the majority of the time, but the negatives are rarely discussed. This is very unfair to those that are starting out, assuming everything will be peaches ‘n’ cream until they get their start in becoming an entrepreneur. Then they realize this is not what they’re expecting because the entire truth was not revealed. If they had known beforehand, they probably wouldn’t have started the business.
Business at times can resemble a rollercoaster ride. You will experience ups and downs, so don’t ever assume that everything will move at a steady pace without any interruptions, or else you will be highly disappointed. Also, always be ready for the unexpected.
Sometimes as an entrepreneur, it’s easy to become overwhelmed. Especially when you’re trying to multi-task or when things aren’t working out as planned (for example customers, orders, sales, inventory, teamwork, funds, survival, and more). It may make you think about giving up everything you’ve worked for. That’s when some may decide to get off the rollercoaster because they thought it was going to be a smooth and easy ride.
Depending on the size of the company, if possible, and if needed, make sure you have a team. Your team can consist of family members, employees, volunteers, interns, mentors, etc. When you have a team, it makes things a little easier when it comes to delegating, but there may come a time you may have to do it alone. You will also realize that everybody is not for you, or they may not be a good fit. Also, be able to accept criticism in business. Everyone is not going to agree with you always.
Sometimes, the way you start in the beginning may not be the way you finish in the end in business. Those that were there for you, in the beginning, may not be there for you down the road, but there should be no harsh feelings. You must remember that others may have family, other jobs, and a business of their own too. At the time, they may have been there just for that season, or sometimes circumstances may occur beyond their control.
When starting a business and trying to get your product out into retail, you may experience quite a few ‘no’s’ but don’t give up. Just keep moving to the next retailer, and it will happen eventually. Remember your reason for starting. Locations are also important when looking to place your products. It’s also up to you whether you will accept the agreement that is presented to you for your items to be placed. Sometimes it may not work out or it may not be an ideal fit.
Here Are Some Tips in Starting Your Entrepreneurship Journey
- Believe in yourself.
- Start small.
- Be patient.
- It is not easy.
- It is not perfect.
- There will be challenges.
- Don’t compare yourself to others.
- Don’t make it all about the money, it may not be steady.
- It’s a learning process.
Will you be able to handle it?
When starting in business, it’s up to you to make the decision if you will be able to be there for your family, work your full-time job and your side hustle all at once. When balancing your family, work, and side hustle, it’s very important to keep all three separated. This will make everyone happy and eliminate a lot of chaos. Also, you may have to decide to reduce your hours of work at your full-time job to be able to continue your side hustle. It’s best to continue working your full-time job until you’ve worked your side hustle for at least 2-3 years. When you see a tremendous amount of growth in the side hustle (2-3 years), then you can plan on whether you should quit your full-time job.
You will also have to determine if you will work online, at a storefront, or in retail. Will you be able to afford the overhead for a storefront? What type of business structure will it be (for example proprietorship, partnership, or limited liability company?).
Tips on Putting Up a Business
1. Have a business plan.
2. Do your research.
3. Register your business.
4. Apply for an Employer Identification Number (EIN).
5. Get federal and state tax IDs.
6. Apply for a business license.
7. Open a business bank account.
8. Apply for trademarks, copyrights, or patents.
9. Purchase an insurance policy.
One of the most rewarding touches about being an entrepreneur is that you’re sharing your gift with others that God has provided you with by assisting and providing others with a solution to their problems. This makes the process all worthwhile.
About the Author
Name: Marie Davis
Professional Title: Founder/CEO of Ria’s Beauty Collection
Bio: Marie has 10 years of entrepreneurship in the beauty industry. Her mission is to continue providing healthy and non-toxic skincare and haircare products that are beneficial in solving and improving skin and hair conditions and making a positive impact on others’ lives. She’s also the Founder of Ria’s Crafts and Things, Author, Certified Nursing Assistant, Certified in Chronic Pain Self-Management, Administrative Secretary, and more, residing in Salisbury, NC.
Social Media Handle: