If you are thinking of starting a business, then you will have a fair idea in your mind of what to expect. After all, you will have done your research into how any SME runs and be pretty sure you have every base covered. While this is true in the main, all business owners usually encounter some unforeseen surprises too! These can be things you never thought about and did not plan to tackle.
But what are the most common things no-one tells new business owners about?
People not paying you
This is something most small business owners never give a thought to - until it happens to them. The simple fact is that pretty much all businesses have an issue with unpaid invoices at some point. This sounds unbelievable to a new entrepreneur. Surely once you have completed the work and billed for it, the other company/person will pay as expected? The sad truth is that some will try not to and some will drag out paying you for as long as they can.
People not wanting to pay the going rate
Another common surprise which a lot of business owners face is people not wanting to pay them the going rate. This is especially true for brand new start-ups who are trying to attract customers. People see this and think they can get away with paying you poorly, as you are desperate for clients. While you do need to be earning, try to resist this and get paid a decent rate for your work or goods.
It gets really stressful
While working for yourself has many positive benefits, it can be stressful too. This should not put you off from setting up a business but you must know what you are getting into as well. People think that you will have fewer worries and fewer problems compared to when working for someone else - but this is not always true. You are ultimately responsible for the success of your business and for bringing in enough work. Not everyone can handle this and the extra pressure it can bring.
Let Penny improve your cashflow
If you want to avoid the stress of people not paying you, let Penny help. We provide instant invoicing for your small business and means you never have to worry about late payments.