5 Biggest Challenges in starting a business - Neeta Bhushan

5 Biggest Challenges in starting a business

Challenge #1.

At 27, I decided to embark on a journey of Stepping into my greatness, and started my dental practice.

How do you know when the time is right?

* There’s never a good time, for me it was instinctual. I had a gut feeling. There were also serendipitous events which led me to act on it like realizing I wasn’t happy at all of the different clinics I was working at. I couldn’t make any suggestions or executive decisions since I wasn’t the owner, and I was the ‘young newbie’ (who looked about 18). There was a drive for me since I was competitive and creative in nature and because I had started working and ‘hustling’ when I was 14- it gave me a little more of an edge to go off on my own.

When I started my practice, I was planning a wedding, gut-rehabbing a new home, and living in secret about my emotionally and physically abusive relationship. Talk about challenge!

Challenge #2.

Realizing YOU are the boss.

Creating a team is one of the most rewarding and challenging things you will ever do. Human dynamics and relationships are fun! It’s almost like parenting on training wheels…(really! haha) In the first 24 months of business ownership, I had tremendous turnover. The truth is- I had NO idea what I was looking for, and wanted to please & even be friends with my employees to gain their approval… (yikes). But you have to get clear on the types of people & characteristics you should be hiring for. We have a ton of these resources in another blog in hiring for this (it’s juicy and will save you SO much time). The dynamics of a team is important- and we don’t learn this in school. Luckily there are many experts that have tons of information on this- which is how it helped me create a million dollar business.

You will and should find a team that supports you, trusts you and is willing to do whatever possible to ensure that YOU, their leader succeeds. If not- you must fire FAST… and hire slowly…

Challenge #3.

Firing someone (oh yea we all have to do it)

Many times we sacrifice our needs and our wants. In addition to #2 + #3 You are worthy of your needs as a leader being met.

If there is a cancer within your team, or a client of yours that is absolutely awful-you DON’T need to have that in your life. Ask yourself- is the money i’m (getting/paying) worth it to have the added stress in my life? I realized this when we did a Groupon for a dental service (bad idea)- only to attract the types of clients that were SO not worth my time (high maintenance, unachievable expectations, and on top of it bad reviews at the end). Same goes for an employee, the first time I had to fire someone- I couldn’t sleep for days leading up to it… not to mention when I fired them- my heart was beating out of my chest!

Looking back I realized (it was because I was afraid of ‘hurting their feelings’) – but when you approach it as- this is not going to work for me because of X, Y, and Z (get crystal clear for your reasons, you will be doing yourself a favor and theirs to terminate the partnership/working environment).

Challenge #4.

Balance.

The first year of ownership, I lost 10 pounds (and Im a tiny person!) I wasn’t eating well, had to see a therapist for my back, migraine headaches were a weekly scenario, and my thumbs were in constant pain because of all of the work (I was working 6 days at this point)- definitely on the fast road to burn out.

Give yourself permission to fail, try new things- rinse and repeat. It will be there tomorrow. We all need breaks and breaks provide us an opportunity to come back with a fresh perspective.

Challenge #5.

Being Vulnerable & Authentically You!

Having to tell my entire team that I was living out of my car and homeless- upon leaving my abusive marriage.

Probably the hardest thing I ever did but the absolute most humbling. I cried my eyes out- showing vulnerability as a leader for the very first time. As women, we are often WAY too hard on ourselves. We sometimes think we need to act masculine and ‘be a man’ but the truth is- we can be feminine, attractive, female, humble and show our authentic selves as leaders! Once I realized that- and began showing my quirks, positive attributes and shortcomings- I received an overwhelming amount of respect, appreciation, and camaraderie among my team. (this is the secret sauce! and what allowed me to pursue my passions on end!)

Which challenge are you currently facing? How are you dealing/coping with it?

Which challenge would you like me to expand on? Would love your feedback!

PS…If you want to learn the lessons that we didn’t learn in school, test your EmotionalGRIT here and take the 2 minute assessment to see where you stand…

PSS…Ready to learn how you can Step Into Greatness, the live tour comes to 4 US cities this FALL 2015 for a full day workshop!  Taking on serious applications if you are ready for your transformation. Check it out here.

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