Jump forward four years. You have amassed more than one-hundred thousand miles and your car has since lost its curb appeal. There are dings and scratches all over the exterior and stains and tears on the leather interior. Your once shiny, brand new car is now a clunker money pit.
The repair costs have gone through the roof, primarily because you couldn't afford all the regular scheduled maintenance the manufacturer recommends in addition to the wear and tear you put on the car. You had no idea the maintenance costs were going to be so high because you never factored that into your buying decision and during the whole four years of ownership, you never even opened the owner's manual to look at the maintenance schedule. You also didn't pay attention to the fact that the car's make and model is notorious for having issues after the factory warranty has expired.
Sure, you changed the oil a few times a year and even had the brakes changed, but that's it! Even worse, you took out a seven-year loan and you still owe $5,000 more than the car is worth. Since you're completely upside down in your car and you can't afford to pay for the cost of repairs, you're convinced the best option is to give up and walk away from the whole thing.
As weird as you may think this analogy is, the link between your car and your business holds more truth than you would expect. One of the best quotes out there about people in relation to their success is, "people don't plan to fail, they fail to plan." To add to that, people also focus too heavily on the wrong things such as the visual appeal rather than the nuts and bolts.
Going back to the car analogy. If you were to have planned correctly and asked the right questions, you would have saved yourself a lot of money and a lot of grief. Not to mention, if you would have been able to afford the service and repair costs of your vehicle, you would have enjoyed it so much more and it would have lasted you for years to come.
Instead, you were too focused on the emotion of buying a flashy, expensive car. You didn't realize the car was going to cost you an arm and a leg to keep it running smoothly and you didn't take care of it to ensure it would last.
Starting a home-based business can be one of the most rewarding ventures you ever embark upon but it's going to take a ton of hard work and dedication. The warm, fuzzy feeling will eventually wear off and if you don't do your hardcore planning by writing a successful business plan ahead of time as well as constantly nurturing and caring for your business, you will be just like the other 90% of small business owners, and doomed to fail before you even started.
There are many hidden costs associated with owning a business and if you don't produce the results you desire due to lack of planning and nurturing, you will lose the will to continue. Before you know it, you will have acquired a large amount of debt and will want to give up ending worse off than when you started.
If this article relates to you in any way, shape, or form, please let us know. We'd like to hear from you about how you could have done better in the beginning or what you did to overcome this obstacle.
