Starting and Running A Small Business is Harder Than You Think…
Richard Branson tweeted
“Entrepreneurs are the crazy people who work 100 hours a week so they don’t have to work 40 hours for someone else.”
We sincerely doubt that anyone who sets out to pursue a career as an entrepreneur truly understands the work that goes into a small business beforehand, or else we might not see that many small businesses pop up all over the place…
Let’s look at some other common misconceptions about running a small business.
You Will Have More Time
As we mentioned above – NO. It’s not a given, but rather a myth. While owning a small business can give you more flexibility to arrange the activities around in your 100-hour work week, most entrepreneurs don’t get to live out the Lazy Song as and when they choose.
Founder of Vodka Mariette in New York, Josh Winzelberg, sums it up best:
“As the saying goes, ‘Entrepreneurs get to choose which 18 hours a day they work’.”
Longer hours are more common in the early years of your business because you’re still learning and progressing. That means that you’ll often work nights and weekends, but if you persist it will be all worth it in the end, your business will be thriving, and you’ll finally get to set your own hours.
You Won’t Have a Boss
Aah….Nobody to boss you around and give you grief! It’s a wonderful illusion, indeed.
Not so fast, though. In life, we always serve someone else. Like it or not, you serve your spouse and your kids. In a small business, you serve your clients. Unless you’re equipped with a service mindset which allows you to see your clients as a gift, you will most likely see them as your bosses.
Unless you want a dozen or more bosses at a time, you may want to change your outlook and appreciate the value clients bring. After all, if you plan effectively, you still have control over your schedule, and you don’t have to ask for leave.
You Can Write Your Own Pay Check Right Away
You may have a fantastic idea and a sizable client base when you start out, but that’s no guarantee that you can instantly replace your income. It takes time to set up and build a profitable business.
If you’re dependent on your income, consider starting your business on a part-time basis until it exceeds your salary by at least 20%.
No More People-ing!
One of the greatest pull factors for aspiring entrepreneurs is the fact that in their own business, they won’t have to deal with office politics. They don’t want to police people or behave like an adult anymore.
In a small business, you will probably need help with accounting, legal counsel, marketing, and technology to ensure that things run smoothly each day. Considering this, you may decide to build a team to help you with that unless you’re an expert in each field.
Even if your team consists of remote independent contractors, you will still find yourself managing personalities and making sure that everyone pulls their weight.
However, there is an upside! You get to meet people from all different professions, and they’re often in different time zones or countries. It’s almost like traveling without leaving your desk.
You Get to Do What You Love
Follow your bliss, they say. Turn your hobby into a business, they say. It sounds wonderful to get paid to do what you love, and the more you do of it, the more you get paid.
However, when you try to go at it alone, you are bound to become so caught up in the day-to-day running of your business that it may overshadow the bliss of pursuing your passion.
Despite these common small business myths and challenges, running your own small business can be one of the most rewarding things you might ever do with your life. Turning your vision into a reality brings with it immense joy, so don’t despair.