We’re frequently fed the idea that to start your own business is a great thing to do. And it absolutely is. That said, there’s no doubt that choosing to be your own boss comes with many perils. Not everyone is cut out for it. Not everyone will make it a success. And not everyone will embrace the undoubted thrill — or should we say fear — of doing something all on your own.
The reason we’re mentioning all of this, is to help you navigate those perils, to paint as clear a picture of what’s to come — because it’s not all sunshine and roses.
Armed with that knowledge, there’ll be less surprises and a much greater chance of making your business venture a success — as well as being better equipped to handle the mental challenges along the way.
It takes a lot of hard work and grit
Sure, there’s an argument to say being your own boss gives you more freedom and flexibility. Whilst that’s true to a degree — yes, you can choose your own hours and when to holiday — it’s you that generates income for the business. That’s the money that will pay for your salary. So, invariably, you will work longer hours, and have less days off, as you get your business off the ground and build revenue streams.
The upside: You’re doing something you’re passionate about. There are people who work silly hours in jobs they hate. Instead, you’ve bitten the bullet and gone it alone. Plus, as you get more familiar with the business and, in turn, more successful, you will start to have more time — whether that’s by hiring new members of staff or outsourcing work.
It can be scary
The 9-5 grind might be depressing, and a major reason why you chose to start a business, but a steady job does offer a level of security and stability. Running a business is tough work, and with that comes the prospect of not getting it right. Yes, not getting it right and even failing. Most job roles don’t come with that intense pressure. When it’s your business, though, the stakes are much higher.
The upside: You’re calling the shots. How many times have you been frustrated by decisions that were outside your control? The beauty of being your own boss is you don’t have to answer to anyone. At first, that can be unfamiliar and scary, you might feel imposter syndrome, but, over time, you’ll think how did I ever cope another way?
It can be financially tough
Just as the 9-5 offers job security, so too does it offer a stable salary. Every pay day that comes along, you know there’ll be a certain amount in your account. That’s the money that will cover your bills and hopefully leave a bit of disposable to enjoy yourself. It’s not quite like that when you start your own business. What you earn will likely vary. There will be busy months, there will be slow months. You’re going to have to be financially shrewd — both in terms of your business finances and your personal finances.
The upside: Your earning potential is limitless. Every decision you take will have an impact on how much money you make. If you make a game-changing strategic call which leads to the business booming, it’s not some shareholder or senior executive who’s gets the reward — that’s all yours to enjoy.
It can be lonely
The water cooler chats, the Christmas party, the after-work drinks, team nights out. They’re all staples of workplace culture. When you’re starting out on your own, there’s every chance you’ll miss these things. Some days, you’ll be working on your own and you might not have a conversation with a human until midday — or not all. And, if that sounds appealing, you’ll be surprised how much you miss those human interactions — even the ones that used to frustrate you.
The upside: You’re free of office politics. Yes, all the cliques, the endless meetings and processes, the ‘that’s how we’ve always done things’ old guard. This is hugely liberating. You can be agile and responsive, not having to wait around for sign off, or, for 10 other people to have their two cents. You can get sh*t done. As for the loneliness, it’s hard, but you’ll form new relationships with clients and suppliers. Plus, there are tons of business networking groups to help you meet like-minded folk.
In summary
Hopefully, you’ve not been turned off by the realities presented here. Speak to any business owner and they will tell you how much they love it, but they won’t sugar coat things. It’s really hard work. As the saying goes ‘everywhere you see a successful business, someone once made a courageous decision’. They all had to struggle through these perils. And, in many ways, it’s that resilience that makes them great businesspeople.
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