Entrepreneurship is easier and more attainable than ever for those who want to run their own business and break the traditional nine-to-five mold. Owning your own business can come with wonderful perks—including the freedom to work hours that fit into your schedule, controlling your own income, the flexibility to be a part of everyday life instead of being tied down in an office, higher job satisfaction in doing what you love, along with many other benefits. However, these benefits are not to say entrepreneurship isn’t without its pitfalls.
Those who successfully work for themselves are skilled and prepared to handle the emotional and financial roller coaster ride that comes along with entrepreneurship. If you’re thinking about starting up your own business or are already struggling to get your head above water, read about the ups and downs associated with owning your own business and tips that can help you come out on top.
Long Work Hours and Accountability
When you work for yourself, especially if you don’t have a dedicated space such as a home office, it can be difficult to turn off “work mode,” resulting in unintentionally working more and spending less time with family, friends, or on your hobbies outside of work. This was one of the biggest personal challenges I ran into. When I launched my first business we turned one of our rooms into our home office and I found that I was practically living in that room. Once I realized I left my 40-hour “safe” job to end up working 80-hours a week for myself my original motivation to go out on my own to control my schedule was more a dream than reality. It is very important that you set boundaries for yourself and can leave the work behind to take care of yourself and or spend time with family or friends.
In addition, if you don’t have employees, you may be forced to work more hours than you would in a traditional role. It’s not uncommon when first starting up your business to need to work longer hours, but as your business gets more established, the need to work extra hours typically lessens. If the long hours of work is hindering you or making you second-guess your choice to work for yourself, set limits for yourself on the weekends or evenings. Even though you might have to work harder to keep your business afloat, it’s still important to take time for yourself as an individual.
On the other side of the coin, becoming an entrepreneur if you aren’t disciplined can be difficult and lead to a host of problems. Nobody but you is holding you accountable for putting in the hours you need to put in to get your business off the ground and thriving. Staying focused can be hard, especially when you don’t have to answer to a “boss.” Setting small rewards for yourself when you work a certain amount of hours, or complete a certain project, can be beneficial in helping you stay on task.
Administrative Work
When you’re working for yourself, YOU end up being HR, Legal, Office Manager, Janitor, and the list goes on! It’s your responsibility to fill out, file, and save appropriate paperwork pertaining to your company such as contracts, employee files, and taxes, just to name a few. Having this responsibility can seem like a large load to carry but if you’re diligent in filing frequently and neatly, this task can become a regular part of your day and not a daunting task to finish at year end. I recommend to outsource as many tasks as you can afford to allow you the time to focus on the tasks that you are passionate about and or drive revenue. There are many virtual assistants out there, so consider delegating tasks that you don’t have to own.
Financial (In)Security
The biggest appeal, arguably, to an entrepreneurial career is the ability to make your own income: work as much or as little as you want in order to earn as much money as you want or scale it back to only supplement your income. That being said, there may be periods of instability regarding your income. Leaving a company to work for yourself means giving up the promise of a guaranteed paycheck, as long as you have that job, regardless of how much you work. If you have a good savings before your business takes off, that should ease your financial worry. I recommend that you watch your cash flow closely and in those months that you did very well put aside a good chunk of that extra cash to cover you when, not if, you have a bad month.
Entrepreneurship can be a roller coaster ride, ranging from good to bad. If you’re disciplined and determined, owning your own business can provide you exactly what you need in your career. Be prepared for highs and lows and don’t get discouraged!
For more information on running your own business I’d love to hear from you and how your roller coaster ride is going!
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