Things you have to give up to be your own boss

It has been stated that 8 out of 10 small businesses fail. You may have a desire to want to beat those odds, take your chances and start the business that has been in your gut for a long time. How do you know if it’s a good idea? In a struggling economy should you even try? Here is a short list of things I've noticed that have changed in my life as a small business owner - consider them before you turn in your work i.d. badge and moniker embroidered desk plate. 1. Eight hour days no longer exist Any serious, hard working entrepreneur can tell you that they have exchanged their eight hour work days for hours that they cannot even count sometimes. I have a very strong work ethic but somehow I had imagined that when I started my businesses I would be able to work hard every day, but take off on Fridays. At every job I’ve had my body seemed to shut down on Thursday, the tasks of the week had taken their toil – and the idea of “just one more day” left me hating Fridays! I was very much disillusioned! Since starting my businesses, I find myself not only working on Fridays, but Saturdays, Sundays, and most evenings as well! If you like the idea of a consistent workday that begins at 9 and ends at 5 with no overtime, rethink your road to entrepreneurship. 2. M & M’s are a viable lunch option I remember while working in Buffalo, NY that lunchtime was fun time! I had a group of ladies to go to lunch with and it was our time away from the office! We tried different lunch venues and enjoyed talking about our lives, sharing laughs and eating great food. To be honest, having a lunch hour has always been important to me because it allowed me time to replenish my energy so that I could tackle the rest of my workday. As an entrepreneur, however, I’ve learned that lunchtime is a treat! Since I work out of a home office, my “lunch” outings are relegated to professional lunches or client meetings. I don’t take a specific lunch break and more often than not, M & M’s have been a viable lunch option, if at all. If you need to have that mandatory fun lunch with your co-workers, you might want to think twice about the life of the business owner. Don’t think that the hour plus lunch you see your boss take is the glamorous life. He or she is probably working hard on deals at that lunch to keep the company successful and prosperous. As a business owner you are ALWAYS thinking about your business, so what might seem like a carefree lunch to someone else is nothing less than a strategy session in your mind! 3. You’ll get the “crazy eyes” from people around you If you tell people you want to quit your well-paying job to take a chance on a small business venture, don’t be surprised if you get the “crazy eyes” (ode to Orange is the New Black) or snide remarks about your plan. Everyone won’t understand your vision! Everyone is not supposed to understand your vision! If you know you have a good plan, you’ve researched your industry, your target market, your competitors and the viability of your product or services, you have to have the guts and the commitment to push ahead despite the naysayers. When I contemplated leaving my job, I prayed about it, I discussed it with my husband and I stepped out on faith! Outside of a few confidants, I did not announce for months that I had left my job to go into full-time business for myself. You have to be very careful with whom you share your vision. As an entrepreneur don’t expect that everyone will be behind you with balloons and cheery signs pushing you toward your goals. So, if it’s extremely important for you to get acceptance from others and the idea of the “crazy eyes” scares you to death, stick to your day job a little while longer! 4. Bill from accounting is not there anymore Working for a company or organization can leave you a little out of touch with the reality of how business is really run! When you work for others you have the luxury of passing your invoices to someone, handing your expense report over to someone and waiting for a check! Wonderful right? You don’t have to be involved with all of the details. But not so as an entrepreneur! YOU are the accounting department and the payroll department and the HR department! As such you have to learn everything there is to know about running a business. You have to familiarize yourself with IRS guidelines, local business laws, accounting principals, business licensing, sales tax, banking, insurance, healthcare laws and benefits - and so much more! Of course you need to enlist the services of professionals to assist you in a lot of these areas, however, you still have to have a working knowledge of these things for yourself, after all – you are the boss and understanding these things will help you have a successful business. So if you’d rather not deal with all these details, like getting a paycheck EVERY two weeks and you love it when Bill from Accounting calls with your reimbursement check, you may want to hold on to the key to the executive washroom. 5. Capital has nothing to do with grammar Ask any entrepreneur what the most challenging thing is about their business and capital is sure to be at the top of the list! When you work for others, the extent of your capital worries have to do with whether or not you place a capital letter at the beginning of your business letter! Not anymore! Most entrepreneurs spend an enormous amount of time worrying about capital. There are many different ways to go about obtaining money for your business – investors, grants, loans, savings, etc., however, you need to know up front that this will be one of your major concerns. Coupled with the need for more capital is the present state of our economy, challenging for even the most credit worthy entrepreneur! Many are taking advantage of new opportunities like kickstarter.com, indiegogo.com or other crowd funding platforms. Whatever options you are considering, do your research and have capital in place before you quit your job, doing so will save you tons of time and headache. You may have to rearrange your finances and give up those extra splurges in your budget to help you get where you want to be. Of course this list is in no way complete! There are tons of things for you to consider when contemplating starting a small business. Personally I will say that even with the long hours or the uncertainty of whether or not my businesses will be successful, I would not change any of it for the world. Starting my businesses has been very liberating for me. I’ve always known that I was meant to be an entrepreneur and continuously putting my fate in the hands of someone else was weighing me down. I want to leave a legacy to my children and I can’t leave my cubicle to them in my will! Yes, there are times when I second-guess myself – but this is a universal feeling for most entrepreneurs and it’s a process of trying, failing, and trying again. However, the accolades from a client when I’ve helped him/her achieve success, or the squeal of pleasure when a customer tries my products, make it all worthwhile and reassures me of my decision. Still want to start your business? No matter what you decide, here’s to your success!