Many years ago, after spending 15 years in the medical field, I wanted a change and decided to look for a business I could do on my own. I had the glamorous notion that creating your own business meant you could make your own schedule, be your own boss, and have the freedom a traditional job does not provide. What I didn’t realize was that I was in for a rude awakening.
Research Your Business
When it comes to starting a new business, the thought of picking something you like and making a business out of it sounds easy. If only it really was that easy. Alas, it is not, and once you have determined your business idea, much work must be done before you can even think about opening your business.
Imagine going back to school and doing research because that is what you need to do. You must evaluate your business idea based on your product, how it will sell in your area, if you will be local or nationwide, how many competitors are in your area, how much you have for a starting budget, how much you need for overhead costs – the list goes on and on. Creating a business plan is the best place to start this research project, and the best source of help in this area is your local Small Business Administration.
While you may think you know everything about your business, you will soon find you know nothing at all. Before even thinking about opening your doors, it is essential to learn everything you can and have everything in place before you start.
Your Hat Wardrobe Has Expanded
When you had your old job, you had one responsibility and one position. When you are a small business owner creating your own business, you soon learn that you have many different hats that you must wear throughout the day. You may start out the day as the business owner, talking to suppliers or clients, but you may end your day with a toilet plunger working as the custodian.
You are now the upper management, the marketing department, the sales department, the mail room, and every other section your business requires. When you first start out and your budget does not allow for you to hire employees, you are your employees. Everything that needs to be done rests on your shoulders. This can make for long and very busy days.
Vacation and Sick Days Not Offered
Back before the idea of starting your business, in the days when you would be interviewing for a job, you may have paid close attention to things like how many sick days and how much vacation time you received with your new position. Well, once you start a new business, you quickly learn that days off and taking a vacation are not something that is likely to happen for some time. Until you are established and can hire employees, your business depends on you being there. Without you, the business doesn’t open. Without you, sales cannot be completed and new customers cannot be located.
I believed creating my own business would provide me with freedom and flexibility, but I quickly learned that that freedom and flexibility were a long way down the road. I was working more hours than I ever did with a “regular” job.
Now, don’t get me wrong, the freedom and flexibility does eventually come as the business grows and becomes established, but it is not something that happens overnight. Creating a successful business is a full-time job and then some, but in the end, it is well worth it.
Since I started my first business, I have consulted with many new potential business owners as they look to start their businesses, and this information is something I always share. The dream of being your own boss can really turn into a nightmare if you are not prepared; knowing it will take a lot of hours and a lot of work is something all potential new business owners need.