Was it always a dream of yours to be your own boss and run your own business? It is a dream for many but the reality is often a lot tougher than you can imagine. There are some truly awful things about running your own business. You need to have passion, drive, motivation and a bucket load of energy for starters. So, what are the things that cause business owners to break into a cold sweat?
- Taking financial risks
When starting out, most of the risk is directly on you, the business owner. Not knowing what the future could bring is worrying and off-putting for many. Will you lose everything or become a huge success story? That’s a lot of pressure that not everyone is prepared to gamble on. Starting a business is always more expensive than you have planned for so be sure you have some savings to fall back on initially.
- Unstable income
Your income will depend on the success of the business, as well as seasonal fluctuations and market demands. This means that, for the first few years at least, income will be unpredictable and unstable. This can be a stressful time for business owners and their families and it takes grit and determination to ride out this period.
- Working longer
Many business owners find themselves working more hours and for longer to ensure their business is a success. Make sure it is something you love because you’re likely to be eating, drinking and sleeping your business, including weekends. Remember to save some time for yourself and loved ones, even if it’s just for some sleep and a reset. You’ll come feeling refreshed which is better for your business.
- No overtime
All those extra hours and weekends you’ve been putting in? That’s right, there’s no overtime pay when it’s your start-up.
- Jack of all trades
You’ll suddenly find yourself developing a lot of new skills that you never needed before. Remember if you’re juggling too much, there are some tasks you can outsource. This includes the rather onerous chore of keeping your accounts in order. For help from Swindon Bookkeepers, visit https://chippendaleandclark.com/services/accountants-swindon
- Thankless task
There won’t be many pats on the back or even thank yous when you’re the boss. An entrepreneur will need internal motivation and determination to succeed as it is their own time, money and effort that is being poured into this venture.
- Knowing the regulations
You don’t need to be a legal eagle, just a basic awareness that your business is operating within any relevant regulations and guidelines. A solicitor who specialises in business can help you with this to ensure that you don’t find yourself inadvertently in hot water.
- Heavy responsibility
For many, the responsibility and strains on family life are too much, but for others the will and drive to succeed is enough to keep going even when things get tough. Running a business can be thrilling, satisfying and exhausting but as with all things worth having – it takes effort.