The basic requirements of running your own business
Being your own boss may look attractive in theory, but you will quickly find it's not all fun and games all the time. It will require a lot of time and energy and you won't make millions of dollars overnight, in fact you may never get to that point. Hard work will pay off in the long run and you will be able to create a long-lasting company that you can pass on to future generations. To help you with you new small business, we have put together some basic guidelines for you.
Rule # 1 - Do you know what you are getting into?
Many people think that running their own small business will be easy. They see how it has worked for their friends and they feel like it won't be too hard for them to do. While you might have a good idea and a strong work ethic, it may not be enough to help you get through the challenges you are going to face. Sit down with a financial advisor and go over some of the basic challenges you will face and how hard you need to work just to break even with your costs. Talk to some other small business owners and discuss the ups and downs that they have gone through so you can prepare for them and learn from them.
Rule # 2 - Do you have support?
Running your own business will require you to work long hours and sacrifice a lot of your free time. Do you have loved ones that can support your new business venture? If you are working at home, will your loved ones be able to respect your privacy and give you room to work? Do they believe in your small business idea the same way that you do? The people in your life need to be supportive of your small business in order for it to become successful and in order for you to gain the emotional support you need to get through the tough times.
Rule # 3 - Do you have a back-up plan
Unfortunately over half of small businesses will fail in the first year and not everyone has a back up plan to support their financial needs. You might want to start your small business as a part-time venture for the first little while until it starts making some real money. During this time you should keep another job where you can get health benefits and enough money to financially support your family. What will you do if your small business does fail? Have you been able to make enough of a name for yourself that you will be marketable in your industry? Try going back to school as this will make you more marketable and boost your chances of getting a job in case your small business idea does fail.
Rule # 4 - Take care of yourself
It is always important to take care of yourself first. You need to spend time going to the gym to reduce stress and to keep your body physically able to handle all of the things that you will deal with as a small business owner. Take time to have a massage and go on a weekend vacation with your family. Starting your own small business will be the most physically demanding and emotionally exhausting thing you have ever done so you need to make time to take care of yourself before anything else.
Rule # 5 - Have fun
Another important part of running a small business comes down to your ability to have fun. When you don't look forward to your job and you generally do not like it anymore, you will lose your desire to work hard and this decreases your motivation.