Becoming a small business owner is an incredibly rewarding experience. You have complete control over your schedule as well as how much money you can make, you can take time off whenever you choose, and you get to make every decision for your business. However, small business ownership is not without its struggles. Here are some of the things I’ve found out.
Don’t Expect a High Credit Limit
As a technology company, I need to be able to buy hardware such as computers online. And, writing software means that the $500 computer at the local store isn’t going to cut it. I want a high-end laptop. A laptop that will last for several years, run fast, and meet all of my high-tech needs. Of course, along with that comes a high price tag. That’s not a problem with my personal credit card. Years of solid payment history has yielded a good credit score, and a high credit limit. My business credit card, on the other hand, barely has enough to buy the accessories I need for my computer.
Everyone Wants a Job
Now that I own my own business, it seems that everyone wants a job. Somehow, as a small business struggling to find enough work for myself, I am expected to hire other people too and find work for them. Own a tech business? Now you can expect every teenage boy in your social circles to ask to be an intern for you this summer.
Human Resource Problems
Just hired your friend? Have fun with that! There’s nothing quite as awkward as dealing with performance issues or other HR issues when the individual is someone you’ve known for a long time. Now, you get to walk the fine line between running a successful business and protecting a relationship.
Hate Spam? Expect More!
As a business owner, everyone wants to sell me something. Whether it’s email, social media, or written correspondence, expect to receive even more junk mail. My favorite is when people connect on LinkedIn to grow their social network. Then, within minutes of accepting, you receive both a private message and an email to buy their services. Ignore that message? No problem – you’ll get another one tomorrow. Then, a week later, you’ll get a third message asking if you saw the first two.
Time is Valuable
As a business owner, you quickly learn how much it costs to perform tasks that are not billable. Marketing, social media, accounting, human resource management, website updates, and so many other tasks will require your attention – and none of them generate revenue. I’ve quickly learned to cut out the unessential so I can focus on what pays the bills.
Lots of Hats
I’ve learned just how many hats a small business owner must wear. Plan to be successful? You’ll need to know marketing, social media, accounting, human resource management, contract law, negotiations, and so much more. Oh, and that doesn’t even mention being an expert in the service you sell. Get a large hat rack – you’ll need it!
The last year of running my own business has been amazing. I’ve had financial freedom like never before and enjoyed the freedom to do what I want when I want. But that freedom hasn’t been without struggles. Business ownership is lots of work, and navigating the struggles has been part of the fun.