While being an entrepreneur is so rewarding, it’s also scary at times. In honor of Halloween, I thought I’d put together a list of the scary side of business ownership.
1. There’s No Avoiding Risk
You learn to embrace it, that never knowing the future of your business. The economy, clients, illness…all of these things can negatively affect your success, and often come out of nowhere.
2. You’re Not Really Your Own Boss
Most people think it’s great to be their own boss, but the truth is: you’re not the boss. You have many bosses: all your customers. If they’re not happy, you’re not making money.
3. Profits Can Be Slow
If you’re just starting out, don’t expect profits to instantly appear. In fact, plan for them to take months, if not a year or more. Here’s hoping you’ve got money in savings to tide you over.
4. Equipment Will Break at the Worst Time Possible
And you can’t run to the IT department to get it fixed. You’ve got to shell out cash to buy a new computer before that big presentation.
5. If You’re Not Working, Your Business Isn’t Open
If you’re a micropreneur like me, you are your business. So if you’re sick or on vacation, there’s no one taking over for you.
6. You’ve Got People to Pay
You appreciate the safety net a steady paycheck supplies when suddenly you are responsible for paying staff and vendors, even when your own clients haven’t paid you.
7. You’ve Got to Figure Out Your Own Marketing
I do marketing for a living, so this is less of an issue for me. Yet, I see so many business owners not want to invest in marketing, thinking it’s superfluous. Let me assure you: it is not. It is essential, so figure it out or hire someone to do it.
8. No One Will Give You the Answers
There’s no magic entrepreneur fairy giving you answers to hard questions. It’s all up to you.
9. You Can’t Relate to Many People
If you’re like me, your close friends aren’t business owners. They only have a small inkling of what you do all day (“you work from home, so you can do laundry and watch tv, right?”). That makes it hard to relate.
10. No One Can Predict the Future
Will you be in business in 10 years? What about 1? There’s no guarantee of either. Entrepreneurship is extremely volatile, and you’ve got to be a little crazy to be okay with an uncertain future.
All this being said, there’s nothing I’d rather do than run my own marketing firm. The really scary thing to me is the idea of getting a job!