I not a biz owner yet, but when I think about leaving my job to create a firm, I get very excited. I have a plan to have enough savings to survive for a couple of years while I start my business. Next year is the year! Thanks for posting this article.
Sound like you have it all well planned, good luck. Keep us up to date when you start your business.
I'm a business owner. It's the best decision I ever made. Working the routine 9 to 5 just wasn't for me.
What was the driving force for you to become a business owner? Did you have a difficult time getting your business up & running?
Owning a biz is NOT for everyone. If a person isn't sure that he should be a business owner, it's best that he not do so. If one is not prepared to work a very long schedule, at first, it's best not to begin a business.
Like many small service business owners, I didn't start out to "own a business". I loved photography as a hobby, and it almost "accidently" progressed into a business.
In later years, when giving a convention program, I jokingly compared becoming a "Professional Photographer" to becoming a "Prostitute".
First you do it because you enjoy it. - Then you do it for a few friends. - Then, as word gets around, people begin paying you to do it. Then, almost before you know it; you're a full time professional.
In later years, I've always attempted to teach prospective service business owners, that doing what you do (electrician, plumber, AC repairman, etc.) is not the same as operating a BUSINESS of providing this service. Different skills are required.
One may be extremely skilled at efficiently repairing air conditioners. But that doesn't mean that he has the skills to OPERATE A BUSINESS of repairing air conditioners. And the turning point is when the buiness is too busy for you to do everything, individually. THAT is the point where most people get into trouble.
If you have a very small business of providing a service from the back of your truck, and think it may be time to expand; I VERY STRONGLY recommend that you (1.) Take a course at your local Tech school / biz college on book keeping for small businesses. (This is NOT just to teach you book keeping....it's to help you understand the various financial necessities of operating a business.) And, (2) Contact your local SCORE office for guidance, and perhaps, a mentor.
SCORE was previously know by that acronym as Service Core Of Retired Executives, but now also involves many active business people.
SCORE (Sponsored by the US Small Business Administration) is FREE to clients.
Wonderful post, Uncle Leon, lots of food for thought. I agree with you, "Owning a biz in NOT for everyone". It is nice to look at what you enjoy doing and making that into a productive and profitable business. But that does not come overnight and without a LOT of effort on the new owner's part.
I have watched a few of my friends turn an enjoyable hobby into a business. At first everything is exciting and fun. But then the long hours begin to take their toll. And the fun hobby begins to become tarnished a bit. My friends began to resent all the time that their business took away from their family. They realized that the pretty picture they had in their mind was a 9-5 one. And how many of us know that isn't a viable picture?
The after hours work can be overwhelming if you have to do it all yourself. And letting someone get involved can be threatening too.
Now I am not suggesting that someone who is considering the opportunity to go into business back away. What I am suggesting is that you read Uncle Leon's post, reach out to other small business owners and talk to them -- and then talk to your family. Are they onboard with you in this endeavor? Will they support you and allow you to stretch your wings?
THEN make your decision!
Did you ever think about becoming a Business Owner?
It is a part of the American Dream but not everyone thinks that they are made for owning a business,then again you might be mistaken.
Here is an other fantastic article by 'Steve Strauss' discussing the DNA of a Small Business Owner.
You can read it right here: What is the DNA of a Small Business Owner?