How much of a difference do you find between the reality of owning your own business and what you imagined it would be like?

For me, I thought I would have all this time to go to the gym and finally get into shape. I find I have less time now than I did when I was doing the 9 to 5 thing. I'm thinking about my business 24-7 and take care of certain things at night when I can't take care of anything else.

I don't know what your business is, but it sounds to me like you need to deligate. Believe me I know how hard it is as I own my own business. You have to make a plan to get to the point where you want to be, then work the plan. Stick to it.

Ocha

Website:
http://www.potpourriemporium.com
http://www.infoesource.com
Blog:
http://www.potpourriemporium.blogspot.com

Yes, it is wonderful. What type of business do you operate? You may just need to be more organized (I may be able to help with that.) What are you doing during the day, and what are the "certain things" you find can not be taken care of until after 5?



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The first thing I have to say is you have to love what you are doing, because if you don't the bad times will out way any good times or good things happening in your business. If you love what you do, the long hours and hardwork you don't think about. We enterprenuers, always have high dreams and hopes and vision of what life will be like owning a business, then reality sets in and that is when you really get a good look at what it is you really want and sometimes your business is not what you want and that is ok. Bottom line having your own business is not all its cracked up to be.

I am in the same situation, I bought a biz two months ago and now I am selling it. I don't like what I am doing and I can't see myself running this business in one month, let alone 1 year from now. Unfortunately, we don't know how we are going to feel about something until we get knee deep into and that is when we discover things about ourselves, such as that maybe owning our own biz isn't what we really want.

Sorry, I haven't sent any warm or fuzzy your way, I figured I would tell you the truth.

I was very fortunate in that the first real business I started on a part-time basis 22 years ago has turned out to be the best possible career for me.

Not only do I enjoy selling, but I thrive on it, focused on selling business-to-business (B2B). I quit the military prematurely (without retirement) in 1987, and expanded my business to a full-time operation.

Biggest benefits -

Greater control over my income. If I want to increase my income, it's only a matter of working smarter or putting in more hours to achieve more in any given period. (As one person put it a lot of luck is involve, and I find the harder (or smarter) I work, the luckier I get!)

More freedom in scheduling my time - With no fixed showroom, I don't have to be anywhere at a set time, unless it is for appointments with clients.

No employees - No payroll to meet, no personal problems, and no major fixed income from month to month for people who may or may not produce profits for the business. Also no workman's comp, unemployment insurance for myself is minor.

Home-based - no office rent or other high overhead.

No inventory to buy, store, sell and eventually to deliver.

Flexible - I've been able to adjust my business to match trends and take advantage of hot markets, while enjoying the stability of a growing customer base with many clients who have done business with us for the past 15 to 22 years.

No mandatory retirement. I plan on working in and on my business until my 97th birthday - If I'm still around by then. I plan on passing my business on to any of my children, grandchildren, and future great-grandchildren who are interested

Downside - Difficulty in taking long vacations. But my wife and I had only taken one vacation over a week long before we started the business (10 years), and we've taken one long one since. But, we've adjusted and have taken several 4 to 5 day while in this business, along with lots of 3 day weekends.

It's not for everyone, but it certainly floats my boat. Taking risks is central to being an entrepreneur.

No fixed income, so the commissions fluctuate from week to week and month to month. But, then again, I choose not to have someone tell me how many hours I must work, and scheduling the hours and days I have to be there - for the fixed income they choose to pay me.

Dennis Bevers
BASSCO, Inc.
Full-time, home-based, self-empolyed since 1987.
Dealers needed-US residents only!

Yes Yes Yes, as said before you have to love it or at least having fun. We have been on both ends of the deal. My hubbys business drives him crazy and I can't see him doing it in a few years from now. Even though it is taking off I am sure he will end up selling it. On the other hand I love what I do!! I am able to help other people make money so they can get out of debt as well as start kids off on the right foot. My 10 year old will be richer than any other 10 year old he knows. Not only do I love it but it gives me the chance to show my kids how to manage money as well as a lesson on loving what you do (helping others) with always profit you.
Good luck...sometimes making the decision to let a business go is the hardest decission to make (that is why we still have my hubbys busines )

Laura
We are all about families helping families!
http://www.jerky4free.com
No Selling - No Parties - Any Age

I think so...though I do think of my business 24/7, it is because I love what I do, and am excited about my current rate of growth, and like thinking of what I can do to reach my goals.

It has grown into a passion. I chose something I knew I loved, but as the business has evolved, so has my enjoyment of it.

Pat and Alix P. Curl
"Where Kitty Wishes and Dreams Come True"
www.catniptoys.com

Nope!
I have been sitting in my shop all day with 1 customer.
The bank called - someone gave me a conterfit $20 this week end.
1 out of every check I accept bounces.

I operate my shop from 9 am to 8 pm 6 days a week. I am alone 90% of the time and after almost 2 years and thousands in advertising, I am still going deeper into debt. Talked to sba twice, they have had no suggestions.

This was my dream and it is just going down the drain.


Create something beautiful!

When I was running my children's shop (franchise) I worked 80 hour weeks, 7 days a week. The stress was off the charts. Dealing with the never ending tax deadlines and city officials and vendors and the occassional disgruntled customer and the bouncing checks....it was rarely enjoyable. Yet, it was my own and that was the point.

Being a business owner can be extremely difficult and costly. Much more difficult than one would imagine. But most people that catch the entrepreneurial bug need to experience it for themselves. It doesn't always work out the way you dream it, but at least you were able to give it a shot. Now you need to decide if it's worth trying to save it or if it's time to move on. Good luck to you.

Sylvia
http://businessplanmentor.com
Business plan and start up resources

>How much of a difference do you find between the reality of
>owning your own business and what you imagined it would be
>like?

Owning your own business means several things. First and foremost it means you are the boss. You get the final say on how things will work and what will happen. It also means that the buck stops here. When the sheets hit the fan, it's your face they flap in. If you catch my meaning.

I think that the most attractive things about being an entrepreneur is the ideas that we'll make a ton of money and have the kind of time to do the things we want to do whenever we want to do them.

Of course, what most people don't realize is how hard the CEO of a Fortune 500 company works. So, ultimately, what your idea is for the future of your company will depend a great deal on how much time you want to put in.

Before I sold my financial services company to come do the marketing for my husband's hot sauce company, I had my own successful, well-established Financial Services Company. I worked hard about two days a month, I had an essential comfortable existence, but wasn't driving a super expensive car or living in a mansion with a swimming pool. I did have a new car, and a nice house -- nothing anyone could all extravagant. But... I was happy. I will also admit that it took me nearly 15 years of hard work and long hours to get to that point.

Which brings me to your next comment (question?)...

>For me, I thought I would have all this time to go to the gym
>and finally get into shape. I find I have less time now than I
>did when I was doing the 9 to 5 thing. I'm thinking about my
>business 24-7 and take care of certain things at night when I
>can't take care of anything else.

Since selling that business I find myself working every day. Often I work very long hours, sometimes bringing my work home on a laptop. I travel out of town, often to do shows and it really is a lot of work. I haven't seen the gym since June and my rollerblades have cobwebs all over them from disuse. I do find myself thinking about our business 24-7 and I do have to take care of things at night. And with the exception of tight cash flow anxiety periods which any small business goes through, I am happy.

Did you notice a correlation???

If you aren't happy... why are you wasting your time. Do what makes you happy.

I hope that helps.

Tina Brooks, VP Marketing
Brooks Pepperfire Foods, Inc.
Makers of Peppermaster Hot Sauces
http://www.peppermaster.com

Eat more peppers!

This is an almost perfect question for a yes AND no answer.

In my own case and most I'm familiar with, in those early years the answer would be a clear NO. On the other hand once you've gotten over the early struggles where you can afford competent help, no longer suffer the cashflow problems the new businesses have...then the answer becomes a definite YES.

While my business is 18yrs old now and provides me a very nice lifestyle and any amount of time I want to take off, it wasn't always that way. It started off slowly and several times I struggled at that point you have too much for one, but not enough for two...both in workload and cashflow. Along the way one partner left because his wife was tired of him not making enough and working too hard. Had he stuck with it...he could retire today and not have to work another day in his life...he's 44yrs old.

Instead...it's tried three other businesses since on his own and each time his wife has henpecked him into throwing in the towel...while I believe he would've succeeded with any of them...but the real rewards take time.

Denny

Sounds to me like he ought to consider throwing in the towel on the spouse... how unsupportive can one's life partner be??? Yuck!

Tina Brooks, VP Marketing
Brooks Pepperfire Foods, Inc.
Makers of Peppermaster Hot Sauces
http://www.peppermaster.com

Eat more peppers!

Seems to me that you created a job for yourself AND you're the boss. That's why you don't have time to have a life.

Now it's time to create a real business! It doesn't have to be a big company, unless you want it to be. But it should include creating a business plan, marketing plan, ideal client profile, systems, AND hire help!

Now that sounds like a lot of work, and it is. However, as you do each thing, you'll start gaining control of your time.

The hire help part. Usually starts like this:

a) house cleaner
b) organizer
c) book keeper
d) teenager to do odd jobs

Or a list simliar to that. Do what my clients do once they start working with me. Create a wish list and then make your wishes come true!

Maria Marsala

Let me help you substantially grow your financial advisory business or nonprofit with P.E.P. Increase productivity, efficiency, and profit.

Learn more and get free tips at http://www.ElevatingYourBusiness.com