To Open The Doors
Was thinking earlier today about the amount of effort it takes to get a small business off the ground.
I know its different for each business and is heavily dependent on what area of small business you are intending to operate in. The easiest of these is of course the franchise, where financial numbers are provided by the chain operators. These are generally taken as is by the banks when loaning to open one. There is of course all the pre-work of employing staff and ensuring build/fit out are to your standard. Franchises are generally a safe bet, but you loose a lot of the flexibility that comes with business ownership. Things like supplies and pricing are often set and may not represent the best value to market.
This post however is more about the time that small business owners invest in the months even years before the opening of the doors for trade. There is always a list of things as long as ones arm to do. These will include formulation of a business plan, making budgets, purchasing equipment and stock, finding a place to operate from, pay for insurances and computer equipment and manage your tax obligations. What most people don't realise of course is that you don't get directly paid for any of this work. Nor do you get holiday or sick pay, generally if you don't work you don't get paid.
I remember at one stage working 3 jobs during the initial stages of my first business, plus looking after customers and doing everything else that was needed. A social life huh what was one of those. It was worth it in the end. I ended up with a successful business.
Now what gets me angry is that when you start to make money and be successful every body wants to take you down to make you fail. The fact you earn good money is normally attributed to hard work in the business and some good management skills. Add some luck and you have the perfect mix. I hated it when people would go out of their way to make nasty comments about how easy I had it, how I didn't work for my money.
What they didn't see was the 50 hours plus every week that I had given up for years leading up to the business making money. They didn't see the mental toll that all of that had taken on me. During those first years I had to work 3 jobs just to cover the operational costs of the business. I was working HUGE hours and there didn't seem to be an end in sight. I remember only being able to afford sausages and bread for meals for a week. Having people constantly chasing money and me constantly chasing others. Then add tax obligations and reporting and it was a nightmare.
In the end was it worth it ? That is a hard question to answer sitting here looking back. I paid a very big price for the privileged of owning my own business. I lost my mental health, and that as far as I am concerned was to higher price to pay. But I see it for something else. It was a great teacher and a great marker for what I am capable of at my best. I am immensely proud of what I achieved, I am proud that I made a difference in the customers and employees lives, that I managed to bring a new product and service to the market.
Overall it was an amazing process, I learnt so much about me and about those around me. If I was to ever head down that road again I am positive that I would not make the same mistakes, and I would take the positives with me. Would I ever look at another business ? I would have to answer that with an unqualified yes. Even with all the work, the stress and the lack of support at times, it is such a worthwhile thing to do.
If I have any advice on starting a new business it would be this. Ensure you plan the best you can, if you dont have enough money make sure you know where you can get the extra you need. Most importantly this is about you. Its about your ability to run a business to make your life better. Hard work will always be rewarded if you become successful. Have faith in yourself and your vision, even in the darkest hours, as the next customer the next sale is just around the corner.
The Horse
This post however is more about the time that small business owners invest in the months even years before the opening of the doors for trade. There is always a list of things as long as ones arm to do. These will include formulation of a business plan, making budgets, purchasing equipment and stock, finding a place to operate from, pay for insurances and computer equipment and manage your tax obligations. What most people don't realise of course is that you don't get directly paid for any of this work. Nor do you get holiday or sick pay, generally if you don't work you don't get paid.
I remember at one stage working 3 jobs during the initial stages of my first business, plus looking after customers and doing everything else that was needed. A social life huh what was one of those. It was worth it in the end. I ended up with a successful business.
What they didn't see was the 50 hours plus every week that I had given up for years leading up to the business making money. They didn't see the mental toll that all of that had taken on me. During those first years I had to work 3 jobs just to cover the operational costs of the business. I was working HUGE hours and there didn't seem to be an end in sight. I remember only being able to afford sausages and bread for meals for a week. Having people constantly chasing money and me constantly chasing others. Then add tax obligations and reporting and it was a nightmare.
Overall it was an amazing process, I learnt so much about me and about those around me. If I was to ever head down that road again I am positive that I would not make the same mistakes, and I would take the positives with me. Would I ever look at another business ? I would have to answer that with an unqualified yes. Even with all the work, the stress and the lack of support at times, it is such a worthwhile thing to do.
If I have any advice on starting a new business it would be this. Ensure you plan the best you can, if you dont have enough money make sure you know where you can get the extra you need. Most importantly this is about you. Its about your ability to run a business to make your life better. Hard work will always be rewarded if you become successful. Have faith in yourself and your vision, even in the darkest hours, as the next customer the next sale is just around the corner.
The Horse
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