I've been invited to talk before a group of women next week. The topic of discussion, owning and managing a business.
Business ownership means different things to each of us and its structure can come in many different forms.
Fourteen years ago I quit my regular paycheck day job to sell soap. I had around $100 to invest in that endeavor! Most folks freak out when I tell them that. When I look back now, I realize the reality of those risks.If you stop to think about it, each day is a risk. Blinded by the passion and determination I never spent much time pondering those so called risks. Not that I didn't get an ear full hearing about them. I must warn you, sometimes from the folks you least expect the advise to come from. I never listened to them, because I never doubted what I was doing. I belive if you do think about failing, then you really don't have the passion to carry your business on to be successful.
During those first few months of business ownership I learned many things. None of which could ever be taught in business school. One of the first things learned was a sole proprietors work is never done. I remember working many overtime hours every day! Never had I worked this hard before.
I began to breathe, eat and sleep thoughts of this new business I was creating. Working 16 hours a day quickly became the norm. If I may be frank, overtime is a mandatory if you want your business to run smoothly and produce a profit. No ways around that one, I'm afraid. Don't worry, since you feel so passionate about what you're doing, it doesn't feel like real work!
Having said that, owning your own business can fill your heart with content and reward like nothing else on earth. Those passionate feelings you posses are there for a reason. They mold you in and build character in ways you could never imagine. Those real life experiences cannot be reproduced and are valuable beyond measure.
When asked what do you feel is an important key to owning your own business. Never quit! I can't tell you the times I've came close to quitting. One time stands out in particular.
Business had slowed down to a trickle. I needed to make some serious cuts and decisions on what to do next. I had decided my business phone would be one of the first things to cut. While on hold to disconnect the line I received a huge order come in on the other line. Needless to say, I was swayed by that call in a positive way and hung up the phone immediately. A sign I thought. That was some 10 years ago!
Those quitting thoughts come and go and I believe the norm to have them.
With very slow economic growth I have pondered those thoughts more often. It costs much more to maintain and have a small business than it used to.
Most people don't realize the cost that incur on a daily basis.
Business taxes, phone, bank account, credit card account, insurance, city license, Internet services. Those are the every day expenses a small business has and that's just working at home!
If you have a shop, add all those plus rent and utilities as well as advertising.
Having said all that... See why you need that passion?
All kidding aside... The lessons I've learned are sometime larger than life itself.
My heart sings and my soul dances each and every day! The cost of experiencing those feelings, priceless!
Enjoy caring and sharing days.
Happily,
Jill 00
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