Most small business owners find themselves working more hours for less money than they thought they would when they started their business. What they had hoped for was to have more free time and to be able to sign their own paychecks. The key of course was to have larger paychecks.
It doesn’t always work out that way because the average small business startup starts without a plan. Not only do most owners start without proper funding, they often start without proper thinking. Most owners think that because they are good at the technical part of the job they’re doing now, they can easily run their own business. That is often faulty thinking.
They get excited about being their own boss and calling the shots and completely overlook the important part of planning. A small business plan should certainly include market research and financing, but should also include how you want the business to interact with your life. Do you want the business to run your life? How many hours do you want to work?
What do you do if you find that your business is running your life? Is it too late to change it or should you just close it down or sell it? The answer lies in some tough honesty about where you are today. It means doing an honest assessment of your business first. Is it a business that is or can make money? Is it a business with a future? What are the strengths and weaknesses or the business?
Next you want to look at your life. What kind of life do you want to have? How do you want to live? Do you want to travel, have more free time for the family or do you see yourself being committed to your business? What does your family want? I’ve seen many business owners lose their family because of their business. How do you want your business to interact with your life.
Once you have looked at those areas, you need to decide what it would take to get your business to the point it needs to be so that you can have your business and a life too. This will mean building systems so that you get the same results all the time. It means having systems that take the guess work out of the business so that your employees can produce the results you want. It means getting the business to the point that it doesn’t require your constant supervision.
If you’re thinking of starting a small business, do your homework first. It will save you a lot of heartache in the long run. If you already have a small business that isn’t enhancing your life, you may want to get some advice.