A lot of people will tell you that owning your own business is the best decision they ever made because it gives you freedom, it gives you fulfillment, it gives you the financial stability that you’ve always wanted.
Well, all of that is true, BUT y’all know I don’t play when it comes to honesty so I’m going to tell you the downside to owning your own business. Every small business owner knows these struggles, and we’ve had to deal with them just like everybody else. The key is to push through, stay strong and believe in what you’re doing.
Nobody likes to talk about the downside to owning your own business but I feel like being prepared and ready to tackle the hard times is what will help you see that success sooner rather than later.
Time commitment. When you start your own business, you have to be willing to put in the time. It’s one of the hardest things that I had to do when I first started. Everything was on ME. I didn’t have many employees because I was new at this, I didn’t know what the future held for my business and I needed to get my feet off the ground before I committed to paying multiple employees to help me. My business took time away from my family and that was difficult. BUT I pushed through and now I have multiple employees, I have more time, and my business is thriving! It was all worth it.
Risk. There is always risk when you start your own business. ALWAYS. You can never be 100% sure that your business won’t struggle. Honestly, it probably will at times. The important factor here is that you remember your mission and you remember why you started. Taking a risk is part of it, so you have to be willing to take on the risk, to reap the reward.
Uncertainty. Even though the business may be successful at the start, external factors such as downturns in the economy, new competitors entering the marketplace, or shifts in consumer demand may stall the businesses growth. What’s important here is to BE ADAPTABLE. You have to adapt with the economy, adapt with what the consumer wants. My business is constantly changing and growing into something better than before because I’m CONSTANTLY adapting to meet my consumers needs.
For me, I’ve never seen the downside as how I can fail. I see it as how I can find an answer to the problem in order to NOT fail. Every problem has a solution, it’s up to you to figure it out.