Be your own boss! Set your own hours! Make as much money as you want to! Every new business owner knows that starting a business requires more time than you have ever worked before, and almost every dime has to stay in the company so you can keep it running. Starting out there is no work/life balance and certainly no windfall of cash for sunny vacations. Granted, there are exceptions to every rule, but more often than not, new business owners work their fingers to the bone and are forced to live as frugally as possible just to keep their business afloat. That’s why most businesses fail long before they ever hit the 5-year mark.
Let’s address the work/life balance dream. Unless you live in a place like Italy, you probably won’t have the opportunity for leisurely two-hour lunches and ending your work day at 3 p.m. Instead, you’ll rise long before your kids wake up so you can get some work done, have your lunches with potential clients or clients you’re desperate to keep (usually on your dime), and then work again after the kids go to bed. In fact, if you do have kids, you’ll probably find yourself trying to sneak peeks at your BlackBerry when they’re not looking so you don’t have to feel that guilt that always seems to come. (Or is that just me? Nah, come on, admit it. You do it, too!)
You have to spend money to make money. That’s no truer than when you start a business. We all know nothing’s free in this world, so forking out cash for technology, marketing, those client lunches, gas and tolls, etc., is just to be expected. What isn’t expected is how fast it all adds up. Tracking receipts and spreadsheets until your eyes are red and your stress level skyrockets will typically be the norm for some time. And to make matters worse, making money for your business often goes hand-in-hand with how much time you put into it.
Now don’t think I’m saying starting a business is a bad thing. It’s actually one of the most fun, most rewarding things a person can do. Just don’t go into it blind.
For time management, have a cutoff point at least a night or two a week and stick to it. If not for your family, for your own mental health. We both know you won’t stop checking your emails, but do you really have to respond immediately? An incoming email at 8:30 p.m. truly can’t wait until 7:30 a.m.? Say it with me now, “Yes, it can.” My wife and I have a dear friend who has a successful business he’s worked hard for. As much as we’re happy for him, we just don’t get why he will answer his business cell phone regardless of the hour (we’re talking 3 a.m. and you would get a, “Hello?”). We all want success, but at what price? Do we really want to have to walk out of our kid’s ballet recital or get that glaring look from our spouse all for a stranger on the phone?
The old adage, “work smarter, not harder,” really rings true when running a business. Use the internet, your friends and your noggin before making business purchases. Research like crazy to make sure you’re getting the best bang for your buck, ask people you trust for recommendations, and finally use the brain God gave you to decide if you really need top of the line products when you’re just starting out. Don’t go cheap, of course, but middle of the road usually works just fine and you can always upgrade when you’re rolling in it.
We all want to be successful. We all need money to live of course, and most of us want some cushion beyond just paying our bills. But keep your priorities straight. Regardless of what Gordon Gekko says in Wall Street, greed isn’t good. Putting the almighty dollar above all else may buy you a nice house and cars, but if it costs relationships and/or your ethics, it’s just not worth it in the end.
Starting a running a business is like a marriage. It seems all flowers and romance at first, but then you realize there’s more to it. It might be a challenge sometimes, but the rewards are worth it. Just be sure to take off your rose-colored glasses before you answer, “I do,” to the county clerk when she asks if you’re there to file a new business name.
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