No one said owning your own business was going to be easy. The long hours of work, financial woes and delegating work to employees are just the tip of the iceberg in a vast ocean of entrepreneurship troubles. The worst part about owning your business may be on the horizon or right in your face; the following are some of the reasons why business (sometimes) isn’t all that fun.
1. Everyone will come to you
Because you’re the boss, everyone will come to you for advice and guidance throughout their job. The worst part about owning your own business is having employees which need to be constantly told how to act, conduct their job and delegate their time. The sole reason why you started your own business was to get away from having to work nonstop – avoid this by only choosing the right employee for the right job.
2. The money troubles are yours
When business is bad, it’s bad. Unlike an employee, one of the worst parts about owning a business is that it’s your money on the line. An employee, regardless of how well the business is doing, will continue to receive pay even when you take a financial loss. Because you can’t afford losing business from laying off people, you have to grit through the hard times until they turn good again.
3. It’s a legal headache
You may have thought that starting your own business would be fun or a great way to get away from office life. Unfortunately, the paper trail gets rougher as you entire the entrepreneurship world. All of the legal decisions, problems and paper work will need to be filed and updated by you – if you’re not the legal type, this can be a major headache.
4. Sometimes your products and services don’t sell
There are certain times, such as in a bum economy, that your products and services won’t sell. Additionally, many new business owners rush into the marketplace without first properly examining the market. A hasty decision to entire a market could leave you with a large bill and products collecting dust on the shelves.
5. Your friends and family can become your worst nightmare
Many new entrepreneurs start their business with friends and family. Starting a business with friends and family will always feel fun in the beginning but once the troubles begin to pile up, it’s your friends and family who become your own worst nightmare. The worst part about owning a business is that troubles can often lead to relationships breaking apart.
Consider the bigger picture
Regardless of how many things could go wrong with your business, starting one still has its merits. Sure, there will be a lot of times when you may consider that owning your own business is too much hassle for the payoff but if you keep each of the previous parts in mind, your business will avoid becoming the worst decision of your life.