The Seminarz

Many of us have considered the idea of setting up our own business. Being your own boss can seem very attractive. But there are a lot of negative aspects of starting a new business that you should consider. You will not find these on any business plan.
Physical demands
Particularly in the early stages, you will need to put in long hours. You may well find yourself getting up early, coming home late and having no social or family life. If you’ve had a baby, you are probably familiar with that feeling of always being tired. Running a small company can be like that – only the ‘baby’ takes longer to grow up.

Emotional demands
You are probably going to spend less time with your partner, children and friends. During the time you are with them, you will probably be physically tired and thinking about your business. They are probably going to be resentful. Can you deal with that?
Financial insecurity
During the first few years, your company is probably going to be short of cash. This means that you won’t be able to have so many luxuries at home. You might not be able to make your annual visit to Aruba. You might even have to remortgage your house. Many companies close in their first year of operation and this is often due to a lack of cashflow. Do you really want to be permanently worried about cash?
Loss of company perks
A lot of people think that, if they have their own company, they will be able to have a fancy company car, travel business class etc. Life is rarely so simple. When you have to finance your own ‘perks’, you are uncomfortably aware of how much they cost. In addition, many of us take for granted the ‘perks’ we get from our employers. For example, if you run your own company, you don’t get paid if you are sick. Many employees “don’t know what you’ve got ’till it’s gone.”
Pressure on close relationships
You will need the support of your family and friends. However, many small business owners complain that they don’t get it. Your immediate family may resent the fact that you work long hours and are always tired. Family and friends can also be very negative, trying to persuade you out of continuing. Sometimes this is because they are worried for you. Other times it is because they are jealous. You have to get over it.
Isolation
Being a boss is a lonely business. It’s good to be friendly with your staff but such friendships will always remain ’skin-deep’. You are “the boss”, you are different.

We’re not trying to put you off with this article. Being your own boss can be great fun. But make sure you consider the negative aspects before you make life-changing decisions.