I got into the business early and while I was still at school. From running several companies over the years, I’ve become very well versed with both the perils and the pleasures of being your own boss. While many salaried or people from other industries may think we have all the time to relax and spend vacations abroad, the reality is actually far from the truth. Honestly, I’m still constantly learning new skills and would like to tell you that I completely understand the challenges of running your own show. Here, are ten challenges from my own experience:
1. Managing Time
As a business owner, your day will start with client calls, emails, getting to actual work and then back to more calls and emails. When starting, it may be not easy to outsource or hire a person, but you must do it when you start growing. Learning to lose a bit of control and delegation will help you focus on your strengths.
2. Emails
You will have to excel at writing good emails and responding to important emails on time. One useful tip is to have certain email templates ready to send to clients for general enquiries. Also, be ready to be on the phone through out the day.
3. Chasing after clients for unpaid invoices
Amidst working, being on the phone, writing and expanding business, chasing after clients for unpaid invoices will be a task. Because who wants to part with their money? Remember to hire an accountant before anyone to keep accounts in place.
4. Taxes
Anybody who knows me well will tell you how much I hate taxes. I guess it is the same as any other business owner. The bigger you become, the more you will have to spend- bigger teams, more cashflow, more clients and more taxes. To manage all of this, you must hire an accountant to make life a lot easier.
5. Human Resource
Hiring the right team members is crucial to your success. Your team is essentially your brand. Clients will look at you as a whole and hence the credits, and the grievances will be directed towards the whole team. Spend time with the process of hiring team members, keep a check on their state, keep them happy and motivated and remember to assess their skills and train them.
6. Keep Moving
Avoiding a severe burnout will be one of your top priority when you are a business owner. Sitting for hours, always being in a hurry while eating, and lacking sleep may adversely affect your health. Remember, to take breaks, stretch out and go for a walk.
7. Getting Demotivated
They will be many a time when you will feel like giving up. Not every client may treat you with the respect you deserve. There may be legal hassles. You may not get your payments on time. You may experience anxiety and self-doubt. At times like that, remember your passion and why you are doing what you are doing it. Remind yourself about all the pleasures you have from working for yourself.
8. Failing at times
I know this one is hard, but you will fail at times, and it is entirely all right. Failing will leave room for learning and growing. You will fail sometimes, but you will get up and move ahead again and build your empire the way you envisioned it.
9. Marketing
Learning to promote yourself and sell your services to the right audience will be your primary goal, and the quicker you familiarise yourself with marketing, the easier it will be for you to make money. You will have to update yourself with courses, ebooks, workshops constantly etc.
10. Getting Over Imposter Syndrome
Imposter syndrome is a feeling that you’re not good enough and that you will be called out. It has nothing to do with your qualifications or accomplishments because even very successful people can suffer from it. Know that we are all constantly learning in an ever-evolving world. No one knows everything, and if they are something you don’t know, you can always learn how to do it. Learning to laugh over your struggles and your victories will help you focus ahead.
I’m still learning new things at the business every day. Sometimes you learn from situations, sometimes from working with other people and sometimes from your own mistakes. But I would not like to have it any other way. The thrill and the liberation that comes with working for yourself is what keeps me motivated throughout my not so sunny days.
