There isn’t a day that goes by that I don’t read about someone wanting to start their own business. You can sleep in, go to the store or a restaurant during slow times, and vacation as many days as you want. Of course you’ll work on your business in between outings.
It all sounds great, but the reality is that you may have to work harder than when you had a regular job. Here are four problems you may face when you are the boss.
It requires a lot of self-discipline to work on your own, and you may have to force yourself to work. There may be dogs barking outside, noisy gardeners using a blower, or telemarketers burning up the phone lines. How will you deal with distractions?
It’s Mighty Expensive
When you worked a regular job, your employer paid at least some for health insurance, and took out money for state and federal taxes. Now that you’re working for yourself, it’s your responsibility. Add payroll tax and self-employment tax, and you can find yourself short of money in a heartbeat.
No Work Socialization
When I worked a regular job, we had donuts for a breakfast treat, celebrated birthdays with a rich cake, and went out to lunch at our favorite Chinese and pizza restaurants. There was plenty of gossip around the water cooler, and I learned some interesting little tidbits.
When you work for yourself, you may be stuck at home alone, with no place to go. Sure, you can walk the dog, but it’s not the same as talking to your work buddies.
No Back-Up Plan
Your regular job may have driven you to drink, but if you screwed up and got fired, chances are you could get a job elsewhere. Now, it’s all on you, and there’s no guarantee you will be successful.
How motivated are you to start your own business?