A brief overview of small business ownership and how to know if it’s right for you
Do you know how many people wish to own a small business and be their own boss? Let’s just say that almost every person at one point in his or her life, dreams of starting a small business. But do all of them succeed in making it big in the business world?
The truth is that not all of them get the desired outcome when they start their small business. However, that does not mean that people don’t try their luck. Research tells us that approximately 50% of jobs in the US are concentrated in small companies with less than 500 employees. Not just that, these small businesses are responsible for about 54% of all of sales in the US. Isn’t that inspiring?
For all those dreamers and risk takers out there, who are looking to venture into small business ownership, the best advice would be to understand the market thoroughly before you dive into it deeply. To make your work easy, this guide will help you get a brief overview of the small business, small business ownership, and whether you are ready for the roller coaster ride of small business.
Struggles of small business
- The idea of a small business might look glamorous from the outside when you think of being your own boss and having no one to answer to. But it comes with its set of difficulties.
- Small business owners must sacrifice a lot at almost every step of their career. It starts with something as little as sacrificing your weekend plans and sitting with your business developer to discuss new strategies to something as significant as missing your sibling’s wedding. As they say, it all comes at a cost.
- A severe struggle that all small business owners face is of wearing different hats, i.e., juggling different responsibilities. The owner must participate in the sales, marketing, operation, customer service, and at the same time have a vision of how he or she would attract new clients and expand their business.
- Another struggle that these owners come across is the financial drain. All their money gets tied up in helping their business survive.
Benefits of having your own small business
- Though there are a lot of sacrifices that a person needs to make to be a successful business owner; in the end, it all seems to be worth the effort.
- If you ask business owners about why they want to have their own small business, many of them will have the same reasons. Having your own small business gives you the scope to do something you are passionate about and gives you the chance to communicate your passion to the masses.
- A lot of people start a small business of their own as it gives them the luxury of having full control over their career path. Professional flexibility grants scope for growth and creativity.
- It all comes down to the fact that though being a small business owner is tough with so many professional challenges, it is at the same time rewarding, and it always helps to have a great sense of personal achievement.
Myths busted about small business
- Till now, you might have accepted the sad truth that starting your own small business is not as easy as it sounds to be.
- When you start juggling roles and handling sales, marketing, payroll, finance management, and other such diverse aspects, you may start forming doubts about working for yourself.
- One of the myths that a lot of people have is that having your own business means that you can now boss around and make other people dance to your rhythm. The truth is that owners have to work keeping in mind the demands and requirement of the landlords, old clients, new customers, and the employees. This means that they never get to work according to their wishes and whims.
- People think that you once you have your own business, you can disappear for days without being questioned. But, you will have no time to even go on that one vacation trip with your family that you could manage while working for a corporate office.
Is a small business a good choice for you?
- This is an essential question that every person who is stepping into the entrepreneurship world should ask. Not every person was born to be a leader. How do you come to know if you have it in you or not?
- There are some qualities that are almost a prerequisite to be a good business owner.
- One of the most essential thing to have is a passion that will always keep you motivated. Keep in mind that an internal desire or goal is a must along with the motivation to make billions.
- You should have the ability to take a call, transform that call into action, and then be ready to bear the brunt of the consequences. If you are indecisive or take too long to decide, you might lose many opportunities that could change your life.
- A person should be ready to say goodbye to familiarity and love risks to be a business owner.
- People who are disorganized, confused, suffer from emotional mood swings, and lack a reliable support system, might end up failing in their business venture.
- A lot of small businesses are doing great these days. These small businesses contribute significantly to the global economy. Just keep in mind that to become a successful small business owner, you should be ready to pay the price for it, whatever that price is.