We have covered quite a few topics related to the small business world. That is because, being a relatively young small business ourselves, Omnis bookkeeping and business solutions is dedicated to helping other entrepreneurs succeed. Honing your craft, creating a business plan, finding funding, working with investors, and setting up shop- all just to get set up- requires an enormous amount of courage, motivation and funding. Not to mention that once the business is actually up running, things don’t get any easier for a while.
Many small business owners put in 50-60 hours a week in their first year of operation, according to a survey by the New York Enterprise Report. That can come at quite a surprise, considering that two/thirds of entrepreneurs say that they started their own business for the freedom of being their own boss. So you may be asking yourself, “Why in the world would I put myself through the wringer to take on entrepreneurship?” Why take the risk when you work a comfortable 9-5, making good money, with benefits and a 401k?
People break out on their own business endeavors for many reasons:
Limited traditional employment opportunities- The typical job position may not bring the same level of financial security for everyone. This can be because of personal lifestyle choices, discrimination, language barriers, a lack of education, or a myriad of other reasons.
Passion Over Short Term Security- Even for those with much opportunity for employment, sometimes the drive to pursue a passion becomes stronger than the pull to stay at a comfortable position. Experts say that personal fulfillment can lead to a better quality of life than monetary success alone. As the old adage goes, “If you love what you do, then you’ll never work another day in your life.”
Dreams can come true- We aren’t talking about the “wish upon a star” fairy tale type of dream. If you have something that you want- success, money, a career- you have to work for it. Regardless of the resources that you have, with enough motivation you can find a way to make it happen. It may not happen overnight, but take a step in the right direction today. Take an online course or get advice from another professional in your field. Get out and network with people who are where you would like to be, and offer them whatever value you can at first. Start selling your goods online, before you have the money for a storefront. Get in touch with a team of experts- like the business consulting team at Omnis! Just take a step, even if it’s a baby step.
It’s All About the Long Haul- While being the owner/operator comes with much liability, there are a few ways that you can minimize the risk and slowly get back to the sense of security that you left your 9-5 for. Actually, if you play your cards right, it could be a much more solid line of security- instead of merely a sense of it. A successful and well-operated business will eventually lead to higher profits, a better work-life balance and even more investment opportunities.
Every business that expects to be successful should begin by working out a business plan– which we covered recently. Plan for success and set up lines of security for when things don’t go according to that plan. You should draw up a mission statement, a business model, and every detail of how the business will operate.
Another important part of a business plan is a clear definition of roles, responsibilities, and compensation for all parties involved.
Many people choose to set out on this mission with a partner. Having a partnership obviously splits the liability, but at the same time brings in an extra person to deal with. With that in mind make sure that you and your partner keep lines of communication completely open. This will help avoid unnecessary conflict.
One very important step to take as soon as possible is to begin working with a financial advisor to set up a financial plan. A financial advisor can help you invest as much as possible, while taking care of loved ones through retirement funds, and insurance policies.
At Omnis, we desire to see your small business succeed. It is our goal to be much more than your average bookkeeping service. We offer top quality services that can be catered to meet your specific business needs. If you have a dream of being your own boss, then contact us today to set up a consultation. Let us help you get back to your dream job!