The Highs and Lows of Being a Small Business Owner

Harsh truths about owning your own business

Because all too often the hustle of being a small business owner is glamourised without being transparent about the difficulties that come with it.

This Independent Retailer Month, we’re sharing the highs and lows that come with being a business owner so that you can listen to our opinion and decide if it’s for you, or if that’s already what you do, see if you agree!

Financial Independence

One of the most common reasons for people not taking the leap to creating their own business is the money side of things. It can be extremely daunting to leave a job with a steady, consistent wage.

However, owning your own business gives you the opportunity to earn as much money as possible without having a limit on what you take home. Because you set your own prices and can work as much as you’d like, it’s down to you on how much you get paid.

Own Working Hours

Being your own boss means that you have the freedom to work whichever hours best suit you. If you’ve previously struggled with finding a job that works around childcare, or if you just know that you’re able to work better later in the evening, you can set your own hours around your preferences and lifestyle.

Something that many business owners mention, is that they might have previously left a full-time job to work less hours, but ended up working more. Because there isn’t a specific time that you should stop working and because the success of your business (especially when starting) relies on how much effort you put it, it can be difficult to know when to stop.

Our best advice is to set boundaries early on so that you get into the routine of having a healthy work/life balance to save you having to break the habit in the future.

Being Your Own Boss

Leaving a team to become a one-man band can be quite a drastic change to a previously social lifestyle. At first, you might find this quite lonely and frustrating without having anyone to bounce your ideas off of.

But, there are many small business owner groups out there – both digitally and locally – that you can join to connect with people in a similar situation to yours.

Being your own boss also gives you the freedom to make business decisions, set your prices and work specific hours. So, if you’re confident in your business, your judgement and your ability, being in charge of your own business is going to give you the passion and dedication to market it and make it grow.