Be Prepared: You’re the Boss Now
You finally made your dream a reality. You are a business owner! Wow what a journey that was. Now take a deep breath and prepare for the next journey.
Opening a business is no easy task, but the real challenge is running the business. You are now your own boss and the boss of however many employees you have. Hopefully you have hired the right amount of employees with the proper skills who can help your business succeed. It might be your business but you are not in it alone.
We want you to be prepared for what owning a business REALLY means!
So look no further: here are 5 things no one told you about owning a business:
- You WILL work more than 40 hours a week! While your life will become filled with a lot of business and you will put most of your energy into your business, make sure you save some time for yourself.
- You WILL learn about business loans and receive at least one loan! If you were lucky enough to open your business without any financial help then congratulations. At some point almost every business owner seeks out financing, whether it is equipment leasing, or a working capital loan.*
- You WILL have a difficult time separating personal from business! Not only does this apply to your free time but it also applies to your credit. You may consider tapping into your personal credit line to help fund your business’s growth. DON’T DO THIS. Keep your business finances in the business and your personal should remain personal.
- You WILL have friends asking for a job! Now that you are a business owner, your friends that are unemployed or looking for an easier job will come running to you. “Hey, do you need any help at the business? I am great at __” This is a line you will hear more than you thought. If you choose to employ a friend or family member make sure it is for the right reasons, like their skills and background. Don’t let them use your friendship as a reason to be hired, this is your business, your lively hood.
- You WILL have to learn to step back from the day to day operations! Owning a business and managing a business are two different things. In the beginning you will be very present in the day to day operations, but over time you will have to seek out the right person to manage your business. A business manager is in charge of day to day and your goal is to make sure your business is successful and growing, not worrying about whom to hire or fire.
If you haven’t yet opened your business, then be prepared to for the above things to take place. If you are already a business owner and you have faced other things besides the mentioned feel free to comment below and let others know what they can expect.
Owning a business is an amazing accomplishment but the real challenge is making it a successful business. If you are ready to take the next step for your current business to grow and evolve then Direct Capital can help. Apply online for business financing!
*Working capital not available in the following states: AK, DE, ND, VT