What is it really like to be your own boss?
Starting your own business and becoming your own boss is many people's dream. The advantages seem obvious – the freedom to do what you love, not being trapped in a 9 to 5 and not having to answer to anyone other than yourself.
But are you also ready to be in charge of everything your company does – from IT and HR to marketing and finance – and to leave behind the security of a regular pay cheque, holidays and company benefits? We asked some of our clients who have received funding from us to start their own business just what it is really like to be the boss…
Long hours: pretty much a given if you are serious about making a business work and you will take your business everywhere you go – on holiday, to bed, to the cinema…
Be realistic: its great to be positive but if you accept that things will go wrong and you can get over them you’ll be a lot better prepared for life as an entrepreneur.
Live lean: our clients rarely draw a salary from the business we fund in the early stages; rather they invest them in equipment or resources they need for the business.
Love it or leave it: your business must be something you are happy to live, sleep and breathe 24/7. One of our clients has gone from banking to opening a traditional butcher’s shop, a trade that has been in his family for years and that he is hugely proud to be sharing in.
Every day is different: having to do everything from invoices to marketing means that you’ll always be facing new challenges and learning on the job, whether you like it or not!
Building your network: Whether its employing staff or finding suppliers, you will create a world of like-minded and interesting people around your business; something that can be hugely rewarding and often life-changing.
Job satisfaction: nothing beats that feeling of seeing your product or service being enjoyed, talked about and appreciated by customers.
Author: Paul Breen, Director of Business Finance