Top 10 Reasons NOT to Start Your Own Business
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Author: Pamela Slim Although I spend most of my time evangelizing about the
benefits of entrepreneurship, I do want to throw a little
reality out there for those who may look at it only through
rose-colored glasses. Here are ten reasons why you may NOT
want to start your own business:
#10: You can't blame your lame boss for your problems. As
much as you might have complained about your boss or
"Management" in your corporate job, you might find yourself
missing the person who takes the heat for big decisions.
Whichever success or failure your company experiences is
squarely on your shoulders.
#9: YOU are all the departments in your business. You
must take care of product development, sales, marketing,
accounting, customer service, information technology,
legal, procurement and shipping. Most of us do not have
strengths in all these areas, so you must quickly learn
what is necessary to stay within the law and in business.
#8: No free office supplies. Did you really ever think
about how much a paper clip or manila folder costs? How
about a desk, no-glare monitor or printer toner? All of a
sudden you will become aware of all the "hidden" expenses
when you have to do it all yourself. And no, I don't
suggest sneaking out the back door of your corporate job
with a big box of supplies. Bad karma! (I will sheepishly
admit to taking a pad or two of post-it notes in my time,
and I am sure I paid for it somehow)
#7: No safety net of a regular paycheck. Even if you do
well in your business, most orders do not come in an
orderly, timely manner as your paycheck does. Paying bills
can be much more of a juggling act when you first start
your business, unless you are sitting on a huge cash
reserve for expenses.
#6: No one gives you goals and objectives. Many new
business owners can get paralyzed trying to figure out what
to get done in which order. Should you develop your
product? Start talking to prospects? Invest in
infrastructure? Build a website?
#5: You can't pass off irate customers to Customer
Service. The buck stops with you, and you have to deal
with all conflict related to your business.
#4: No paid sick days. For many businesses, if you don't
work, money doesn't come in. If you wake up with a stuffy
nose and a headache, you can't tap into one of your 20 days
of paid sick leave and sleep in.
#3: Self employment tax. Or just taxes in general.
Instead of delighting at a refund most tax years, as a
self-employed person you have to pay self-employment tax.
You also must keep excellent accounting records to make
sure you run a clean operation and in case that you are
audited by the IRS.
#2: Self-funded benefits. You must piece together and pay
for a decent benefit package to ensure you and your family
are protected against risk. You don't have the volume
discount afforded by large corporate programs, so often
they are more expensive.
#1: No zone-out weeks. Although most of us would never
admit it, we have all had weeks (some months!) of "zoning
out" where we act like we are busy and doing important
things, but in reality are shopping online, or planning a
wedding or playing fantasy sports. If you zone out in your
own business, nothing gets done and no money comes in.
Simple as that.
If you are still charged up to become an entrepreneur after
reading this list, you may just have what it takes to
succeed.
About the Author:
Pamela Slim is a seasoned corporate consultant with a new
mission in life: help corporate warriors to become
thriving entrepreneurs! To take a free assessment "Test
Your Small Business Start-up IQ" and get other valuable
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