How Sexy Is Owning Your Own Business?

Long weekends, sleeping late, two hour lunches with my best buddy…ah, the life of a business owner! No micro-managing boss, no annoying co-worker taking credit for my ideas, no HR department giving me grief for my lack of commitment to the company! That was my idea of business ownership.

It sounds like the perfect life, doesn’t it? After spending years dreaming about owning my own business, I decided to actually do it. My plan was to do some research, finance the purchase using my retirement fund, and then start living the AMERICAN DREAM of being my own boss. In my naivety, I was sure that this fantastic lifestyle was mine for the taking.

My first mistake was choosing a business that didn’t really fit my personality. You see, my true love is to be out of the office talking to customers, making deals happen. What I ended up with was a technology/product business because I knew someone in that business and they swore by it!

Here’s a bit of advice – it doesn’t matter what anyone else does for a successful living; if you’re not comfortable with the core responsibilities of the job then their business is not the business for you.

In my case, I diligently spent many, many hours investigating every option and alternative imaginable in this specific business. Again, this was a mistake – I kept focusing on the “widget” (the product which was specific to this industry) instead of focusing on my personality, my work style and what I loved to do.

In addition, I spent many long, sleepless nights wondering about financing options. Was my decision to use part of my retirement the smart thing to do? I sought counseling from about every person I could think of and it seemed each one had a different opinion. I even got advice from people I didn’t know. It seemed my so-called family and friends were not content with the way I was using their advice so they had their advisors calling with even more advice. WHOA! “I’m a grown woman,” I thought. “I can make my own decisions!”

So, I did it. I took the leap, made the jump, dove right in! I bought my very own business (which was not a franchise), excited at how my life would change. “The good life has arrived,” I thought, while inhaling the sweet smell of success which I was sure surrounded me.

Making the jump from my dreams of the perfect business to what managing a business actually entails was a pretty big step. Maybe not Grand Canyon big but a big step nonetheless. Instead of enjoying long lunches I was worrying about late shipments. As for sleeping late? Not likely when half of my employees called in sick. My days were filled with questions: “I promised my customers; when WILL the shipment arrive?” “We just received an order yesterday – how can we be out of stock?” Or how about this one: “The bank called and you’re overdrawn.” Guess who didn’t get a paycheck again that week? Me!

Think these are exaggerations? Think again. Once I’d made the decision to own my own business, I did not spend one weekend, let alone one whole day, without thinking about my business. What was going on in the business was with me every moment of every day – leaving those thoughts at the office is virtually impossible during the first couple of years. It was MY money and MY future on the line.

Sure it’s exciting, and being a business owner can be a very sexy alternative to working for someone else your entire life. But ego and pride go away quickly when you’re trying to convince someone (read: “employee from hell”) that providing outstanding customer service means arriving on time with a smile on your face. And also convincing them that giving an honest day’s work will help them grow as an individual. I tried everything: bribery, enticement and, yes, even more cash.

Employees and inventory weren’t my only worries. My family was initially as excited as I was about my “dream” and gave me a great deal of emotional support – and believe me, without their support I wouldn’t have made it. But eventually the comments changed from, “Great job! Just stick with it!” to, “Why can’t you spend more time with us?”

These are some of the things I had to worry about as a business owner and they tarnished my vision of the “sexiness” of being my own boss.

Now, you might think I’m jaded and that I no longer believe in the Great American Dream of business ownership. Wrong! I’d do it again in a minute. But there are some things in hindsight that I’d do differently:

• First, I would research and research to find a business that has the characteristics that truly “fit” me and not look for a business that someone else liked, one I selected only for the money it would bring, or was just something I thought was “cool” (meaning just because I love to eat doesn’t mean the food business is for me). See Sidebar for more information.

• Secondly, I’d consider buying a franchised business rather than non-franchised because of the training and support available. Both my problems with inventory and employees could have been handled better. A good franchisor would have provided me with software, training and support to handle these crucial areas.

• Next, I’d make sure that the opportunity is scalable – can it grow? My own business remained stagnant for years.

• Finally, if I didn’t want to work weekends, I’d do my research to make sure that it really wasn’t a weekend business.

• I’ve been involved in Franchising for many years – ever since I served Slurpees at my family’s 7-Eleven store as a child. I believe in the abundant opportunities available in franchising and feel that there is no better way to become your own boss than with the training, help and support of a great Franchise company.

If you are looking for your own American Dream opportunity, pick a business that really fits your personality, working style and goals. Be sure you understand what you are getting into, that you are prepared for the struggle it will take to get the business up and running, and that the business offers great training and support. So, my final advice? With the right preparation, that two-hour lunch is truly attainable; go for it!

More important than the TYPE of business you choose is that the business fit your strengths, needs and working style. To get started, consider the following:

• What are your reasons for wanting a business of your own?

• Have you ever owned a business of your own?

• How would you rate your skills in sales and marketing?

• What hours do you like to work?

• Where do you want your business to be located?

• Do you want a retail business or home-based business?

• How do you feel about managing people?

• How much capital do you have to start a business?

• Will you have partners?

• Do you want to build multiple units?

• How soon do you want your business to open?

• Will you be involved on a full-time or part-time basis?

• What special skills do you have?

• How do you feel about taking risks?

• Is status important to you -- how others view your business?

• What did you like least and most of your past jobs?

• Are you willing to put in the long hours it will take to get your business up and running?

• How important is it to make a meaningful contribution to your community with your business?