Quote Originally Posted by mtbdarby
I just met with a volunteer business person to help me start the process to becoming my own boss. I am very much frustrated with my job, unhappy with the direction of my life and wish to make changes and have more control over my future income than some guy in a corner office....
I want to live this life more on my terms and look forward to each day (especially if I can bike to work!) instead of dreading going to a high stress job. I'm a single mom just dieing to find a way to earn a living where I can spend more time with my wonderful son instead of having him spend 10 hours a day at daycare. I have a dream to be able to drop him off at school in the morning and pick him up at the end of day.
Please don't think I'm beating up on your thoughts here, but I have to hop in.

Before starting Team Estrogen, I was a vice president and commercial lender at a community bank. I specialized in small business lending - SBA lending in particular. Your reasons for wanting to start your own business (ie. be your own boss, more control, less stress, spend more time with family...) are the same as many of the clients I worked with at the bank.

Did you know that 4 of 5 small businesses fail in the 1st 5 years?

I think it's because many people start businesses wanting just those things, without realizing that you RARELY get those things when you start a business. What you actually get is long hours, more stress (no one else to fall back on), less time off (who else is gonna do it if you aren't there?), less money (because nascent businesses need capital to grow and rarely produce any good cash flow when just getting started), no mental break (since small businesses are usually started in your home and you tend to find yourself drifting in there at all hours of the day and night when work needs to be done), etc.

Team Estrogen is now more than 8 years old. I have a 7 person staff, a rented warehouse that is busting at the seams, and a 12,500 square foot commercial building under construction. At the end of 2004, Jeff & I took our first vacation in 4+ years. I work far longer hours than I ever worked at the bank, and 12 hour days are typical. And usually one weekend day to boot. I have no children, no pets and no house plants. I couldn't possibly find the time to keep any of them alive.

I often receive emails from folks, especially women, asking me about how we've succeeded in growing our business, and looking for advice on how to grow their own. And I've mentored several small local businesses, especially in their first year or two. But I always make sure they truly understand what they are getting themselves into, and ask them to take a long hard look at what exactly they think they will get out of it.

Sure, you can own your own business and put in far fewer hours than I do. But most people can't work those kinds of hours and still make enough money to support all the things they want to do with their free time and all the stuff they think they want to buy for themselves and their loved ones. So they work more hours and discover that they've just traded one rat race for another.

When you work for someone else, you get your allotted vacation days, your health insurance, your 401K plan, your sick days, and your paycheck just like clockwork. When you work for yourself, you get none of those things unless you buy 'em for yourself, and you find enough clients/customers to pay the bills.

So, would I change the choices I made for myself? Heck no. I love this business we've built & I'm proud of it. I love my customers and I'm happy I can provide jobs for my fabulous staff, without whom this business would be nothing. But boy oh boy, I would sure love to take a few weeks off and ride my bike somewhere, without having to think about servers and inventory and taxes and payroll, etc, etc. I'm far less free to just take off than I ever was when I worked for the bank.

So, explore the idea of owning your own business. Please, just be sure you truly go into it with your eyes wide open, understanding that it comes with it's own set of sacrifices.

Best,

Susan