How do I own my own business? New entrepreneurs and bloggers have so many questions about this. Here are some commonly asked questions answered.
Everyone who comes to this industry as a beginner has numerous questions about owning a business. How do I own my own business is something I have repeatedly had to tell people, simply because they could not get around the concept that they could actually have their own business without investing a lot in production – the typical idea of a business.
To be honest, I understand how you feel about this as a beginner. To someone who has always seen the idea of a businessman/businesswoman/entrepreneur as someone rich who has a lot of time and money to invest, the possibility of owning a business seems weird… even more so if you have always imagined yourself doing a job or working for someone else – because that makes things easier, right?
When I tell people about how I own my own business and manage a small business alone, many are extremely confused. It is interesting how there are SO many concept out there about owning a business. Some think it is extremely difficult and needs lots of money, others think an online business is the easiest job they will ever have and they will live in luxury forever…
I hate to break these bubbles, but neither concept is true! To make it easier for you, here are some common questions answered about how I own my own business.
How do I own my own business? Thwart these questions!
‘Don’t you have a real job?’
This is extremely annoying to hear, but I have gotten used to it, and so will you when you become an entrepreneur.
The thing with working on the internet is that many people don’t see it as a real job. Trust me, it is! Sometimes I work over 12 hours a day, and add that to looking after two kids and managing a house. Having to manage a small business alone is a real enough job for me – and it pays. What else do you need for a job to be real?!
‘Don’t most online businesses fail?’
When I tell people I own my own business, this is one of their major concerns. And let me honest with you – it is not wrong.
Yes, many online businesses fail and rarely make it out of the first year of their operation.
Does that mean you should not get your hopes up? Absolutely not!!
I think people who fail to manage a small business are the ones who try out the wrong methods and do not have proper research and mentoring. They think ‘I will own my own business’ and think it is going to be an easy joy ride, which is why they try to look for easy ways to make money and fall for scams.
As long as you know the right things to do, your business won’t fail. And if you are still scared, let’s look at it practically. The risk in online businesses is as low as a risk gets. There are very little overhead costs, and you are mostly investing your time. If you succeed, you are looking at a lifetime of luxury. Is it worth it? I say it is!
‘Do you have set working hours?’
People who are used to working a 9-5 job have this major concern. If I own my business, I don’t have any set working hours – then how do I manage a small business and not get lazy?!
Honestly, you’ve just got to find your way around it. You’ve got to change your mind set. You’ve got to think: I own my own business, I have a lot riding on this and I need to work in order to make it succeed!
If you find it difficult, set working hours for yourself and make sure you stick to them. I think a great idea to make this easier is to make a little workplace in your house – a secluded corner with a desk that can get you in the working mode!
I own my own business but I personally don’t have any working hours. However, this does not mean I have absolutely no goals! I usually set weekly or monthly goals for myself, which means that as long as I am completing them, it’s cool. Sometimes I don’t work an entire day, and other days I work over 15 hours a day.
It works for me – and you’ve got to figure out what works best for you; there are no set requirements for a home-based business. (Read: What do you need for a home based business to be successful?)
‘How do you utilize your time?’
To answer it simply, I focus on one thing. It is like taking one project instead of a lot, and focusing on those. You have to manage a small business, so focus on one niche instead of all niches!
Throughout all these ups and downs that I have been through, I have learnt one thing – if I want to own my own business, I’ve got to stop trying to become a jack of all trades. So I keep it simple and focus on one thing, trying to become a better expert on it.
So my time is usually utilized connecting with my people, carrying out daily business tasks, and learning. Yes, you must never forget that there is no end to the amount of research you can do. Even though I own my own business now and know a lot about it, I can never know everything and there is always something new to learn about how to manage a small business.
‘Do you make a steady income?’
Initially I did not, but now it is better. If you are planning to become an entrepreneur, remember that it is not going to be steady. Some months you may make a lot, and others not so much.
However, if you stay steady and keep working for a while, you can be assured that you won’t be making too less. Initially, there were months where I wasn’t making anything, and now I make something substantial every month. So it is all about staying committed in the right ways.
‘Do I have to quit my job?’
When I decided to own my own business, I initially had the idea of quitting my job in mind. However, I did not do it immediately, because I needed the back up. So if you don’t have some comfortable savings, you should initially not quit. Because if you fail, you will be back and square one and that sort of depression and stress is hard to overthrow.
However, once my business settled and the idea that I own my own business became a reality, I did quit. However, I only did this when I was sure that my business was making some progress, and that it needed more time now and I could not work two jobs.
‘How is your social life?’
Unsurprisingly, this is a fear many people have. Because managing a business alone can be daunting and they think they may have no time for social life.
Is this true? Yes and no.
No, you won’t completely be immersed in your business and have nothing else to do. But yes, you will have to condense your social circle.
When I first decided to own my own business, there were so many people who criticized me and discouraged me. I eventually had to learn to block the negative people out of my life, because I needed all the positivity I could find!
So yes, this can be hard. The mere idea of having to manage a small business alone can be scary. There are a lot of ups and downs along the way. There are times when you have a lot of money and there are times when you are broke. But now that I own my own business, I look back at all of it and think, was it worth it?
It absolutely was!!