Do you REALLY want to own your own business?

While there are plenty of reasons to love owning and running a small business, it isn’t all absolutely  marvellous. The sacrifices of running a business are considerable. There are significant challenges  that all small business owners face requiring sacrifice, determination and resilience.  

Do the positives of owning a small business outweigh the challenges? 

Although there are plenty of things to love about owning a small business, I know from experience  there are many aspects that aren’t as positively glowing. 

For example, many small business owners believe that they could never be away from their  business, leaving miniscule time to focus on themselves. Ask business owners if they take vacations  or see their family and friends as much as they would like to-especially over summer! Ask them  about the stress! 

The money trap can strangle your business. Cash flow is crucial and as many owners have sunk all  their savings into their company, they must constantly work to keep the business alive – this  requires working continuously and for many means holidays are just not an option. 

Wearing many hats in your business creates a major drain on energy and this constant demand can  begin the business owners’ cycle of mental health decline. Just consider being in charge of wages,  PAYE, GST, TAX , your own clients treatments , team sales, team KPIs , all media channels marketing, day to day operations, customer relations both positive and negative, painting the clinic walls,  repairing equipment, team rosters, duties, council officer health visits, and accounts payable – yes,  the struggle of having many roles or as I say the wearing so many hats is, I believe, the most difficult  part of their job. 

Let’s pause and consider the effect of School holidays on business, Statutory holidays, product sales  representatives visits, team educational requirements, dare we add in Global Virus COVID and other  economic storms. The constant need to draw new customers into the business, maintain a  rebooking rate of 87% every week and thus retain existing customers and keep up with new  technology are among the other tough aspects of being the “Boss”. 

What worries business owners in 2021?

Long hours, stress and financial pressure are taking an increasing toll on the mental health and well being of small to medium business owners. 

New 2021 research, from the New Zealand company MYOB, has found that “just over a third of NZ  small business owners and decision makers have experienced a mental health condition since starting  or taking over their current business.” An MYOB senior sales manager said,” Our NZ SME owners are  working incredibly hard, and the fear of failure is also contributing to worsening mental health. For  many business owners, failure is viewed in a negative light, and there is a feeling they will be letting  others down if they don’t do well.”  

This MYOB business survey results depicted the following as what is worrying small business owners  in NZ. 

1.Covid Repercussions 52% 2.Lack of Sleep 37% 

3.Workload 27% 

4.Personal finances 20% 5.Personal Relationships 19% 6. Business finances 17 % 

Avoiding burnout is then the challenge. Fatigue, exhaustion and emotional depletion leads to poor  decisions and potentially the desire to give up. I know this is the case across New Zealand as  business owners email me in my consulting business – I am the one that fields these emails and  phone calls in 2021. 

I take the time to discuss how business owners can successfully grow back into their business and  the learning experiences they all have had, and how to reshape the business into a manageable  business module. I reshape the conversation to embrace mental health needs and share guidelines and practical proven solutions to result in a happier and more successful working day for all  concerned. 

Are the sacrifices and challenges are worth it? 

There is both love and benefits to be had from running your own business. You have the opportunity  to pursue your own passions, the freedom to control your professional life, have flexibility in the  hours you work, the freedom to try new things, make your own decisions and mistakes. It is  powerful to control your own destiny and put your stamp on the business, following your own  beliefs and values. 

Being a small business owner may be one of the toughest jobs, and it certainly can be scary but it is also one of the most rewarding roles if approached correctly. So now ask yourself, are you keen to  own your own business in your industry? 

Article created by Margaret Walsh.www.margaretwalshconsulting.co.nz