People often extol the virtues of starting your own business. You become your own boss, you set your own schedule and you can do what you love for a living, which all sounds wonderful. It can be wonderful, but you also have to be willing to put in a lot of hard work and put up with some of the negative aspects of starting your own company.
First, know that you will take work home with you. If you are starting a home-based business, then you’ll deal with what seems like an impossible work-life balance at times. Even if you have an office outside of the home, you are going to have to work more than 40 hours a week as you launch your business, and that might mean hitting the laptop when everyone else turns in at night.
Second, all the decisions about the business are on your shoulders. When you worked for someone else, you might have had responsibilities, but at the end of the day the ultimate responsibility fell on your boss. When you own the business, it all falls on you. That can be very stressful and can make it difficult to make decisions.
Doubt and uncertainty can make you more cautious than you need to be, which can delay business success or growth. At the same time, if you make drastic decisions, you could put your Colorado business and your personal livelihood at risk. Seeking professional help from lawyers, accountants and others can be a good way to hedge some of your bets in this regard. A lawyer can help you create a strong legal foundation for your business or vet new contracts so you are more sure about the decisions you make.
Source: Entrepreneur, “What it Means to Own your Own Business,” Harry Welby-Cooke, accessed Oct. 14, 2016