If you’ve ever thought about becoming an entrepreneur, you’re not alone. Not only do startup owners have the chance to be their own boss, but they also get to work in industries they feel passionate about while building businesses that can be their legacies.
While entrepreneurship clearly has its advantages, it’s important to realize that business owners don’t have it all and must give up some things as well on the road to success. Here are seven sacrifices you can expect to make on the journey to launching a new business.
You may think your current salary is unsatisfying. But if you plan to leave your full-time job to start a new business, you should expect a significant drop in income during the first few years.
Not only can entrepreneurs anticipate low-to-no profits during the early days of business ownership, but many startup founders also wind up investing their own cash in the business to simply get off the ground. If you’re not prepared to sacrifice your salary for at least a few years, then entrepreneurship may not be for you.
2. Job Security
When launching a small business, job security tends to fall by the wayside. Along with the loss of a regular paycheck and health benefits, startup founders often sacrifice the comfort and security that comes with knowing what they’ll be doing eight hours a day, five days a week.
In fact, startup founders regularly find themselves facing unexpected challenges, such as securing funding from investors or dealing with emerging competitors in the field. If you aren’t prepared to sacrifice security and routine, then a career as an entrepreneur may not be ideal.
3. Family and Friends
If you’re planning to start a business, you should be prepared to sacrifice some amount of time normally spent with family and friends. Although many people will be supportive when you first announce your plans to launch, loved ones are likely to grow frustrated if you continually cancel plans to deal with business emergencies.
With this in mind, aspiring entrepreneurs may want to refrain from launching companies during times of great stress or life adjustment. If you’re going through a divorce or dealing with the recent death of a loved one, you may be better off starting a business next year.
It’s no secret that long hours are a fact of life in the startup world. In fact, a recent article suggests that entrepreneurs work an average of 60 hours a week and spend additional time thinking and worrying about their businesses.
While all those long hours are crucial when a business is first starting out, it’s not uncommon for an owner’s health and well-being to suffer due to sleep deprivation and a lack of medical attention. If you’re thinking of starting a business, try to make plans to join a spouse’s healthcare package or save up for an individual plan to get you through.
Many entrepreneurs sacrifice their precious downtime to get their businesses off the ground. After all, if you don’t have time to sleep or look after your health, the odds are you won’t be hitting the gym, watching TV or going out to bars with your friends, either.
To give your business the best shot at success, be prepared to sacrifice your recreation time for the first few years after opening your doors. The startup world is a competitive one, and entrepreneurs have to put in extra hours if they hope to outlast the rest of the pack.
Thinking of starting a business? You may want to put a temporary halt on dating as studies suggest that romantic relationships tend to suffer in the world of entrepreneurship. The fact is that both new businesses and new relationships require a serious time commitment to get off the ground.
Further, new partners may not be willing to stick it out during the hard times. If you aren’t prepared to sacrifice your love life for at least a little while, entrepreneurship may have to wait.
Are you the type of person who likes to keep close reigns on every aspect of your life? As an entrepreneur, you have to be prepared to sacrifice control in favor of the chaos of running a startup business. The fact is that even the hardest workers can only accomplish so many tasks in a single day. As a result, successful entrepreneurs must loosen their grip and trust their employees and investors to carry the load.
Additionally, owners have to move quickly and take financial risks without worrying too much about the consequences if they hope to succeed in the cutthroat startup world. If you can’t let go of your need to control every aspect of the business, your new company may be doomed to failure.
From working long hours to losing sleep, the sacrifices associated with small business ownership are numerous. However, with hard work and perseverance, the chances are good that your small business will become something you can be proud of.