The Ultimate Dream Is To Be your Own Boss To Get Your Online Business
Getting your online business is the holy grail of entrepreneurship. You can work from home. You can set your own hours. You can choose when to work. You can be with your family and travel all you want. Fire up the laptop from a beach!
Well nothing can be further from the truth. Only a few people talk about the hard work that it takes to be self employed. Many business owners claim that they put more hours that they ever did working from someone else. Think about that. There is an interesting article by business trends:
Here’s what they found—see where you fit in:
- Sleeping Soundly: Thirty one percent of the respondents say being an entrepreneur has met their expectations. They enjoy a good work/life balance and are successfully managing the financial aspects of their businesses. They are confident about their present financial stability and feel they have planned well for the future. This group had the highest business revenues of all the women surveyed.
- Dreaming About the Future: Thirty three percent of the entrepreneurs report their businesses are in a moderate or stable stage of growth. They have a good work/life balance with enough time for family and friends. While not as high in terms of revenues as the Sleeping Soundly group, this category plans to grow their businesses, maintain financial stability and transition to retirement. To reach these goals, they are comfortable taking risks.
- Sleeping With One Eye Open: Sixteen percent of respondents fell into this category, which had the lowest reported business revenue and the fewest employees. This group was not focused on or planning for future events such as retiring or transitioning the business to family members. However, these business owners are very satisfied with their work/life balance and feel that their businesses meet their expectations. It’s possible (although the survey didn’t include this) that these women had lower expectations for their businesses, such as working part-time or starting them primarily to gain work-life balance or as a job replacement.
- Tossing and Turning: Here’s where the results get worrisome. Fifteen percent of study participants are “extremely stressed” by business ownership. They say being a business owner is not what they expected; they worry about almost every aspect of owning a business. They report a lack of work/life balance and overwhelmingly feel that their businesses take away from important time with family and friends.
What it means to my online business is:
- 31% are successful being self employed
- 33% are doing ok looking into more success
- 16% respondents have less employees and less things to worry – Many online business (es) are one man/woman shop and look at online opportunities to supplement their income
- 15% hate the whole self employment concept – it has worked out against them
Although these results are from only from women, it is typical to find the same issues across gender. The key here is to work your business in a way that is manageable. If you are a one man/woman shop try to take each task of the job at intervals – Useful technique
Make sure you document every single aspect of the business. Why? Because part of your plan is to outsource/hire people to do the most time consuming task so you can concentrate on growing your online business.