Personal Impact

Balancing work and a home life is a challenge for many business owners / entrepreneurs.

For many budding business owners, quitting the corporate rat race is a long-cherished dream. But the reality of self-employment can be a serious shock, especially if you haven't done your homework. Aside from the success or failure of your enterprise, starting your own business can have major implications on your personal life. Long hours can take a toll on your personal relationships, leaving your partner, family and friends feeling taken for granted while you focus on growing your business.

The Hours

Launching your new business will require a major commitment of time, especially in the early stages when you can't afford many, or possibly any employees. Depending on your business and its location, it's not uncommon to find yourself working 70, 80 or even 100 hours per week and remember to factor in the daily commute. We know when a store closes isn’t when the work stops. This doesn't mean you've planned badly, or that you're doing something wrong. It just means there's a lot to do and nobody else to do it, such as finding suppliers, ordering stock, merchandising, your accounts, to name just a few. It's important to block out time each week to take some rest and relaxation, otherwise fatigue can lead you to make bad decisions and worse, it could affect your health negatively. It can also be hard on your relationships.

Your Relationships

If you're already married or in a relationship, self-employment can place your bond under significant strain. Where if you're single, the time commitment of self-employment can make it difficult to meet and woo potential life partners. The hours and stress of running your own business can bring out the worst in your character, and your physical and emotional fatigue can leave your partner feeling isolated. To prevent resentment from building up, communicate clearly and anticipate possible problems before they happen.

Financial Instability

Working for a salary isn't as exhilarating as running your own business, but it's stable and dependable. You know when your next paycheck is coming and how much it will be, you may also receive holiday and sickness payments. Running your own business won't necessarily be able to match that, especially in the early days. Uncertainties about money can add to your stress at home, magnifying any disagreements between you and your spouse. If you've staked all of your assets on the business -- and especially if you've borrowed from family, the fear of losing everything can be almost overwhelming. Conquering that fear is part of being an entrepreneur.

It's Not All Bad

That's not to say that running your own business is all doom and gloom. The early years can be terribly stressful, but they pass. As your company grows, you will acquire help to cope with the daily grind. Your family sees more of you and your hours start to shorten. You'll have learned how tough and resourceful you can be and how much you and your spouse can get through together. Best of all, you'll have the pride and confidence that comes with knowing you've taken an idea and made it work.

Coming Soon

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