Some common misconceptions about being a business owner include:
Misconception: Business owners have more free time and flexibility.
Solution: We are just as busy as the next person, if not more. But by setting clear boundaries, creating schedules, and delegating tasks effectively, we can create more free time and flexibility in our life. For me, it is important that I prioritise personal time and develop time management skills to ensure a healthy work-life balance.
Misconception: Business owners make a lot of money quickly.
Solution: I can tell you that this is not true. During my first year of business, I made 25% of my previous full time salary. 😬 To grow a business that is financially successful requires significant investment, time, resilience, and a long-term perspective.
Misconception: Business owners have complete control over their work.
Solution: There is a lot we can control when you run your own business, such as your vision, type of product, culture of the business. However there is so much that is out of our control such as managing other contractors, dealing with market fluctuations, and adapting to unforeseen circumstances. While we have more control over decision-making, we also bear greater responsibility.
Misconception: Being a business owner is less stressful than being an employee.
Solution: This couldn't be further from the truth. Some days I wish I was an employee again and I didn't have to carry the weight of responsibility. There are many pressures and stressors that come with running a business, such as financial risks, handling client demands, and managing the overall operation. It has been important for me to incorporate stress management techniques and self-care to help minimize the negative impacts.
Misconception: Business owners don't have to answer to anyone.
Solution: As a business owner, we have multiple stakeholders, including contractors, clients, vendors, and investors. We must be accountable to all these parties as well as fulfilling our responsibilities as leaders and managers.
Misconception: Business owners always have clear directions and know what they're doing.
Solution: If there was a physical representation of 'making up as you go along', that would be me. I don't have a business degree so I had very little knowledge of what is needed to run a business but I have learnt along the way. I am constantly learning and adapting to help know what my next business steps will be.
Signing on,
