For many people, having your own business sounds like the perfect job. You can do work that you love. You can set your own business schedule and wear jeans to work. You never have to listen to a boss, and you make all decisions yourself. You can even raise your salary any time you want.
But the reality is different. “Having your own business can be lonely,” says David Paik. After working for an advertising agency for six years, he started a website design business at home. His first income in the first two months was $0. Finally, he got a big project creating a website for a magazine. Then he had a new problem: his schedule. “I was working twelve hours a day, seven days a week, because I didn‘t have employees to help me.” Today, Palk Web Design is successful, but David says, “I really wasn‘t prepared to be a business owner. I didn‘t understand the challenges.”
Some of the challenges are practical. With no boss, it’s easy to take too much time off and get too little work done. With no co-workers, you might feel bored or lonely. You have to pay for your own benefits like vacations, insurance, and a retirement plan. And if you make a bad business decision, you could lose all the money you invested. For all of these reasons, more than half of all new business fail within one year.
Another problem is balancing work with personal life. As a business owner, you can‘t just stop at 5 p.m. and forget about your work until tomorrow. “Even when I’m watching TV in the evening, I’m always thinking about my clients and projects,” says David Paik.
Still, hundreds of people around the world start businesses every day, and most enjoy the experience. “There are lots of advantages to have your own business,” says Denise Williams, the owner of a women‘s clothing store. “You can decide exactly how to do your work, how much money you want to make, and who will work for you.” Williams borrowed money from family members to get her business started. She began by making and selling T-shirts in her apartment, and she has just opened a new, large store.
Laura Castro, owner of a translation service, agrees. “When you are your own boss, there are no limits. I started five years ago, translating Spanish and English. Now I have employees who work with six different languages. And five years from now? I can’t imagine!” she smiles.
