When I sat in cubicle nation I always envied those who ran their own business; set their own hours, held meetings on the patio at Starbucks and didn’t have to report to a boss.   As the owner of a start-up I can say that all of those perks exist.  But, just like anything else in life, there are unexpected downsides.  For anyone who is thinking of starting up their own venture here are some of those pesky drawbacks that you might not have thought about.

Benefit:  No more 9-5pm sitting in a cubicle
The benefits of setting your own hours are obvious – I shop when there are no lines, I easily get doctors & dentists appointments & I can play with my daughter whenever she’s awake.  The drawback that no one tells you about is that if you don’t get to “clock out” then you are essentially always working.  I feel like I am always on the clock – and really, I am.  There is almost always something that I could & should be doing to move the business forward.  There are always new ideas popping in to my head, to-do’s that somehow slipped through the cracks & tedious administrative work that is ever-present.    When you run your own business be prepared that it will be all-consuming.

Benefit:  I define what it is that “I do”
Leaving the corporate world meant leaving behind a quick, easy answer to the question “What do you do?”.   Which is great because I didn’t have any passion behind my job title or description.  Yet, now when people ask me what it is that I do, I’m not quite sure what my answer should be.  Is my title a Stay-at-home Mom?   Entrepreneur?    Small business owner?   Cofounder of online startup?  Some of those sound more natural than others.  Even if I can initially provide a decent answer, when I’m pressed for details on my exact role & duties I’m still at a loss.  “I run a website”  “I tweet”  What exactly is it that I do?  That corporate Job Description doesn’t look too bad some days.

Benefit:  No more TPS reports
I have escaped from the corporate world of acronyms!  In escaping from that inane aspect of the corporate world I  entered an exciting, but sometimes frighteningly free world.  I no longer have numerous arcane systems that track my productivity.  Hallelujah!  However, I’m responsible for designing a system that works, that is easy to use and that is cheap (since I’m now footing the bill).  I no longer have a lengthy quarterly earnings call that takes an hour of productivity out of my day.   But….I no longer have quarterly earnings coming from so many places that I need an hour-long conference call to sort it all out.  I no longer have to sit through a yearly review from my manager.  Instead, my feedback comes in my own failures & hopefully I’m aware enough to recognize and learn from them.

Benefit:  I choose my own title…(“Cofounder”!)
When people ask me how work is going, my response is “busy”.   This is because in a small company with less than 10 employees like playplanit, when something needs to get done there are only a few people to whom you can turn.  Thus, I have become Founder, President, VP of Sales, Marketing Manager, Data Entry Specialist, tech guy (or gal, as the case may be), and every other title you can imagine.  The good news is that I am no longer working my way up the corporate ladder – I AM a top executive at my company!  The bad news is that there is no job too small, too complicated, too messy for me to tackle – I do it all.

Benefit:  I make the strategic decisions
At my corporate job there were occasionally decisions made by management that I didn’t agree with.  These varied from product enhancement decisions, strategy decisions, pricing decisions, and so on.  Oddly enough, in a company of 55,000 employees they didn’t think to consult each & every one of us before they announced changes.  But now, I have a hand in every decision that’s made.  Which is very intimidating.  Some days I long for the safety in being a small fish in a big pond who doesn’t have to make the tough decisions that guide the direction of the company.  But that’s not the point in being an entrepreneur!

You’ll notice nowhere in here do I mention that I miss having a corporate salary.  I think most people hesitate on starting their own business because they fear the instability that comes when you’re on your own.  When you write up your business plan, determine how much you need in start-up money and when you can expect a profit.  If you can live on the cheap (and you can) for x-period of time, then jump on in.  There is no time like the present!