There are personal costs to starting a business. But those costs do not have to be permanent expenses. In this article, we’ll talk about what costs you can expect and how to manage them in your own life.
- Too much time spent apart from family: Your family is important and if they are as excited as you are about starting a business, they will likely be very supportive and understanding. But don’t take that for granted. Solution: Set aside quality time for them each week. Perhaps that means getting away from the business completely for one day, even for just a few hours. Schedule time with your family if you have trouble remembering.
- Too little time spent on yourself: Your body needs you, too! Too much time in front of your computer or on the road can damage your health: you don’t eat well, you don’t exercise properly, you don’t sleep well. Solution: Be sure to get exercise and eat right. Schedule it in, if necessary.
- Stress is too high: Starting a business can be stressful. That kind of high stress for a prolonged period of time can be bad for your health, resulting in ulcers and even heart problems. This is one of the hardest things to shake in business. Solution: Planning your business and having pre-determined contingency plans should help to minimize stress. Make sure you are in good health before starting a business.
- Personal relationships fade away: Aside from your family, your friends may wonder about you, too. Have you disappeared completely? You may not have as much time for your friends and if they don’t have as much riding on the business as your family does, they may not be as supportive. Solution: Be sure to talk with them before you start your business and let them know what you need, what they can expect from you, and commit to spending time with them.
- Friendships are lost: Aside from your friends fading away, friends that become business partners can often result in the loss of a friend. That doesn’t mean you shouldn’t go into business with your friends, though, it just means to be careful. Solution: Outline exactly each person’s responsibilities and rewards. Don’t assume anything and don’t do things merely by handshake.
- Financial loss: Many businesses fail in the first two years. The result is tragic financial loss and the necessity to “get a real job” to pay the bills. Solution: Plan your business thoroughly before starting. Have a buffer account or a supportive spouse with a paycheck. Incorporate in order to separate your personal and business financials.
No business is exempt from problems so no business owner is exempt either. There will be problems but with these solutions, you’ll minimize those problems and enjoy the experience.
