The Good, The Bad of Having Your Own Business

I am glad that - after years of contemplating, I finally have a business.  It's scary. It's fulfilling. It's a whole new adventure, but it doesn't stop there.

More than I care to admit, I have been more stressed than I ever was.  Is it excitement, giddiness or something else?  I required more "alone" time than ever just to keep track of my train of thoughts.  But other than that, I can't really say I regret it.  This is going to be a trying time for me. 

Anyway, I know I'm ranting but there are so many advantages (the good) and disadvantages (the bad) of having your own business, here are some:

THE GOOD:

You get to do what you love

Just like everyone else would say.  It's fulfilling ones dream.  You get to do what you are passionate about.  This is your dream, your baby.  And you get paid for it. :P

It's continuous education

You get to learn something new everyday.  - This strategy doesn't work.  This works well.  - It's a trial and error process.  You get to be a student. 

You can do it part time or full time

This can be your side job.  It can also be your bread-and-butter.  It's how you manage your time. 

THE BAD:

It can be overwhelming

When you're good at something, it shows in your work.  People appreciate it and well, as the words spread, before you know it, you'll be doing stuff left and right.  Just be sure you don't get too stressed that you compromise your work.

It takes up most of your time

When your business is booming, it tends to take up most of your time.  It needs constant attention.  Unfortunately, it isn't just the business that you have to worry about.  There's the clients' needs, the employees, your finances, the business' finances, etc.  And as much as you want to take a rest and let it do everything themselves, you can't... at least in the beginning (startup).

There are obviously a lot more of these "good and bad" scenarios on having your own business.  To tell you frankly, I have a lot on my plate and I feel overwhelmed.  But this is something I chose.  This is the fulfillment of my dreams.  And although, it can be scary, overwhelming, stressful, tiring, draining, IT WILL ALWAYS BE WORTH IT.

Saving Up and Setting Up a Small Online Business

Saving Up and Setting Up a Small Online Business

by Katie Comer

Online businesses are on the rise, with operations migrating from the garage to the computer. And through careful strategy, your business can exist on the web, too. Here are a few of Modernize’s favorite ideas that can help set up a small business.

Do Your Homework

To have a successful online business, it must offer a service or need that’s either currently not available on the market or can be strengthened for its customers.

Look at how your competitors are delivering this service to determine which areas can be improved. Once determining your product, determine its delivery cost and the costs associated with having an online presence.

Anticipating the Costs

The first and important step to establishing your online business is to begin saving. Any business—whether physical or digital—has costs and expenses. Domains, web hosting, site design, and advertising all cost money and are crucial to keeping your business relevant in a digital environment.

If code isn’t your language and design isn’t your eye, outsourcing work to freelance developers and designers should be anticipated. Websites like Guru and Upwork provide freelance options, listing availability based off portfolio size and cost. Once the online presence your business needs is established, determine which areas can be completed in-house and what should be outsourced. This will help determine costs and form your startup budget.

Saving the Money

Saving money to start an online business should be approached like saving money for any large cost or purchase. It begins with looking at your current financial health, starting with the incoming money and outgoing expenses.

Distinguish between needs and wants, then see if there’s fat that can be cut from your wallet. There are the obvious small but lavish costs that can be cut, like that gourmet cup of coffee or trip to the car wash. And there are deeper strategies, like adjusting your smartphone’s data plan or your cable subscription.

After figuring out what monthly costs are vital and expendable, create a budget and stick to it. Work with your bank to have automatic deductions at the beginning of each month. It is more difficult to spend money when it’s not in your checking account for immediate access.

Deliver and Market

Craft your sales pitch and have it ready. It should be succinct and memorable. Begin thinking about what you would tell your customer base if you only had 30 seconds, perhaps if you got your big chance while in line at a coffee shop or on an elevator. Take your message and get it out there. Marketing online is convenient, with advertisement space available on every website and every page. But be thoughtful where you market, and determine your customer’s demographics and push onto sites where they visit.

With your website live and your pitch message being marketed, make sure to keep your business healthy enough to sustain any new customers. Online costs can fluctuate, so adjust with your business’s current financial status. But it all starts with the first website and its first costs. Begin planning and saving today for an online business that could thrive tomorrow.

 

Katie Comer is a writer for Modernize.com.  For details and information regarding the writer, kindly visit - modernize.com