Running a Business Takes Time

I meet with people who want to start a business—or have already started a business—every week. They frequently describe one of the reasons for starting the business so that they can have more time with their family, on their own, or to pursue hobbies.

Their answer indicates a lack of understanding about starting and running a business. I grew up surrounded by self-employed entrepreneurs or business owners. My brothers-in-law and cousins own their own businesses. Many of my friends and clients run their own businesses. I’ve watched the dedication and time they apply to run their businesses.

Business Owners Fulfill Several Responsibilities.

Small- and home-based business owners do all the work of the business. They

• Produce the product or deliver the service
• Market the business and make the sales
• Process the accounts payables and receivables
• Maintain the records, inventory, and contacts
• Perform purchasing, receiving, and shipping

I remember when my grandmother died. Her five sons came to the funeral. Three stayed for a week to help their father adjust the affairs of the mother. All three of them had a three-day funeral leave from work and vacation time to spend with their father. The other two stayed for the funeral and had to leave immediately. They owned their own business. Time away from the business reduced money earned.

Multiple Demands on Time

Seldom do business owners start their day later than 7:30am or end it earlier than 7pm. Many women decide to start a home-based business to add to the family income and stay home with children. Many men decide to do the same. They fail to consider the demands of children, neighbors, and others who require attention during work hours.

Many of us start a business while still working full or part-time jobs. Which means that we work 40-60 hours on our job. Then, we work another 15-30 hours a week on our business. We lose sleep working and we lose sleep worrying.

If you decide to start a business, consider carefully the amount of time you will need to dedicate to starting and running it. Every now and then, we need to remember that.