6 years ago, I left the telecommunications industry to open a small business. I now own and operate a small, independent grocery store in rural Virginia. Biggest change in my life (I'm 58yo).
It was a vertical learning curve but it all boils down to business practices.
- Banks will shun you
- Vendors will screw you
- Customers will screw you
- Provide your own health care
- Provide your own life insurance
- Provide your own retirement
- Your employees will screw you
- Your state and federal tax people will screw you
- Have escrow accounts for you taxes (state, sales, fed, 941, etc)
- Employees are hard to deal with. They never have the same work ethic as you do. (Why should they? It's not their money!)
- I get one day off per year. (Christmas). I work 100+ hours per week, 7 days per week, and only pay myself $700 per week. When I was with Lucent, I made $200k+ per year.
But I've never been happier. I'm my own boss with my own employees. I set the tone of everything.
I don't shave every day. I wear jeans and sneakers.
I AM IN CHARGE!
Downside....
If you fail, there is no one to bail you out. You don't get unemployment, you don't get severance, you don't get dick!
Good Luck!!! It's scary, but I wouldn't have it any other way.
You are so correct with your list. Nobody, that's NOBODY cares more about your business than you the owner. As far as the hours worked...after the last heart attack and bypass surgery the hours have been reduced from that typical 80-100 hours a week to only 50-60 hours. Even with all the pitfalls I still would never work for anyone else.
Good list.
adding one thing :
I often had to work on Christmas day and eve.