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_gail -> RE: The big Bucks???? (9/1/2003 13:51:02)
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I can't add much more the good and practical information that has already been given so let me get a little philosophical, barry, and share some thoughts based on what I learned owning and operating several small businesses (with my husband and by myself).
Being in your own business, always but particularly in the beginning stages, is just plain a lot of hard work. I have found this to be the rule rather than the exception. It takes at least a year or two, maybe three, to “find yourself” and to begin making a profit. IMHO, if you work that hard you deserve to make a profit not just meet expenses including salary. Otherwise, you can work for someone else and have weekends and nights off.
Running a small business certainly has its challenges but I believe the rewards far surpass them (easier said looking back than when first starting a business). If family means a lot to you, and it obviously does, then make it a priority to find the right balance between work and time with them. If you work from home, you're never out of the office so make a conscious and concerted effort to keep reasonable working hours. Commit to quality time with family.
Many business owners find it helpful to create a written business plan. In it, set a goal/vision as how you want your business to look in a year, five years, ten years. Every now and then review and, if necessary, revise that goal. By doing this you will be able to measure your success. Set reasonable goals, too, about the income you expect. I have a client whose business grew quite large and had to hire several employees. She found out that wasn’t what she really wanted. She examined the impact of the business size and demands on herself and family. She made the conscious decision to scale back, reduce employees, become more selective about the customers she accepted. In fact, she actually branched out and ventured into a new but related business and is making more money than before.
I’d like to say something about small vs. big business clients. In one of our businesses, we eventually had both and it worked well. We built up a loyal, good-paying customer base with few of them being what I’d call “real pains.” We made big money from our big clients and it was great. But we also made a determined and conscious effort to develop and maintain relationships with small ones (note: small customer does not necessarily mean they are cheap or unprofitable). The small clients were our bread and butter, the foundation of our business. There can be a danger relying solely on “biggies.” Even if they like your work well enough, one day along comes a brand new CEO or other corporate officer who has a friend in the business, and it’s bye-bye to you.
gail
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