Why you should start a small business…
Why start a Small Business? I am assuming that by reading this post, you have a moderate to strong interest in starting a business. Many people often dream of having “their own business” but never set out on this great voyage. There are many reasons (or excuses) that we all have heard. “I don’t have the money”, “I don’t have time”, or “I don’t know how to do it”. In this post we will answer these questions and more, in order to help you battle some of these internal limits. Before we tackle some of these hurdles that we may encounter when starting a business, let’s first learn about some some of the great benefits of having your own business.
Benefits of having your own business
* No boss – Yes, that’s right, you will be the boss, no one above you. Many people dream about this benefit the most. “I wish we can do things my way, the boss doesn’t know anything”, “The boss is riding my butt all the time”, and on and on. At every company, there is always truly someone above you, when but you start your own business, that person is only you!
* Unlimited earning potential – This is perhaps the hardest benefit for people to wrap their arms around. As a society, most people are used to a salary relationship. Salary is basically trading time for money, if you work “x” amount of time, you will earn “y” amount of money. No less, no more. Have you ever been at an employer and work harder than others around you? Perhaps the same amount of hours are being worked, but you are simply more productive. You are still being paid the same as the unproductive people around you, how does that feel? I don’t know about you but I would like to be compensated extra, if I am doing extra! There are many ways to make a lot of money with a Small Business. You can sell high volume of a low priced item/service, or a low volume of a premium priced product/service, or a combination. Let’s just say for a moment that you are selling a product that costs only $4, once you sell 250,000 of these products, that equals 1 Million Dollars in Gross Revenue (before expenses and taxes). That is pretty exciting stuff, don’t you agree? Many developers are currently benefiting from that very model by creating phone applications for instance.
* It’s your asset – Let’s just say that you work at a company as an employee and you are earning about $75,000 per year in annual income. You work there several years, but then the job is now eliminated, and you lose your job. How much income will you now receive? The answer is NONE. Just unemployment will be your source of income until you find a new job. Now let’s say you have a Small Business of your own and are earning about $75,000 and you decide to stop the business or just don’t want to do it anymore. The income doesn’t have to stop, you can sell your business, continue to receive a buyout or even a lump sum. Obviously there is also a chance that the business fails, meaning that the income will be NONE after like an employer situation. This is why you are keeping your full-time job at the same time.
* Leadership opportunity – A business owner can also be a leader when expansion occurs. Many business owners really enjoy the part of hiring, training, and mentoring employees.
By now I hope you are sold on the idea of having your own business, even if you already have a full time job.
What if I have a full time “regular job”?
“Having a job already” is one of the popular excuses we briefly mentioned above. We will now explore this hurdle further and come up with some good ideas for time management. We have all heard the saying that “everyone has 24 hours in a day just like everyone else”. This is a very true statement, the most successful business people in the world, just do one little thing better than most when it comes to time. They manage it well! Let’s look at some examples of good time management and how much time we really all have.
You have time each week (Let’s explore)
A full time job typically occupies 40 hours of your time each week. I understand some people may work less or more than that, but we will use 40 hours. In a given week, there are 168 hours that exist. Let’s first subtract the 40 hours of work per week, leaving us with 128 hours left in the week. Now let’s subtract 2 hours per day for commute time, leaving us with 118 hours left. I suppose we all need to sleep each night, so let’s subtract 8 hours of sleep per night, leaving us with 62 hours. Next we need to cook and eat each day, so let’s subtract 21 hours (3 hours per day), leaving us now with 41 hours. We have covered driving, working, eating, sleeping, and we still have 41 hours left in a week!
Now I know what you are saying, that many little things and responsibilities aren’t factored into that equation. That’s a fair point, even if we say that we have 15 hours or so per week available, that’s still better than “no time”. Most Americans get home in the evening, have dinner, put kids to bed, and watch about 3 hours of TV on average before bed. There’s 3 hours right there each evening to build your business!
Let’s explore a couple of strategies that can help you with creating or finding time for your small business.
Some people are a morning person and some aren’t, we have all heard this before. I believe that anyone can be a morning person if you have a REASON to get up early and start your day. Let’s say you currently wake up each morning at 7:00am in order to get ready for work and manage your other responsibilities. Start waking up each morning at 6:00am, and with the extra hour, it allows you time to start/manage your small business. Each week this will translate to 7 extra hours or 30 extra hours in a month. Once you can steadily do 1 hour early, move to 2 hours earlier in the morning. Now you will have 14 hours per week or 60 hours per month to start or manage your business! Not bad, right? Here are some advantages for an early morning routine.
* Very quiet – This proves to be a very quiet time, chances are if you have a family, they are sleeping still at this time.
* Distractions – During the morning, there are very little distractions or demands from outside sources; friends, family, and work. Carve out time during the day and you may be stuck answering texts, emails, phone calls, which will all cut into your time for your new, growing small business.
* Productivity – This isn’t true for everyone, but most people are most productive in the morning when they first wake up. In the evening or night time, you may be drained from your day at work, household chores, exercise, or just simply being awake all day.
A good resource to help you establish a morning routine, is a book by Hal Eldrod called “The Miracle Morning”. I highly recommend this book as a resource to get your mindset right on waking up in the morning early. The author has also created an “accountability” group on Facebook which also proves to be very useful in establishing a routine.
I of course understand that some of you may be reading this right now and thinking that a morning routine will not work at all for you based on your work, family structure, or you just can’t simply get up in the morning. That’s ok, let’s review the night time routine!
Ok, so morning isn’t exactly a good match for you. Maybe you arrive at home from your job at 6:00pm each day. Let’s just say you go to bed around 10:00pm each night. This schedule gives you 4 hours depending on the night. During that time, there will be dinner routine, kids time, and of course watching tv and surfing the internet. There are a couple of options here to carve out an hour of time. The first option is to carve out the hour before you go to bed as your “business” time, giving you 7 hours per week or 30 hours per month. Doing this wouldn’t change your schedule a whole lot, just requires carving out that time. The other option is to stay up an hour later than normal and dedicating that to your newly growing small business. Another words, bedtime would now be 11:00pm in order to dedicate some time to the small business. Just like the morning routine, you will be able to increase that time to 2 hours once you are comfortable with that time arrangement.
Please note that the same advantages for a morning routine will hold true for your night routine in most cases. If you have a family and they are normally in bed by 10:00pm as well, this means that quiet time and distraction free time will be in full effect for you as well. The advantage of productivity will most likely apply to you since you are a “night time” person!
Of course, these ideas have just been suggestions and ways that you can carve out extra time to start or manage a small business on the side from your full-time job. There are clearly many other ideas that can work as well. Start testing out various routines and see what works for you.
Don’t forget to check out Hal Elrod’s great book about establishing morning routine! Click the book below to be taken to Amazon.