Ahh . . . the privileges of small business ownership. How heavy is your load?
Do your family and friends believe your life as a small business owner is about freedom, flexibility and big paydays? Or do they recognize the much more likely reality?
Victoria Treyger’s Forbes Article called “What It Takes To Be A Small Business Owner” highlights some recent survey results of the “glamour” of small business ownership:
- Nearly one-third (29%) work more than 50 hours per week, while 86% work on the weekends.
- 53% work one of the six major holidays (New Year’s Eve, Independence Day, Memorial Day, Labor Day, Thanksgiving, Christmas).
- More than half only eat one meal at home daily.
- 1 in 5 miss three or more doctor’s appointments every year.
- Across the board, SBOs miss out on social events and hobbies because they’re focused on building their business.
- The number one sacrifice each year is not taking a vacation. More than half (60%) only take one vacation per year; nearly one quarter (23%) take fewer than two vacation days annually. When they do go on vacation, more than 75% still work.
There’s no question that small business ownership requires sacrifice. But far too many business owners believe that the burden of ownership will change for them — instead of recognizing that the change in environment will only come from them. Sure, some key changes might be easier if your business grows and results improve, but the sacrifice’s you embrace can become habitual. And that habit can make any chance of an exit from your business impossible.
If you want to sell your business someday you must improve your job. You must change your required sacrifice to a level where your job becomes desirable.