Starting a small business can be one of the most rewarding ventures you’ll ever undertake, but it is not without its challenges. The fight to be successful requires extreme dedication, hours of hard work and a lot of sacrifice. For the most part, these are good and necessary things, but some entrepreneurs may be making sacrifices that are unnecessary – and even harmful.
Trying to shoulder the load alone
As a self-reliant business owner, it can be easy to think you can either perform most tasks or learn how to do them, without needing to pay someone. However, by working alone, you subject yourself to mistakes that could be costly – for instance, bookkeeping – and you limit your business’ ability to be successful in the future. Instead, choose to delegate. Make careful, informed hires, and bring in bright, competent employees eager to come alongside you and make your company more successful. Build a strong team and the entire company will become capable of so much more.
Foregoing a written agreement with business partners
When forming a business, some owners choose to skip a written agreement with their business partners to keep peace and maintain friendships. However, no matter what type of ownership agreement you’ve settled on, it’s vital to write up a document that outlines each partner’s responsibilities and rights. Without a written agreement, owners subject themselves to the risk of costly, emotionally painful disputes that could have easily been avoided.
Sacrificing family for work
Owning a small business requires extreme dedication, often at the cost of personal time. It’s challenging for business owners to juggle personal and work life. Despite the difficulty, taking time for loved ones is critical for business success. A perpetual cycle of overwork will lead you straight to burn out, which could cripple your entire business. While your family might not be able to enjoy unlimited evenings or consistent vacations with you, be careful to carve out time for them, even if this occasionally means less time dedicated to work. This necessary investment will make both you and your business stronger and more effective.
Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.