Are you considering the life of an Internet business owner? Well before your eyes gloss over with dreams of endless free time and images of sitting on your couch with your laptop clicking away earning you thousands let me show you the reality of the situation.
A certain image has been promoted of the Internet business owner. It’s often glorified as the great dream, leaving your old job, with the long hours and annoying boss in exchange for a flexible lifestyle that you are in control of.
Well let me tell you – it’s all true!
Well sort of. It’s not by any means easy to do and you lose many things you might have not realised you valued in your old secure job. Let me point out the things you lose that you might want to think about before quitting your job.
1. Say good bye to a reliable and predictable income.
No job is 100% secure and there is a good argument that being in control of your income via your own small business is more secure than a job (you’re not at the risk of downsizing etc) however it doesn’t feel like that, especially when you start out. Even the oldest most established business cannot be certain sales will keep coming. From week to week you go up and down and are never sure when or where your next sale will come from. You can have great months and bad months and the only constant is unpredictability. A steady pay cheque feels a lot more secure than the ups and downs of your own business.
2. Your business is your life.
When you leave work you leave work. Most small business owners live and breath their business so they don’t ever really leave work. Now I’ve got it pretty good at the moment because I love what I do and I don’t *have* to work much though I choose to work online a lot. That being said I am trapped to checking my email day in and day out, 24 hours a day, which is not ideal. Chances are when you start your business you won’t be working 9-5 or even 8-6. Early on you will most likely carry the show and until you can justify hiring others your hours will be long and you won’t have a weekend. However if you are smart, set realistic expectations and remember life is a balance, then running your own business can definitely be less work than a normal job, if you choose it to be.
3. You may never make real money until you sell your business.
An unfortunate situation in many small businesses is that the owner often doesn’t make much more than an average salary, sometimes less. Now if you are evaluating starting a small business based purely on financial rewards then you might want to change your assessment criteria. Many small business owners don’t make a big windfall until they sell their business and often by the time they are making the sale they will be using the money for retirement. Although it is also true that the only way to become really, really wealthy, besides inheritance and lotto, is by starting your own business.
The reality is that only a small percentage of businesses make their owner really wealthy, the rest stumble along earning an average wage. Of course many of those business owners earning an average wage love their lifestyle and only work as hard as they want to. Running your own business has the greatest potential to make you rich and may never make you rich, but here is the important part, your own business is very likely to make you a happier person if you keep your goals simple and aim for lifestyle over riches. Anyone can get rich but the contented people are rich without material wealth.
4. There is no superannuation, paid leave or sick leave.
You may not think about superannuation very much but it’s nice to know that when you have a job your employer is planning for your future by contributing to your superannuation. As a business owner your employer is you and besides looking after your employee superannuation you are also in charge of your own retirement. This is an added worry that you don’t have when you are working for another business.
Having time off is a concept not familiar to many business owners. Being paid when you have time off is like a dream for a business owner. There are some common myths about business owners working 7 days a week even when sick. If you do things right your business should still function without you when you need time off because of illness or even if you dare to take a holiday. However that being said most business owners find themselves as the most critical wheel in the business system and if you remove that wheel things fall apart. The important skill to learn is that the business owner should work on the business, not in it, but that’s easier said than done and especially early on when funds are tight it’s very like you will be working in the business. Don’t expect a paid holiday.
There are no work mates for the solopreneur. You can hire employees that may hopefully become friends but the dynamic is always you the boss and them the employees. If you have been used to working in a busy, lively, talkative office full of peers that share the same perspective as you, with Friday afternoon drinks, group functions and shared time complaining about the boss — you can kiss all this goodbye.
Okay, that’s not entirely true.
Things are definitely different from working in someone else’s business but I’ve seen many small businesses that have great working environments. The difference is as the boss you have to create your own socialisation. You can do this by creating an amazing business culture where all employees are mates and the office is like a party that happens to get work done too. Of if you do not require employees then it’s your job to make sure you don’t turn into a lonely home based business bum. This means flexing your socialising muscles and organising events with other business people (if that’s whom you like to associate with), making sure you stay actively involved in groups and clubs and that you leave the home office now and then to interact with real live people. Much like everything else with running your own business, you are in charge of your social life too.
A day in the life of an Internet Business Entrepreneur.
Now you are familiar with what you lose when starting your own business you can continue to read the next articles in my blog about a typical day in my life as an Internet business entrepreneur. Here you can read about what sort of lifestyle you can attain if you choose to start your own business. I’m not saying mine is an ideal lifestyle and there are things I’m working to change, but my example does provide you with a working model of the home based business owner.
Great article once again Yaro, I too run an online b usiness (providing web services) as well as working full time for an IT consulting company. I get the perks of both worlds 🙂
I’ll be looking forward to tomorrow’s article!
Fantastic write up, over 5 years on and everything you have said still rings true! Maybe an update or follow up post would be good? 🙂
I am really looking forward to tomorrow’s article! I love to here your insides!
Ahh Ben, you are like my biggest fan man – thanks for the props. Are you still in school and why aren’t you starting a business already?
Another fab article – your dedication to writing (I think) every day is a pleasure to witness. I remember hearing a statistic that only 3 in 5 businesses (all types) succeed i.e. 40% won’t work! Pretty damn scary, but I know that I’d love to have my own web business when I’m older. Some great advice in that article too – it’s wise to plan for a social life, time-off etc. too, so it was good to include that info. Heck, you should start your own magazine! Ben. 🙂
Well, I’ve just finished school, and am awaiting my GCSE results – 25th Aug BIG DAY! Then I’ll be going into the sixth form (English name for a college). The thing is, I’ve never done Business Studies, and I won’t be doing it for further studies at college! I would love to have a business; esp. an addicting games website. I’m hoping that ICT classes will fill me with the knowledge to create online games, but I’m not so sure – I think I’ll have to do yet further study. But hey, where there’s a will there’s a way! Ben 🙂
Another great article Yaro! I wish I could find the time to write consistantly at my blog, on a day to day basis, like you do. Nicely done! I look forward to your additional article.
Everything you said is true, but there are many upsides. Like, you can’t be fired.
Yaro. Great article & site. Im very impressed by yr efforts so far. Im a techie whom had always been in interested in starting my own business. Do u know of forums/sites for fellow “would be” entrepreneurs to meet to complement each other? ie I know techie stuff but is a little lost w/ marketing, communications, online networking, writing content etc. Just a place to exchange biz ideas perhaps?
Cheers — vbz
vbs – click my resources tab and then go to the forums section and you will find links to some of my favourite forums.
I’ll also have the Entrepreneur’s Journey forum back-up here again shortly too.
I had never considered a lot of these. I realized a lot of work would clearly be involved, but that wasn’t much of a problem for me on vacation. Reading this has sensitized me as to what it might mean for me to start my own business.
This is true online and offline, just “keep the eye on the prize” and “cut all corners” and you’ll be fine ^_^
Great article! I think you are spot on when you say its a lifestyle choice. Having worked as an IT Manager, and now running my own business part time and working as a solicitor, I totally empathise with the ‘living your work’. However, its worth it.
I feel its much easier to spend significant amounts of time doing tasks for your own business because you are building value in something that is yours. The drawback of working long hours for a law firm or any other commercial venture is that you are adding to the value of the owners business and not your own!
When you put the hard yards in to your own business, you are benefitting yourself in the long run.
Love the Blog, keep up the articles.
Hi Daniel – I’m glad you liked the article. It’s a while ago since I wrote it but it’s definitely one of the more important articles. All the points you make are spot on too – it’s so much easier mentally to work for yourself, at least it is for me.
Some valid points Yaro. Many traditional owners rely on the capital appreciation in their business for that big payout at the end rather than focussing on increasing that tangible cashflow.
#2 is so true. I have a very good friend who is an amazing chef. He opened up his own restaraunt which has become more successful than he or his wife had ever dreamed. The problem is that he is a micro-manager and he can’t let go of being a chef instead of just running the business. Therefore, he works 6.5 days a week, minimum of 10 hours a day. And they are opening a new store! The money might be great, but if you don’t have time to enjoy it then I wonder what the point is. You’ve basically traded one job for another.
Very well written, Yaro. Esp point #2 and #4. I’ve been at it for almost 5 years now, and am still planning that long overdue vacation! I think one of the key things is that you absolutely got to love what you do. So it really isn’t work – or at least most of the time it isn’t! 🙂
I’m glad you liked it K. I think a lot of entrepreneurs will agree with the points I made, however they aren’t always as obvious to those who haven’t started working for themselves yet.
Great article. I think the sick pay thing is so important, and self employed people should definitely take out some type of insurance.
Another thing that many new entrepreneurs seem to struggle with are accounting and taxes. I’ve met a few newly self employed people who don’t think about putting cash aside to pay their tax, and then they get into real trouble.
Wow – great points. I hate working in a cube farm, but you raise some great points. Thanks,
I’ve been reading your articles and blog for some time. I’m not sure how I missed this one. Not like you need my endorsement for you points, but you are spot on. Deciding to be an entreprenuer can be a wonderful thing in one’s life. The key is to know what you’re getting into before hand.
For those looking to start their own web based business, my website is dedicated to helping. I’ve recently released a free guide covering affiliate marketing, content driven ad websites, and your own product promotion websites. Great resource for getting you started. Its My Journey
I think that there are many businesses that require much more work than others. So all businesses are not created equal. If you can work a business that you already love to do then you are 1000% ahead of the game. But choose wisely in what you do and things should work out.
hey nice article! I was thinking of launching myself in a course of business management and e-commerce. got to think twice now!
I think this is an excellent pro/con list for people considering trying to start a business. Is this article available for reprint?
Hi Anne – thanks! and sure, feel free to reprint it if you include my name as author and a link back to my blog.
Yaro, I am very interested in your posts. I have recently opened my own online business on eBay and I spend countless hours each day trying to increase sales and publicize my store. Reading your post made me laugh because I share some of the same exact feelings about owning my own business. I thought it would be a piece of cake, but it actually requires a lot more time than any other form of work I have ever had. It is much more rewarding, though. I am able to see results directly from my own efforts. It’s nice seeing my own hard work pay off. I am able to focus on what I feel is important to my business. I love the independence. Thanks for the inspiration! Please check out my blog, Southpaw’s Storefront if you are interested.
Great article here :), I’m studying commerce as my major in university. And this article truly pins down some good points
Great Article Yaro.
I wish your article is accessible to people who get lured by ebooks promising easy money online.
Your article confirms my experience. It’s hard work ,Killing hard work. Making money online is easy if you want to be a spammer.But if your conscience wants to make a clean living online : Get ready to break your back!
Great Insights Yaro. I really loved what you said in # 3 “likely to make you a happier person if you keep your goals simple and aim for lifestyle over riches.”
As humans we have to make a choice what we really want to do .And stand by it.
Thank you for taking your time out and writing this wonderful article.
Hey there, great article. I just started my first business and it has been pretty simple so far. I opened cafepress shops online. It is easy to get started. Visit Cafepress Links to learn all about starting your own shop. No startup capital or internet experience required!
If you ask me running a small buisness either off line or online dosent make much difference to the ammount of work involved. I actualy do both.
Its a lot of work either way. Its like that advert (perhaps someone could remind me which one it was) were 2 buisness men visit a buisness and ask to see the receptionist. the receptionist comes and they ask to see the advertising cosultant he comes and they ask to see someone else and so on. But each person they see is the same person. I think that summs it up for small buisnesses, if you can understand what I mean LOL.
If any buisness is to be sucsessfull be it online or off theres no easy ride.
Very well written article.
As a rule i have always failed at all endeavors in my life in spite of putting in loads of effort. What i realized was that though i was working i was not producing results. From my mistakes i would advice people that if they want to have their own business then the most important trait that needs to be developed is responsibility. You will be responsible solely for your success or failure. You can never put the blame on circumstances or resources.
Wishing everyone a happy and prosperous 2007 !
I like the reality check you have created. It is wonderful to dream big but without a reality check, we stumble over the details. Celebrating my tenth year full time on the Internet, I can appreciate what you are writing about.
A lot of people these days are trying to look for that “easy” income online, but it’s not as easy as it looks. You need to offer something unique, and always assist your visitors.
These tips should helpful to many.
Yaro, you bring a refreshing truth to entrepreneurship, I commend you for your authenticity. In my research of the researchers i have found 2 human factors for successful entrepreneurs:
1) they have strong private networks and even stronger extended networks
2) they all have at least one supportive mentor. what i mean by that is not just someone give advice, but someone who is opening their netowrk to you. and many of them have multiple mentors, and they are found everywhere.
By the way, on IE 7.0, I’m getting a whole string of ‘Do You Wish To Debug?’ errors. Lines 380, 395, 425, 440, 485….
So far i’m mostly at home and it’s starting to grind. I find that contracting for agencies helps as they often like to have you working on site.
And I always, always arrange meetings away from the office. There are plent of pubs with WIFI and I am making sure I become a regular in a few, where i’ll soon be striking a deal for plugging my laptop into their mains.
i owned my own business for 23+ years. it was a successful business. my friends would always tell me how they wished they had their own busines. i always advised them to do their homework and make sure they know what they were getting in to. if you know the day to issues you will be prepared. then you will be able to focus on running and prospering your business instead of putting out fires.
This is all so true. I miss the reliable income, the benefits, and especially the workmates.
What I don’t miss is the loudmouth idiot manager, the strict schedules, the 3am calls when there were server problems, the constant probing questions by the idiot manager trying to find fault with me…
Overall, I think I’m ahead.
Fantastic article and all true. The big question now is to go for it or to wait (may be forever).
I am an IT manager in small company and I would love to run my own business. Unfortunately, I still can’t judge whether I shall switch to my own business or shall keep working for my boss. I am afraid, I am getting lazy already. Do you think that there is a “best age” for starting your own business?
I don’t think there is a best age and if it’s only fear stopping you then I definitely would say go for it.
Fear is an illusion and should never hold you back. However if you have some concrete realities that you need to face first, like lack of cashflow or resources or other roadblocks, then you need to deal with them first.
Great blog, I’ve read quite a few of your entries today and its a real inspiration. I am a young entrepreneur from Liverpool. I founded Nurtur Ltd, a product design company designing products for a better green lifestyle and have a relatively new blog out documenting mine and my business partners experiences throughout the growth of the company.
Naked Business: Humorous observations of starting a company. Check it out at nurtur.co.uk/naked, its always great to chat and get support from other entrepreneurs.
All the best mate
All in all, this does not seem so bad compared to spending your days in a cubicle hoping you will not be the next one who loses his job. Having spent 10 years doing that, the list above seems quite fine to me 🙂
Excellent post, you have a great insight about business. It is really better to have your own business rather that being am employee for your whole life. You can make experiment out from your business, not just like having a job, very limited since you will be depending on the decisions of the management.
As a connection to this, I would like to share this: http://www.fourhourworkweek.com/blog. A blog of the great man Tim Ferriss. His book is out now, and it has great insights about having a business.
great post. Alot of people don’t realize that entrepreneurship is an uncertain journey. Their are ups and downs, but its all about playing the game.
You’re right Daniel, business is like a game, sometimes you lose, sometimes you win. That’s just the challenge. If you won’t let yourself win, then you’re a big LOSER! Keep fighting despite of the problems you would encounter along the way. Patience is the key…
If you want more tips about business, time management and productivity consider this book: The 4-Hour Work Week. You can order it from Barnes & Noble, use this link http://snipurl.com/1ilc1.
I think an important aspect is mentality – it’s not just about having a personality to cope with going it alone, but creating the right mental attitude to create success in that environment.
SpiritOfVenus – You’re very correct in your point, mentality is really the most important aspect. But this is one of the factor, there are still a lot of factors to be considered. Of course we need mental ability or right mental attitude to create success. But mentality alone is useless!
Many people I talk to have a false sense of how much work it takes to be an entrepreneur. Great post!
You make it all sound doom and gloom with those comments…
It is all true but what about the benefits that balance the decision of becoming your own boss.
Yaro I was wondering if you know of any quality internet/home based buisnesses me and my fiancee could look into. We have been looking but we keep running into scams, Please help if you can.
Eric – that’s a tough question for me to answer without knowing your strengths and what you actually want to do.
Obviously I’m always going to recommend blogging and if you decide to use a blog or several as your vehicle to make money online then of course I recommend my mentoring program, BlogMastermind.com.
Other options are ebooks and Daryl and Andrew grant have a good program for that one, or affiliate marketing, or buying and selling websites – there are plenty around.
Read my blog profits blueprint if blogging takes your interest, it’s free and you can get it from here – http://www.blogmastermind.com/blueprint/
It’s a perpetual terror when you leave the safe confines of a job and go out as a entrepreneur and take full responsibility of your actions. I am totally offline based , but am getting interested in the internet . Glad i found your blog.
Been reading your articles for a bit now and they convinced me to start my own blog. I am also a yougn entrepreneur and will discuss money matters frequently. I also just joined the affiliate program with you for the Blog Mastermind. Love any tips you could give me about maximizing my traffic, i’m getting everything done bit by bit.
Great article Yaro!
One of the biggest problems is the unpredictable income. That’s why many young entrepreneurs work a day job whilst starting their businesses.
Excellent article. This month I will be completing 1 year of my new business. Once you plan ahead and setup your criteria, you can have fun and enjoy your life along with your business. When I bought my business, I set up few criteria which you can find here. “http://www.bloglines.com/blog/JoshiVentures?id=1
“Solopreneur…” very cute. Makes it sound like a lonely lonely life, though! 🙂
Thanks for all of the great info on your website. I signed up to receive your Blog Traffic Tips, too.
I thought that some of your readers who are just starting their new business might be interested in a website I found earlier. It is called Template World Pro. (http://www.templateworldpro.com/) They have thousands of great templates and I found the cost to be better than some of the other sites I have found.
I’m looking forward to reading more from you.
So many lessons to be learned – but the reality is you just have to get on with it…jump. It is why I wrote down my journey in a book.
reading that kinda puts a somber mood on starting a business, but the funny thing is that the more i read it, the more that it makes me want to work for myself!
I still strive for this (independent earnings), also because the traffic I need to go through to my day job is daunting.
I read a statistic that went something like, “50% of all self-made millionaires went bankrupt at least once”.
I don’t know if it’s true or not. It seems like you have to take some risks if you want that kind of success.
Great post. I’ve just embarked on this journey over at my site, http://www.truebluetitan.com. Your site has been a valuable reference, especially with posts like these. I can’t wait until the day comes where I’m independent of an employer and enjoying the risk and reward that comes with being an entrepreneur.
Rarely were truer words spoken. It is not easy running your own business thats for sure!
I don’t know if anyone has said this yet, but it’s not work if you enjoy it.
Great Article. It does put to rest some of the myths people may have of Internet Marketing. While it does give you great income potential the initial cross over from a day job can also be a tough one.
Good post and I throughly enjoyed it.
This was a great article and I found myself comforted in the fact that millions of other small business owners around the world are going through the same thing in starting up their own e-business. Thanks!
Thanks for this interesting and clever post
managing time is also a focus when you are your own boss
Great article! I find myself inspired after this. I liked point number 3 the most.
Ask most interpreneurs and you would find that the majority wouldn’t swap the low income, high investment, high risk, solitary, nerve-wracking nature of going it alone to dress in a monkey suit and work for the man. Oh, and one unexpected bonus…peers and even competitors are often very generous with sharing the experience. Most people want to see others succeed. It’s pretty encouraging.
Great ideas! Having a business though gives you the opportunity to break into that hindering barrier. Paid employees have a salary threshold whereas if you have your own business, the sky’s the limit! But yeah, being practical it’s not easy especially @ the start.
Now I am hooked to your site Yaro. 😀
At this moment in time I am learning the ropse of being an effective and eventually successful Internet business person. And this site of your is a goldmine of information! Thanks for the inspiring work that you are doing 🙂 I am pretty sure you are touching many lives with your gift.
Who are the Top 10 Internet Business Mentors You Can Trust? So many folks trying to sell something; all good, however, finding the SHORT LIST of great mentors seems to be quite a task.
Anyone have suggestions who has REALLY MADE MONEY with their mentors program?
Thanks in advance for your feedback.
Professor B. Click
Hi Yaro, I always like to read your articles because the contents are always useful to us. I am planning to start my own online business, just thinking of whether can I publish some of your great articles on my website, of course I will give you credit by including your name as author and create a link back to your blog.
I will inform you when my website is ready. I did read some of your replies which you allow people to reprint your articles, but personally I hope can get a direct permission from you.
Hi Jean – No I doubt allow my blog articles to be published unless they are the two articles in the affiliate area part of Blog Mastermind.
Anyone who does either got my permission to print one or two particular articles, or is doing it without my permission.
hi there yaro. this is the first time that i’ve heard your name through my sis and really want to learn from you. hope that you will teach me to sucess like you man. thanks
Ilove this article. It tells me what am to face as I proceed on the journey of own a small business and be a boss of my own.
It prepared my mind towards not hitting it at first start.
This is great stuff! Love it when people are honest and straightforward with their advice and resources. Are you familiar with Frederic Patenaude? He too is very clear on what it takes to get into this field. Check him out sometime http://www.FedericPatenaude.com/makealiving.html
I like to follow your thoughts Yaro…
…and you´re right, there will be some “disadvantages” by starting your own business, but it “is very likely to make you a happier person”, which is by far much more important! If one can handle it, why not? 🙂
The book called the “E Myth” has a lot to say about the average small business. Many small firms are simply owners that are expert technicians, they are great at their craft, but that is it, without them showing up to the office everyday, well, nothing happens without them. It really is not an Entrepreneurial Firm by Michael Gerber’s definition. Anyway – think you’ll like the book and it might give some of you a more focused definition of small business versus big business – there are many variables and differences between a small solo-business and a big business – the knowledge of business dynamics separates the two. Brian Morgan
So true. There is a lot of upfront work to a business, and then it doesn’t leave you alone. You just pray and hope that your efforts produce positive exponential results.
How much would you recommend having in monthly income from your website(s) before quitting the day job and trying to do the online gig full-time? Or is it the old ‘if you have you ask, it’s not enough’ thing?
I can’t really answer that question for you TH. I can tell you for me, back when I went full time, I felt okay if I had $2000 a month coming in, but now I need a lot more to cover staff etc.
People in the UK say they need $4000 USD a month to survive, but if you live in some Asian and south american cities you can probably live quite comfortably on $1000 a month.
Thanks a lot Yaro. Those numbers look reasonable and I can see what you are saying about how it depends on location. For people who want to give it a go, it seems like it would be a good idea to head someone with a lower cost of living during the initial stages, until you have enough coming in.
Do you know of any countries/cities that are economical with reliable internet connection?
Is it necessary to have a business before doing Internet business or I can start my Internet business immediately. Thank you.
I will suggest you start your internet business with a blog! My reason being that a blog when taking seriously as a business forces one to learn basic and fundamental skills required for running a successful business.
I started blogging for fun. But as I was reading other people’s blog, I came across Yaro Starak and some other wonderful bloggers who made me change my attitude towards blogging. I started considering blogging as an online business.
However, I would have started on a wrong footing if not for articles writing by this professional bloggers. I wanted to run after PROFIT instead of building RELATIONSHIP and TRUST! If you get enough people to TRUST you as a friend online, you can be rest assured that PROFIT will follow. I became a huge fan of Yaro because of the FREE advice he offers in his post and articles. He may not be the biggest blogger I know, but he is the best Blogging Tutor I have ever had.
I strongly suggest you read the Yaro’s free report on “How to start an internet Business”
Finally, the risk of loosing money is minimised for a bloggin business. You can actually start with a free blogging software like the blogger (though I don’t recommend it). The goal is to gain practical experience.
Many people choose to go into a new business startup on a part time basis first. Following a good marketing plan is essential something along the line of the 80/20 rule that even Yaro has ever written. Focus on the 20% activities that account for the 80% results you want.
All the ‘negatives’ you mention – don’t stop me from my plan to achieve the freedom I want!
Your ‘rich without material wealth’ intrigues me! That’s what I’m after all this year – I don’t really give a d@mn having millions of dollar in my account, as long as I can life my life the way I want, not the way my boss want.
Rock on, Yaro!
I think this article will make many people think twice before leaving their day jobs to become self employed. It definitely made me think… naaah ! There are lots of ways to socialize with people provided you have the personality.
Excellent post as always Yaro. It’s the clearest explanation I’ve read on the opportunity cost for starting a business.
Good to know I’m not the only one attempting to give a reality check on what it means to ‘Go It Alone’….it’s can be a fun and life changing albeit scary roller-coaster ride and if you can live with that, jump in.
I have been an entrepreneur for 15 years and over that time have had to think about my time management very differently also.
While the freedom to do what I want is attractive, I live in Jamaica where there are lots of interesting distractions! There are beautiful places always calling out my name, and over and over again I hear about waterfalls, beaches or parties that I’d love to attend… but won’t because business is calling.
It’s so very different from working for someone else who sets up mandatory meetings that allow one’s life to waste away… I used to work for a Fortune 50, and I vividly recall 3 hour meetings that were pure suffering, and accomplished little. I remember having a feeling that my life was out of my hands…
Having said that, I can’t imagine an entrepreneur being successful without a good time management system of their own.
Im just getting started down this road, the journey is going to be long, but my target is two years to have a full time income online and to be able spend more time with my family instead of going for a 9 to 5 job.. and you’re the inspiration Yaro!
This is a great article. I have now left the rat race, never to look back. You’re right that the only way to make any decent money is by running your own business!
Although running a business sounds cool and all that. But in fact, I think you have to form a schedule so that you don’t get too involved. I liked that stuff you talked about “life is balance”. Maybe hiring someone do your work is a smart idea.
I have just started a small seo consultancy business and the steady income thing is not a major concern for me, as I have a lot of clients who pay in monthly installments. The one thing that I find hard is knowing when to stop work and when I can actually start it. I have a young family so time is a major issue for me.
Four years later this article still reads well. Still enjoying my journey through yaro.blog/. Yaro, this has quickly become my favourite blog to read. thanks.
Digging back into the archives 🙂
Looking at the risks of running your own business, I think that they’re pretty reasonable risks considering the reward is your freedom.. As the cliche goes “freedom isn’t free” we’ve all just got to decide for ourselves if the cost is worth it or not
I was just wondering how to go about starting an art related business. I enjoy painting murals, drawing portraits, designing party invitations, and also face painting. I would like an online business, where my costumers can pay monthly installments. Im 18 years old. Currently in college and have never worked.
Years passing but your words sounds actual now. Even taking in mind all those economy ups and downs. Thanks, Yaro, for the true picture of the pros and cons of running own business.
A lot of us have the dream of owning our own business – but many don’t follow through!
Your right running you own business makes you happy – nothing like spending hours thinking of new way to beat the opposition and then watch them copy you 1-3 years later…. once your onto the next big thing !
A great article on running your own business with some very good points raised.
Working for yourself certainly has many advantages. I have had the opportunity of being an entreprenuer and it is definitly the way of the 21st century.
You get to make all the decisions, right or wrong. And the ones that do not work become an education for you.
Time management is crucial. Knowing when to work and when to play is a key factor.
Thanks for your article. It’s all so true. I have been a self employed computer consultant for 16 years now and make almost enough to live on. Not enough to enjoy anything or take any vacations With the downturn of the economy, I lost a couple customers, so I am really struggling to pay bills right now. I worked 13 years in factory before that. Yes, I wouldn’t go back, but I sure would like a mentor or some type of stability. It can be very lonely and depressing at times. Sometimes, it’s inspiring and rewarding. Having a vacation and taking a week off sounds like a dream that will never come true.
Thanks for letting me vent. – Rich
Yeah! No workmates! I get very lonely and demotivated, like right now so I can relate very well with Rich’s comment to this post of yours. Being a “Solopreneur” as you put it is not easy. If anybody wants to buy my stupid site on internet marketing working from home make me an offer
PS. Email addy etc supplied here are for real
I have a small buisness.Yet it hasn’t grown, having read this, I can now say boldly that it must grow. Thank u
What about diversifying and mixing both a 9-5 with project work in different areas? I currently work part time in a regular 9-5, then spend one day a week working on a blog and paint/write at the weekend. When I was made redundant back in 2007 I managed to pay off all my student debts in little over a year with tutoring in the evenings and selling art and crafts at the weekend. I also wrote a novel, which I’m considering trying to publish at some point.
At the time I really wanted a normal 9-5 as I lacked the confidence to go it alone long term, but now I’m a bit older and wiser I’m considering doing it all over again. I don’t earn much in my current job (barely minimum wage), have to commute 3 hours a day for the pleasure, work a lot of overtime to cover people and seem to waste a lot of ‘free time’ getting ready for office work (makeup, hair, ironing work clothes, making lunches, etc). If I worked at home or for myself I would likely work less hours and actually see some correlation between the amount of effort I put in and reward (albeit probably not in money to begin with). I don’t get any praise for the extra work I do now and certainly don’t earn more for doing it, but I enjoy hard work for its own sake and want a career where I can channel that enthusiasm into something that I own and have control over.