The Struggles and Successes of Owning a Small Business

Employment can drive someone up the wall, frankly speaking. If it’s not the repetitive nature of employment, it’s the job dissatisfaction that comes with it. Most people in the workforce are generally not happy in employment. How do I know this? As a journalist, I meet and engage with a lot of people – be it in the coffee shop, at a restaurant, at the gym, at a bar, or even at work.

Usually one of the questions I ask is, ‘How is work?’ That question is always followed by a shrug or a sad sigh. Actually, I have met very few people in employment who actually like their jobs. It’s quite sad, considering you’re literally spending eight hours of your day at work. That accounts to about three quarters of your life in a place that makes you sigh. How miserable! However, the few people who are happy with what they do with their lives tend to be self-employed.

I bumped into an old friend during my daily commute on a hot day in the CBD. It was one of those dry hot months towards the end of the year. You know, those hot days you start sweating and it’s only 10am. Then you think to yourself how you should’ve just left your sweater at home had you known it was going to be this hot.

John* was on his way to have coffee and asked me if I’d like to join him. Seeing as I hadn’t had breakfast that morning and I had a few minutes to spare, a cup of tea seemed like a lovely idea. Over tea, John* filled me in on his life. Alas! He quit his job at a bank and decided to go into business. And it was the best decision he ever made.

Successes

With his own business he was able to realize his own ideas. While at the bank he felt like he was just a cog wheel in a machine, owning his own business made him actively participate in the creative process. He started doing what he loved with zeal and that added passion to his craft.

The best gift of adulthood is doing what you love – not only is it refreshing, it’s rewarding. I count myself lucky every day that I have found something I enjoy. Owning your own business is empowering, to say the least. You are solely in charge of the creative process of your product, manufacturing, marketing and distribution. Owning your own business saves you from having to work for anyone else. “You are able to direct the culture, brand and organization of your company” he tells me

“I am now able to see my family more and spend more time with them”, he adds. The beauty of owning a business is the flexibility that comes with it. You can work from wherever you want and set your own hours. Entrepreneurs are able to set their priorities and create a schedule that works for them. With a proper schedule, entrepreneurs are able to create time for other important things such as family, loved ones and exercise.

After listening to John*, I realized he has a good relationship with his employees. Part of the reason could be that, as an entrepreneur you get to choose who to work with. You get to make the decision about who to hire based on their capabilities and compatibility to your vision. Great minds really do think alike. The way John* spoke of his employees, I could tell they understood his vision and direction.

The rewards of owning a business are fruitful.  Starting a business is a tremendous risk in itself. However, with great risk comes great rewards. The better you are at managing risk, the more rewards you reap. Since John* started his own business, his rewards have been far greater than when he was employed at the bank. Sure, factoring in salaries and bills is draining. But he is still able to get something good out of it. Hard work really does pay. This puts you in a place where you are able to challenge yourself. In the entrepreneurial world, each day comes with new opportunities and new experiences. The learning environment helps you set the bar higher as you go.

Struggles

“Every entrepreneur learns at some point that you don’t know what you don’t know – Jamie Kern Lima, Co-Founder of IT Cosmetics

Capital. Need I say more? I had reached my second cup of tea when John* admitted that access to capital was his major setback for his business. Running out of money makes growing a business or even starting one impossible. And even when cash starts flowing into the business, poor money management can be costly. Salaries, bills and utilities need to be paid. With long term plans and goals to be met, poor money management can put a setback to those plans.

The downside of being your own boss is the business cannot operate without its founder. Suppose John* gets hit by a car, will his business keep producing the next day? Founder dependence can lead to production struggles. The creative department struggles as well since there is no one there to compare and contrast ideas with.

The truth about small businesses is they aren’t house hold names. To change that, entrepreneurs struggle with how to effectively market their brand. Getting your brand out there helps with customers. But how do you change a consumer’s mind from shopping at Nakumatt to shopping at Wambugu’s Enterprise? I tend to think marketing is an investment. People can never hear enough of your brand, you have to remind them constantly. Apple is a perfect example on this. Despite being one of the largest multinational technology company, it still does heavy marketing and rebranding to get customers.

Although John* has a few employees, he is constantly trying to find new ways to expand his business. A bigger business needs more employees, and hiring new employees takes so much time and money. Every day you need someone, you’re losing money and taking away time from your overworked staff.

“As much as I am my own boss, I put in a lot of work to meet targets. At the end of it all, I get quite tired” As much as you get to set your own hours, unfortunately, money doesn’t sleep. The constant need to meet and exceed targets may be good for the business but can be detrimental to your health. Not to mention, a tired mind is like a broken clock; It may be correct twice a day, but it’s still broken. Fatigue can cause you to make rash decisions about the business or even abandon it all together.

Owning a small business can be both fulfilling and draining. There are challenges, but those challenges are not death sentences. I’d say John* is a brave man for stepping out of his comfort zone and embarking on a mission knowing all the risks. In the midst of his journey, he has found something that he enjoys and is able to put food on the table. Amidst the challenges, what makes a successful entrepreneur, in my view, is being aware of these challenges and knowing how big they are and how they affect your business. That’s the first step in knowing how to overcome them