Is Your Small Business Driving You Insane?
Everyone’s heard about Small Business Burnout.
We all know someone who started their own business to follow their passion but wound up hating it. Now let’s be honest, running your own business is not for everyone. But the point of this article in our “So You Want to Start a Business” Series is to discuss the rather bleak situation of Small Business Burnout.
What Causes Small Business Burnout?
Small Business Burnout tends to come from a variety of factors, or more aptly, all those factors combined. Most small business owners tend to lack the know-how or desire to run every single aspect of their business. No one can (effectively) be their own producer, marketer, salesperson, accountant and web designer at the same time. And that’s before you even consider elements specific to a particular field of business… Simply put, small business owners become judge, jury and executioner of their business and they burn out. Tragically, they find themselves loathing the very thing they once loved (cue sad music).
Avoiding Small Business Burnout
Feeling jaded yet? Well here’s the good news: Small Business Burnout does not need to happen. Yep, it’s true. By taking some simple steps now, you can ensure that you and your business don’t become the latest victims of Small Business Burnout.
Here are some tips to avoid business burnout:
- Passion: Do you wake up everyday excited to go to work? Or is it another exercise in monotony? The key to staying in your business for the long run is to love what you do.
- Work Smarter, Not Harder: Is your business slowing because you find there aren’t enough hours in the day? Focus on your strong suit. If you are running a jewelry line, you probably have no clue about accounting and find the task miserable. So hire experts! It pays to outsource your business needs to a trusted source for things that you don’t know.
- Set Realistic Goals: All too often, small business owners have lofty goals that lead to crushing disappointment when they are not met. Now don’t get us wrong, goals are great! However the trick to actually achieving goals is to set up achievable, personal goals! There’s always going to be another get rich quick scheme out there. But what do you really want?
- Legal Issues: As a law firm, we have to post this one. Legal issues happen. Burying your head in the sand won’t stop them. Properly preparing for legal issues may be a pain now, but it can save a fortune in the long run. Think of law like medicine, a little now can save a lot later. Simple things like making sure your business has a proper operating agreement and taking precautions against lawsuits can literally make or break your business.
Hopefully this list can get you started. Remember, there is no universal formula to success but preparing certainly helps.
Law 4 Small Business. A little law now can save a lot later.