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5 Reasons NOT to start your own business

What to expect if you embark on this wonderful, but challenging path
8 Oct

5 Reasons NOT to start your own business

If running your own business was easy, everybody would be doing it.

Although I didn’t start 4Lunch for the recognition, to say you run your own business seems to impress people.

And when this happens, I sometimes wish people could see what happens behind the scenes, how unglamorous, stressful and unrelenting entrepreneurship can be.

 

running your own business

Having a mind blank is a common experience for entrepreneurs – except no-one admits it!

 

I recently saw a social media post from a food business owner who had decided to call it quits to concentrate on their mental health. This brave admission of stress, anxiety and overwhelm resonated with me. And it is why I’d like to talk frankly about entrepreneurial mental health.

Since I am now promoting a course supporting people to run their own food businesses from home, it is my responsibility to paint an honest picture of what to expect if you embark on this wonderful, but challenging path.

 

5 REASONS NOT TO BE YOUR OWN BOSS

  1. Complete Responsibility

If you start your business as a solopreneur, as I did, it goes without saying that the buck stops with you. There are no colleagues to rely upon, and if things don’t go to plan, it’s completely your fault.

The flip side of this is that you get to call the shots and work in a way that suits you. But you have to always be ‘on’ and responsive, even if you don’t feel like it.

Do you think you could handle complete responsibility for the success (or failure) of your business?

 

  1. Loneliness

It is easy to feel like no-one else gets what you do for a living. That dreaded question “so what do you do?” is challenging for me to answer in a succinct way.

Only you understand your business completely, so even when you talk to your friends and family, it feels frustrating explaining what it is you exactly do, and you can start to feel a bit isolated from people.

 

running your own business

Surround yourself with uplifting, positive people to combat entrepreneurial loneliness.

 

To counter feelings of entrepreneurial loneliness, I’ve found mentors who I can talk honestly about my business with. And it’s also why I offer mentoring sessions to my Recipe for Success students.

Having someone to talk to about anything business related is just as important, maybe even more important, than having the information and expertise to hand.

 

  1. Loss of Peace of Mind

It goes without saying that lazy people should not start their own business.

And yet, there are many people who hate their jobs and think starting a business is the answer, only to discover how much work is actually involved.

When I was at school, I’d be given work to do and exams to study for. It was somewhat stressful, but I was the kind of person to get something done early so that I could relax fully afterward. My goal in life was to reach a state of serenity with absolutely nothing to do and nothing to worry about.

 

running your own business

That state of serenity with nothing to do and nothing to think about is an elusive state as a business owner! Not impossible, but you must commit to making time for yourself.

 

I have been trying to reach this state for 5 years! And I’m not even close. I have lost much of my peace of mind that I used to have when I was younger. But I have also learned to recognise the certainty of uncertainty.

 

  1. A Very Basic Lifestyle

When I started 4Lunch, I had about £6000 to last me for 6 months if I didn’t earn anything from 4Lunch. That’s £1000 per month to cover my rent, bills, and expenses. By most people’s standards, that not very much at all.

6 months came and went, and I was yet to secure a meaningful contract for my courses. I ended up having to get a job as a nightclub hostess, working events that would finish at 5am.

 

running your own business

Saving not spending was the key to being able to start a business

 

Eventually, 8 months since ‘starting’ 4Lunch, I got my first piece of major paid work. Just because I said I was going to start a business didn’t mean I was going to start making money straight away!

It required careful planning of finances, a willingness to take on another job, and accept the reality of living frugally.

 

  1. Lack of Security

Most businesses fail. That’s a fact. Which means every hour of every day is an opportunity to work on your business.

The feeling of insecurity is what puts people off even starting.

A full-time job working for someone else offers security, consistent monthly income and sometimes prestige. That’s why so many graduates enter graduate schemes, when the structure and security of full-time education falls away.

In an age of insecurity, fewer people are brave enough to start a business. But remember, life is a marathon, not a sprint.

 

running your own business

Brave or stupid? Starting a business can be one of the most rewarding things you can do with your life – but with reward comes a degree of risk.

 

You might feel secure for a few years working full-time for someone else, but if you’ve always wanted to start your own business, that day to day reality will seem less and less secure to you.

No jobs are secure these days anyway.

 

5 REASONS WHY BEING YOUR OWN BOSS IS THE BEST THING EVER

If these reasons outweighed all the good that comes from being your own boss, then I definitely would have called it quits at 4Lunch years ago. Here are the reasons why being your own boss is the best decision you can make for yourself.

As it happens, as I write this blog post, it’s is pretty much exactly 5 years since I sat in my bedroom, post-graduation, and decided to start 4Lunch.

 

running your own business

If this silly person can start their own business, so can you!

 

After reading this, are you still interested in starting your own food business? Then our Recipe for Success course may be just for you!

 

recipe for success course