During the hard times at work, it can be fun to daydream about giving up the corporate shackles and starting your own business. The personal benefits to running your own business can be lifechanging if the business does well, but there are also some bumps you will need to overcome on the way to success.
Startup 101: Five risks entrepreneurs must take
Giving up a regular pay cheque to start your own business can be very risky but rewarding if it’s successful. Understanding the risks involved can help entrepreneurs prepare themselves for the challenges ahead.
Published by Singtel myBusiness
on 11 Dec 2015
1. Investment of personal time
In most jobs, there's a set time for working and a set time for switching off. While you may not always get to leave work on time and you may have to work through a few lunches, when you work for yourself the line between personal time and business time gets very blurry. You may find yourself sending work emails, preparing spreadsheets and putting the final touches on reports during weekends and deep into the evenings.
In an effort to get your business off the ground, you may need to take on more than you expected. Not only will you be doing your regular work, you'll also have to do the finances, marketing, sales and more. While you might be happy to do this when you see the professional benefits, there may be a negative impact on your family and social life. Having support from those around you is vital, even if relationships are strained or neglected for a while, and creating a plan to hire help for the most time consuming areas can help bring back a healthier balance.