What do people not understand about small business owners?

What do people not understand about small business owners?

  • Jul, 18 2023

The Struggles of Balancing Work and Personal Life

As a small business owner, I can tell you that the first thing people don't understand about our plight is the constant struggle to balance work and personal life. Keeping a small business afloat often requires long hours, late nights, and early mornings. This commitment often spills over into personal life, making it difficult to maintain a healthy work-life balance. One might think that owning a business provides freedom and flexibility, but the reality is that the business often ends up owning you.

Another point to consider is that when you run a small business, you don't have the luxury of leaving work at work. Your business is always with you. It's in your mind when you wake up in the morning, and it's the last thing you think about before you go to sleep at night. This constant presence can be exhausting and can strain personal relationships, and this is something that people often don't understand about small business owners.

The Financial Stress

The second thing that people often misunderstand about small business owners is the financial stress we face. Running a small business is not just about making money, it's about managing cash flow, paying bills, meeting payroll, and investing back into the business. The financial pressure is real and constant. Every decision we make has financial implications, and one wrong move can spell disaster.

Furthermore, unlike employees with a steady paycheck, our income can be unpredictable. There are good months and bad months, and we have to plan accordingly. This financial uncertainty is one of the hardest aspects of owning a small business, and it's something that people not in our shoes often fail to grasp.

The Pressure of Making All Decisions

As a small business owner, the buck stops with you. This means that you are responsible for making all the decisions, big and small. From deciding which products to stock to hiring and firing employees, to choosing which marketing strategies to pursue, every decision rests on your shoulders. This constant decision-making can be stressful and exhausting.

Moreover, every decision you make impacts not only your business but also your employees and their families. This adds an extra layer of pressure to every choice you make. You're not just deciding for yourself; you're deciding for others as well. This is a burden that many people don't understand about small business ownership.

The Fear of Failure

Running a small business is a risk. There's always the fear of failure lurking in the back of your mind. This fear is not just about losing money; it's about letting down your employees, your customers, and yourself. The fear of failure is a constant companion for small business owners, and it's something that those not in our position often fail to understand.

The reality is that many small businesses fail. According to the U.S. Bureau of Labor Statistics, about 20% of small businesses fail within the first year, and about 50% fail within the first five years. This reality adds an extra layer of stress to everything we do. We're not just fighting to succeed; we're fighting to survive.

The Loneliness of Being at the Top

Another thing that people don't understand about small business owners is the loneliness of being at the top. When you're the boss, it can be hard to find people to talk to about the challenges and struggles you're facing. You can't share your fears and doubts with your employees, and your friends and family may not understand what you're going through.

Being a small business owner can be a lonely journey. It's not just about the long hours and the hard work; it's about the emotional toll of carrying the weight of your business on your shoulders. This loneliness is something that many people don't understand about the life of a small business owner.

The Satisfaction of Success

Despite all the challenges and struggles, there's one thing that makes it all worthwhile: the satisfaction of success. There's nothing quite like the feeling of seeing your hard work pay off. Whether it's a positive customer review, a successful product launch, or simply making it through a difficult financial period, these moments of success make all the hardships worthwhile.

Success as a small business owner is not just about making money. It's about creating something of value, providing a service to your community, and building a legacy. It's about the satisfaction of knowing that you've built something from the ground up, and that's something that people often don't understand about small business owners.