Being your own boss sounds great, doesn't it? You'd never have to get up to the sound of a shrieking alarm or do something you don't want to ever again--or would you? Before you get too carried away in the fantasy of autonomy, if you are serious about starting your own business, it's important to understand the reality. Knowing that the myths below are in fact untrue can save you from expensive mistakes along the way.
Everything Will Be EasierTimesheet hassles, office politics, endless meetings, byzantine rules--you might think that when you set out on your own, you leave all that behind, but think again. What actually happens is that you end up in charge of all of that and then some. Take a department in your business, like fleet management. If your drivers are not ELD compliant, the buck stops with you. Their vehicles must have electronic logging devices to make sure that they observe hours of service requirements and do not drive for longer than is allowed. The good news is that you will be able to choose the tools that are best for the job and Samsara has electronic logging services that will help your fleet stay compliant and will also streamline operations and reduce costs over the long run. Take the time to fully explore solutions and make sure that they are the right ones.
You Will Get RichYou might get rich eventually, but in the early days, you may find yourself working longer hours for less money than you ever did at a regular job. In fact, many people keep their day job for a while when they first launch their business. There are actually good reasons to do this beyond the financial security. It also frees you up to make decisions for the longer-term health of the business that may not generate money in the short term.
You Have to Do EverythingYou might feel like you're doing everything, but unless you're truly running a sole proprietorship, you shouldn't be. Delegation is key, not just because you don't want to overload yourself with accounting or admin when you should be dealing with bigger picture issues but also because there are probably things other people are better at. If you've got an entrepreneurial mindset, it can be hard to let go and let others take over, but it is crucial to do so, allowing you to focus on what matters most.
You don't need an extensive plan unless you are looking for lenders or investors, but it would be a mistake to not at least spend a few hours working on one even for a relatively simple and straightforward business. It can help you articulate your vision for the business, which will be an important thing to refer back to when you are in the thick of things. There are several other questions you should answer in the business plan as well. Where will your funding come from? What will you do to ensure a regular cash flow? What problem does your product or service solve? How are you different from the competition? What is your marketing plan? If you don't have the answer to these questions, you may need to give them more thought before you launch.
