Life as being self employed

[Darren_Ssc]

Apparently it’s the price of a BJ when you’ve been married a long time

Not sure what Boris Johnson has to do with it?

 

[Lucan Unlordly]

If you're doing long hours after the first 24m of a new business then something is probably not working.

I had to do long hours for a lot longer than that as my business relied on the natural growth of the internet, or more properly the purchasing of PC's by previously non PC literate users. Not that I had to physically work every hour, but I had to be available.

 

[Mark T Jones]

If you're doing long hours after the first 24m of a new business then something is probably not working.

Whilst few business owners work 20-30 hours per week, being foreced to work 70 to 80 hours means something isn't quite working- you're either not making enough money to bring in staff, or you're failing to delegate.

If you really want a succesful business and to make a lot of money, then you have to spend a long time making your self unemployed- where you are, at most, the caretaker of a business to provide its ethos and strategic oversight.

This means when you come to sell the business (where the "Big money" event happens), you can actually leave!

When I ran start up courses, I would often open a discussion with 'you're not as important as you think you are' - the path of the following discussion was interesting and strangely consistent.

Dropping your perception of how important you are to your business can be incredibly liberating.

Always accepting that there are certain businesses that genuinely depend on 24/7 availability and the skills of an individual.

 

[Lucan Unlordly]

When I ran start up courses, I would often open a discussion with 'you're not as important as you think you are' - the path of the following discussion was interesting and strangely consistent.

On the first day of a sales training course I attended the tutor asked 'who likes working hard'. Hands shot up around the room. Not mine I should add.
'Your in the wrong place then'....he said 'my aim is to teach you to work smarter.'

He went on to say that in a previous management role he felt he needed to lead from the front, ( ex forces) took on all the companies problems and subsequently had a heart attack at 51 years of age. That, after a week minor things like missing filing cabinet keys were issues, after a month he was still getting calls to enable a handover, after 2 months was being referred to as John the previous manager and after 3 months.... 'you know, the tall guy with the moustache that used to ride a motorbike'.

In other words in a matter of weeks you'll not be important at all...

 

[Lucky8]

Watching Dragon's Den last night, I was shouting the "you're not as important as you think you are' line at the TV again and again! As well as "just because you can't see anybody doing it, doesn't mean there's a market!"

 

[PugwashEQ]

When I ran start up courses, I would often open a discussion with 'you're not as important as you think you are' - the path of the following discussion was interesting and strangely consistent.

that's a brilliant line.

what was consistent? that nobody thought the business coudl survive without them?

Non business owners fail to appreciate just how much self esteem is tied into building a business. (its amazing the number of potential clients we meet who are not selling the business because they can't imagine their life without their business.....)

It took me a decade to work out that making youself central to a business was really really stupid

 

[Mark T Jones]

that's a brilliant line.

what was consistent? that nobody thought the business coudl survive without them?

Non business owners fail to appreciate just how much self esteem is tied into building a business. (its amazing the number of potential clients we meet who are not selling the business because they can't imagine their life without their business.....)

It took me a decade to work out that making youself central to a business was really really stupid

It was of course presented in a slightly provocative way, so initially most people objected and fought back.

Many would latch on quite early, a few would take far longer and some held on to their belief that their business was all about them, and that was a good thing.

If it was a pass/fail scenario, guess who would pass?

 

[Mr D]

that's a brilliant line.

what was consistent? that nobody thought the business coudl survive without them?

Non business owners fail to appreciate just how much self esteem is tied into building a business. (its amazing the number of potential clients we meet who are not selling the business because they can't imagine their life without their business.....)

It took me a decade to work out that making youself central to a business was really really stupid

Its common for business owners at the start. Some make the change over time to manager, then over time to director and actually set policy rather than hands on running of the thing.
And some are happy to remain simply as owner and central to the business. With its attendant problems if they get sick or die.

 

[Paul Norman]

We are all being terribly polite on this thread, which is a good thing, of course.

But buying a hospitality and wedding business, right now, needs a massive pause to think.

For most of the UK, weddings are not going to be happening until well into next year. And investing money against the possibility of all this conveniently blowing over when the spring comes is a big gamble.

Obviously, I haven't seen the numbers. But I wouldn't be worried too much about the working hours for the next few months. They could be zero.

But if it does pick up again - you need to become the calmest people in the world. People arranging weddings are emotional wrecks, and you are in the punching ball business.

 

[Scottishgifts4u]

I was self employed as a milkman (not very glamorous I know) . I used to work 6 days a week then 4 hours collecting money 2 evenings a week.
It was bloody hard work.

Then I decided to take a Thursday off..no difference to my sales.

Then through circumstances out with my control I had to cut down to 3 days a week delivery...again no difference to my sales.

I cut the collecting down by putting most of my customers on BACS...again no difference.

You get the idea. I think a lot of business owners work hard because their perspective is that the customer will go elsewhere if they are not contactable 24/7. If you provide a good product at a good price then the customer will make the effort to interact with you at times which suit you both.

p.s I have to give credit to my wife for most of the changes. She as an outsider was able to see what I wasn’t willing to.

 

[Bob Morgan]

But buying a hospitality and wedding business, right now, needs a massive pause to think.

Think for the Longer Term! - Possibly a concession for a Divorce Lawyer at the next Wedding Fair?

 

[Mark T Jones]

I was self employed as a milkman (not very glamorous I know) . I used to work 6 days a week then 4 hours collecting money 2 evenings a week.
It was bloody hard work.

Then I decided to take a Thursday off..no difference to my sales.

Then through circumstances out with my control I had to cut down to 3 days a week delivery...again no difference to my sales.

I cut the collecting down by putting most of my customers on BACS...again no difference.

You get the idea. I think a lot of business owners work hard because their perspective is that the customer will go elsewhere if they are not contactable 24/7. If you provide a good product at a good price then the customer will make the effort to interact with you at times which suit you both.

p.s I have to give credit to my wife for most of the changes. She as an outsider was able to see what I wasn’t willing to.

It's a great example & resonates with me, as my unkle had a milkround - He worked 364 (plus a bit) days each year for over 55 years.

Even his customers told him it wasn't necessary. It was a kind of self imposed, pointless martydom

He got an MBE for it, mind - but personally I'd prefer a life.

 

[Kevin Joseph]

I think in pretty much any business that one starts out with. Being there for your clients (even during off hours) is a pre-requisite. This is a personal opinion. Although most of my friends who have nailed it agree with this

 

[Lucan Unlordly]

It's a great example & resonates with me, as my unkle had a milkround - He worked 364 (plus a bit) days each year for over 55 years.

Even his customers told him it wasn't necessary. It was a kind of self imposed, pointless martydom

He got an MBE for it, mind - but personally I'd prefer a life.

My grandfather had a Taxi business during the war. 6 vehicles running the US soldiers from the airbase to the nearest dance hall 25 miles away, made for a very good business. Working every day, every hour, evenings, weekends, Christmas for many years, my Nan finally persuaded him to take a break and they set off on the Sunday for a weeks holiday on the coast at a Caravan park. By Monday evening he was heading home as he just couldn't relax. He passed away at around 60 years of age.

 

[Vin Gupta]

Try to be organised and have a calendar. Schedule things with your family and keep to them!