Small Business Boomers

Your Business Is All About You

by jim on November 28th, 2006

It is all about you.  In your small business you are the hub of the action.  Regardless if it’s a franchise, going concern or startup you are everything to that business.  The relationship is very much like a parent to a new born.  Your attitude, your presence, everything you do or fail to do.

So what if you’re not there?  Depends on lots of things, but the most important is you.  The relationships you have with your customers drive your profitability and your survival.  Don’t expect lots of vacation time or family leave time or sick days.  You need to be present.  You are the captain.  I’ve seen more than one person have to restart a business after a relatively short absence, like 3 weeks.  It’s a big risk you have to understand.

When you are in an entrepreneurial situation you have to have an almost total commitment to the business.  That brings up a few areas of consideration.

• You health
• Your family commitments
• The commitment of those close to you

Notice I listed health first.  The rest of this little rant will be devoted to thinking and planning to maintain your health.  I did that for two very good reasons.  First, health insurance is expensive, but you need it.  Second, every aspect of your personal health impacts your business.  If you get a cold your business gets pneumonia.

Somehow you have to have health insurance.  Going bare can wipe you out as surely as a hurricane.   Putting in a heart stint cost about $65,000.  A ten day regiment of antibiotics call cost between $250 and $300.

Buying individual health insurance is very expensive, $500 to $600 per person per month.  Group buys are rare and only slightly less expensive.  The owner of my favorite “take’n bake” pizza franchise holds down an outside job just for the health insurance.  Whenever I have gone off on one of my 6 startups I have done so with the help of the great insurance my wife gets working as a teacher.   I don’t know how you want to tackle this situation, but you have to be aware of the situation.

Health insurance is expensive, but if you have lots of cash coming in it may not be a problem.  Your personal health and well being then becomes the risk.

You need to think of your entrepreneurship as an ultra-marathon not a 50 yard dash.  The sprint is built on nerve, muscle and adrenalin.  Some sprinters hold their breath for the entire 5 second race.  If they had to do another 50 yards they’d pass out before they reached the finish line.  Not good.

A major part of your personal health is your family life.  If your significant other is pulling with you that is one of the most positive thing you and your business can have going for you.  Every activity has a downside and missteps.  If the most important person in your life is with you in your venture problems will not appear so large to them and you.  You know, a burden shared is a burden halved.  On the other hand, if they are not fully committed then small problems look big and the stress on you can grow.

All of us have family obligations.  This time last year I had two maiden aunts who were very ill.  Between my wife, a cousin and me I spent each evening at one nursing home or the other.  If I had a business that needed me I would have been in trouble.  On the other hand if you have relatives who can help out in a business that’s good.  No matter what you situation is you need to be honest with yourself and realize that a business will suck the time right out of your life.  Who else depends on you?

There are more financial costs in life than just what you need to run a business.

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