Everything You Need to Know Up Front About Owning a Business

For the last month I’ve been heads down in all things business ownership. It’s been a wild ride and certainly not one for the faint of heart but I love the freedom it brings. While I knew from a young age I wanted to be an entrepreneur, I always wondered what it would be like to do it without the cushy six figure job and golden handcuffs.  Entrepreneurship is a topic that often comes up in my conversations, so I decided to share everything you need to know about owning a business.

The backstory 

Let me first provide you with some backstory. I spent 11 years in corporate America and while it provided a pretty nice lifestyle, I always knew it wasn’t meant for me. I held many jobs as a result of many promotions over the years but felt so unfulfilled the higher I climbed. I knew something was missing but couldn’t quite pinpoint it. 

At the same time, I always had a dream of owning my own business, I just felt a little lost in what I was called to do. I spent a few years trying different business ideas on the side but nothing really stuck. In 2015 I had my first clue into entrepreneurship when I started blogging but didn’t realize it at the time. I started blogging as a side passion because it felt really therapeutic to me. Little did I know, it would become part of my business as I grew into who I was made to be. 

Fast forward to today and now my love and I own a business that focuses on strategy, coaching, and communications. While we both do it all, my part in our business is heavily focused on written communications and coaching. Writing is one of my favorite things to do and I’m so blessed to call it my job. 

So, it’s been a month since I’ve left corporate America…

About a month ago I left corporate America and have never looked back. It’s been one of the craziest months of my life from a work standpoint for sure. While our business has been around since 2019, I finally threw myself in full force over the last month. I’ve definitely worked more than I can remember in a long time for many reasons but it feels different when you’re on your own without a fallback job working for the man.

I’ve certainly had less sleep, less time for self-care, and have really had to focus and be intentional on time spent with my family as it needed to be a bit more planned than before. Here is everything you need to know about owning a business…

Time management is key when owning a business

Those first few weeks of running the business were crazy. I threw myself into everything without any real concept of time management. I definitely took a “let’s see what happens” kind of approach. When you own your own business, the work never stops. There’s always something you can be doing or someone who needs followed up with. On top of that, I love to work so it was hard to draw the line and “leave work at work.” I put quotations around that because I work from home or wherever I’m at, much like the rest of us during the pandemic, so it’s hard to say leave work at work since it’s also my home. 

The solution for owning a business

I had to learn pretty quickly to set boundaries for myself. It was hard to turn down work or say no to people asking for help. But I realized if I didn’t, I very quickly found myself burnt out and not enjoying my work, which is a place no one wants to be. 

Learning when to say yes and no when owning a business

Learning when to say yes and when to say no is groundbreaking. As you can see, there is a pattern in creating boundaries for yourself when you own a business. While this is an important part of saying no, it’s also important to know when to say yes. As an early entrepreneur, it’s easy to want to say yes to every opportunity that comes your way, even if it doesn’t feel right. But saying yes won’t always give you what you want.

The solution for owning a business

I’ve had to learn first hand that saying yes at the wrong times really means you’re saying no to yourself. You’re saying no to creating space for bigger opportunities in the future, or creating much needed down time for yourself. There’s a reason we live in a society that’s full of burnout culture, and it’s not cute. When deciding when to say yes or no, ask yourself these three things:

• Does this get me closer to my ultimate dream life?
• Does this align with my mission and values?
• How would it look for my business’ reputation to work with X brand?

If any of these return an unfavorable response, you have your answer!

Self-care is a must when owning a business

I was the queen of self-care before I dove into business ownership head first. I spent precious morning time waking up early, reading personal development books, meditating, and even practicing yoga when I got the chance. I had my morning routine down and rarely missed it. I’ve never been a morning person but waking up to have some quiet time to myself before the day got crazy was worth every morning minute. 

The solution for owning a business

Then I left corporate America and dove headfirst into owning a business. As I mentioned above, I quickly learned the amount of time, energy, and effort it took out of my day. Soon after that, I quit my morning routine and any self-care practice, and felt overwhelmed. Family and work were the only two things in my life, which I absolutely love, but I’ve also had to learn the hard way that self-care is critical to ensuring you can show up well everywhere else.  

While I admit, I’m still working on this as I’m sure many entrepreneurs do, I’m learning not just to create boundaries for myself but also WHEN to create those boundaries. Timing is just as important as the act of creating boundaries. I’ve had to listen to my body and respect when it needs a break for some rejuvenation. My self-care routine includes extra sleep when I need it, more time to read, and less screen time.

Summary – everything you need to know about owning a business

Owning a business is life changing and certainly has countless benefits, but it also requires a lot of self-initiative and  the ability to set boundaries for yourself. While I’m still learning and will be until the end of time as entrepreneurs do, I’m committed to sharing the real, raw, and honest sides of owning a business with you.

What about you? Do you own a business or have plans to own one someday?