Running a Small Business: Things No One Tells You
We’ve all seen the tags: #girlboss, #smallbusiness, #shopsmall, etc.
And we’ve all seen the posts or blogs where small business owners or creators are jetting around the globe, working from anywhere and looking like they’re living the dream. And while some days it does feel like a dream, some days it doesn’t.
Here are some of the things I wish someone had told me before I started EJL Editing.
Money
You likely won’t make a profit for a while. Statistically, most new businesses in the US don’t make a profit for 18 to 24 months. That means that for the first year (or more), you’re in the red (or maybe breaking even). While this isn’t true for everyone, prepare for the worst.
I am not an accountant, business advisor, or expert on the topic. But I can say with confidence that if you’re starting a small business in hopes of getting rich quick, you’re going to be disappointed.
If your business relies on sales of any kind, expect an irregular income stream. You can wave goodbye to biweekly and consistent paychecks. Sometimes EJL Editing makes thousands in a single week, some weeks we make nothing.
If you’ve historically filed your own taxes, you may want to reconsider after starting a business. Between contractor payments, write offs, and estimated quarterly payments, it gets complicated fast.
People
The line between clients and friends can blur easily.
Becoming friends with your colleagues is a good idea but going into business with an existing friend is more complex.
People can be infinitely kinder and crueler than you’d expect.
People like drama and discourse. When possible, try to keep your business out of it.
Boundaries
(Listen, I’m trash at boundaries and I’ll be the first to admit it. For me, it’s taken YEARS to stop responding to emails and DMs at all hours and days.)
It’s difficult to stop from feeling guilty even when you’re sick, traveling, or otherwise occupied with something more important than work. Do your best to prioritize your life.
You’ll think about work all the time.
Clients aren’t entitled to info about your personal life. It’s okay if you want to share, but don’t feel obligated.
Separating yourself from your business is hard. When potential clients/buyers aren’t interested, it may be difficult not to take that as a personal slight.
You don’t need to justify turning down a client or project. You can just say no.
It’s hard to say no.
Work
Make sure that your business involves something you enjoy because you’re going to be doing a lot of it.
You have to be self-motivated. Unlike having a traditional employer, you set your own deadlines and schedule.
There is far more background admin work than you may expect. Even as an editor, plenty of my “work” doesn’t involve editing at all.
Ask for help when you need it.
Success
Even small wins are worth celebrating.
Building a successful business takes hard work and luck.
In a world full of comparisons, social media personas, and filters, it can be so easy to feel jealous or discouraged. Never let someone else’s success distract you from your own accomplishments.
Conclusion
Running a small business (especially as your full-time job) is a huge undertaking and it isn’t for everyone. There’s no one-size-fits-all strategy that will guarantee your success.
But if you’re brave and prepared for the challenges, it can be a deeply rewarding choice.
Whatever you decide, I wish you the very best of luck. 💙
