What It's Really Like Being a Small Business Owner
What is it really like being a small business owner?
Mark Custer, owner of Worklab by Custer, shares insight on what it’s truly like owning a small business.
Everything Starts Somewhere.
How did Mark begin his small business?
He began with an idea and identified a need. Once he had his idea, it was important for him to research the industry and current players to identify market potential. His idea was to create a coworking and meeting center. The need in the Grand Rapids area at that time was a place for individuals and small businesses to work and meet out of. Mark states that “as I was beginning the research for Worklab, I noticed there was not a lot of current competition. No one was offering space to have small and medium-sized meetings in a really cool setting. There was only one other coworking business at the time, and the coworking style of working was exploding across other parts of the country.”
Another big thing he had to do at the beginning was put together a proforma income statement and an overall business plan. Mark suggests that you can also have people in your network review your business plan and offer suggestions or things you might have missed. “After I had researched the market, identified needs, and put together my business plan it was time to start looking for lending and a place to locate the business. For me, the location of our business was essential to making it successful. We had to be in a busy downtown area within walking distance to hotels, parking, and dining.”
The Benefits of Owning a Business
According to Mark, there are many benefits that come along with owning a small business… he mentions that the most rewarding ones are:
Freedom: You are the key to your success and what you put into your business, you will get out of it. You can essentially work whenever you want and take vacations when you want, but you have to remember that success is going to mean working a lot more at the beginning than you think.
Hiring: Once you establish yourself and stabilize your business, you can then hire employees to help you grow and take over responsibilities that you were doing at the beginning.
Growth & Scaling: Once you get good at holding your employees accountable, you can then focus on growth and scaling, which is definitely the fun part of owning your own small business.
Decision Making: Another great part is that you are the boss! You get to make all the decisions for yourself and your business. You get to create your brand, develop your own identity, and run the business in the style that suits you as a leader.
Excitement: Every day is different and a fun adventure when you run your own business. The excitement is unlike any employee has ever seen and it’s super invigorating.
The Challenges of Being a Business Owner
Mark additionally indicates the greatest challenges he’s endured over the years of being a small business owner…
Stress: The stress of owning your own business is not for everyone. There is an extreme amount of pressure on yourself to be successful and make the money you expected to make in your proformas. Once you begin to add employees, the stress levels will go up even higher because you are now responsible for other people.
Financial Pressure: In addition to stress, as a small business owner, you will be under constant pressure from a financial perspective. You will have obligations, lots of expenses you have to pay each month, and possibly some debt/loans. You also will have the pressure of continuous business development and revenue generation. You can’t ever stop and the pressure will be a big challenge to balance, but should drive you to success also.
Responsibility: As a small business owner, you are responsible for everything that happens within your business. This means that when something is broken, you have to fix it. When an employee doesn’t show up, you have to fill in. When you don’t hit revenue targets, you have to find a way to pay employees and vendors. When customers are upset, you have to deal with all the problems and fix them. Your small business can easily take over your life with all the different responsibilities and you will have to learn how to manage and balance everything as you grow.
“There are no secrets to success. It is the result of preparation, hard work and learning from failure.”