Being self-employed, without a doubt, has many perks, and I do recommend it, with a few caveats.
When you are the boss, long hours are a must. And if you have children, you need to be creative, be willing to burn the midnight oil, get up extra early and find snippets of time to get your work done. Self-employment is much more than a 40 hour, 5 day work week and I don’t know a successful business owner who works these hours or less. I have been involved in several enterpreneur groups and, across the board, all of the successful enterpreneurs I know work many long hours.
You have to be willing to do everything to make your business succeed. I tell my staff that I will never ask them to do anything I haven’t or don’t do and it is true. I have done it all. I have dusted and cleaned the workshop, done garbages, counted inventory, priced product, hauled boxes, cleaned toilets, you name it, I’ve done it, and continue to do what needs to be done.
You must watch your pennies! Of course there will be business expenses necessary to operate your business, but it is important to not overburden yourself with expenses when the income is not there to pay for them. I am a strong advocate of not borrowing. Keep your business solvent by growing your business slowly, and financing growth with your profits. It might take you a little longer to reach your goals, but you will diminish the stress of business ownership greatly by staying out of debt. Many times it is the little expenses that add up. So make sure you know how and where your money is going and you are sure to succeed!