Updated: Feb 27
There are numerous advantages to operating your own business. It’s no surprise that so many people desire it, from the extra income to the freedom to live life on your terms. While being a venue owner is unquestionably rewarding, there are some things that most books, podcasts, and videos do not teach you.
Today, I will tell you about five essential components of owning a business that no one tells you about.
Many self-proclaimed “internet venue experts” will tell you that owning a business is glamorous and a quick, easy way to make money. We’ve all seen ads from folks claiming to make six-figure incomes while working a few hours a week.
1. It’s stressful
But here’s the first thing no one informed you about running your own company: it’s stressful! You are solely accountable for your company’s success as a business owner, especially initially. That implies you’ll take on several roles of CEO, CFO, marketing director, lead salesperson, janitor, etc. This adds to your responsibilities, but it also implies that your pay is directly proportional to your performance. As you may expect, there is a lot of pressure to do well. Instead of performing for your boss as in a “normal” 9 to 5 job, you perform for your clients.
The added pressure can be beneficial. It keeps you motivated and encourages you to work harder to make your company the best. On the other hand, being accountable to each and every one of your clients can be difficult. Some of those customers will be difficult for no apparent reason. They’ll even say derogatory things about you and write bad reviews about your company. You’ll have to accept that you can’t please everyone - and that’s perfectly fine.
You’ll eventually reach a point in your company where things start to get simpler. At the very least, you’ll be able to delegate some of the hundreds of tasks you’ve had to deal with daily.
2. It takes initiative
The second thing no one tells you about running a venue is how much initiative it requires. In a typical 9-to-5 job, you’re usually instructed on what to accomplish or given a list of objectives to meet on a specific timetable. According to most people, working a 9-to-5 job, especially internet gurus—is a destiny worse than death. But for many people, there’s comfort in having a predictable work life.
As a venue owner, you’re embarking on an adventure into the unknown. There’s no supervisor to give you a deadline, no productivity metrics to hold you accountable, and no coworkers to lean on in the beginning. No one is forcing you to do anything in reality. ‘That sounds fantastic!’ you’re probably thinking right now. The flexibility and freedom of running a venue are unquestionably a benefit.
You must learn to master the art of self-motivation because no one is keeping you accountable. At least, such is the case at first. Because you will have to answer to someone at some point, it’s your clients, as you may have surmised. They’ll expect a certain degree of service from you, and you’ll have to work extra hard to meet their expectations. But, until you reach that moment, it’s critical to be laser-focused. One of the most important skills you can learn is how to work and succeed on your own.
3. You Will Gain a Lot of Knowledge
I don’t want to give you the impression that owning a business and running your own company is all stress and strain. No one warns you how much you’ll learn in the end. You’ll learn about venue management, marketing, and even customer relations. Beyond that, having your own business will teach you a valuable lesson in self-development that you won’t get from a “normal” job.
You’ll develop skill sets that you won’t be able to learn from books or classes because you’ll need to make your business flourish no matter what life throws at you. You gain perseverance; for example, you will continue to work on your business even though you aren’t booking events continually.
When those not-so-kind customer reviews are put out for the world to see, despite the fact that you did nothing wrong,? That’s when you persevere. And, of course, when a dozen things go wrong in a day, you’ll learn some excellent problem-solving abilities and the ability to adapt to the new scenarios that will inevitably arise.
What’s the best part? These abilities extend well beyond your business. They’ll infiltrate every element of your life, and you’ll discover that you’re more confident, forceful, and ready to face any situation.
4. Follow Your Passion, Don’t Chase The Money
This will be a key to starting a business that will increase your happiness. As Richard Branson once said, “If you do good and have fun -- the money will come.”
While it’s important to generate a profit while beginning a business, it shouldn’t be your primary goal. Pursuing your interest should be the key to increasing your happiness. This is a business that you genuinely enjoy and are passionate about. When you do something you enjoy and make you happy, the setbacks you face as an entrepreneur will have less impact.
You’ll still look forward to going to work every morning because, rather than dwelling on the negative, you’ll seek opportunities to learn and grow. When you are passionate about something, you get a sense of fulfillment and motivation. Your vision will improve as your satisfaction in your new business grows.
5. Time and Commitment
People frequently start a business in order to spend more time with their families. Unfortunately, running a business takes a lot of time. You have the freedom to take time off in theory, but you may not be able to do so in practice. In fact, you’ll have less free time than you would if you worked for someone else. A forty-hour work week is a fallacy for many business owners. Vacations will be tough to get away from and will be frequently disrupted.
Before embarking on your journey to business ownership, be sure to consider these five components discussed. Need 1-on-1 business support? Book a call and let’s see how we can work together.