From the outside looking in, owning your own business seems like the perfect thing. No more dealing with that disgruntled boss, and so what if you want to sleep in. You are free to do whatever you want with no repercussions. Nice theory, if it were true.

You've scrimped and scraped and have put together your startup money. You obtained all the necessary licenses, have chosen your locale and your product is fully stocked. Now it's time to open the doors and rake in the bucks. Again, a grave misconception.

Whether your business is a service or includes a product, you are in for the biggest challenge of your life. Never before has time management been so important as you pave your way into the business world as owner, manager, advertising representative, bookkeeper, human resource manager, sales representative, consumer relations person, and paralegal.

Regardless as to whether you start out as the sole employee or are able to hire extra help, everything IS your fault. When an unhappy customer returns, you can rest assured that they will want to speak with someone with authority; namely you. If a product doesn't arrive in time, it is you that are at fault, not your supplier. And, just suppose that your employee calls in sick. Well, you can cancel that day at the lake that had planned with your family.

Remember those days that you were planning to sleep in? Any successful business must maintain regular business hours, which means no rest for you. Slack off and begin opening your doors at odd hours and you will see customers disappear at an alarming rate.

Quality is an important factor in any business. Deliver less than the finest product or service and people will go elsewhere. Again, they don't care about who your supplier is, or that they deliver defective goods to you. The responsibility lies solely with you.

Keeping accurate records is mandatory in any kind of business, and can be the most time consuming of all of your tasks. Even if you've hired the services of an accountant, you will need to keep close tabs on all transactions and receipts. When tax time rolls around and you are short $5000.00 in receipts, you will be up nights until they are located.

If your budget allows the hiring of additional employees you are in for a real treat. You now have the task of seeing through the false display of character that is portrayed during an interview and choosing the right person for the job. Then there are the reference checks. Most former employers will tell you three things; date of hire, date of termination, and whether or not they are would rehire them. This leaves a lot for you to figure out on your own. And even the best-informed employer may wind up with a less than desirable employee. If, after doing everything right, things don't work out and you have to terminate the person, make sure you are aware of the labor laws in your state, as discrimination suits make up a large are in our court systems.

If you hire outside employees you are required to maintain Workman's Compensation Insurance. Every state differs in their laws, but one thing is pretty uniform; it isn't cheap! This is where your initial profits go right out the window, as this will be the most expensive debt you have.

Now that you have your own business you can look back on that disgruntled boss and understand how he got that way. You have taken on numerous personalities and the responsibilities that go with them. Being in business for yourself isn't for everyone, but it can be best enjoyed with proper planning and a willingness to devote yourself to it full time.

Learn more about this author, Tara Rijon.
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