by Daniel J. Gansle

Created on: August 14, 2008

Owning your own business is a pipe dream for many. No bosses to contend with; no two-hour commutes; and the flexibility to come and go as you please. However, owning a business may not be right for everyone; it takes time, dedication, and a very positive can-do attitude to make even a small profit.

Owning Up to Your Expectations
Like so many other things in life, small business ownership is generally romanticized into some sort of blissful state where you don't have to work as hard and you make lots of money at the same time. The reality is that owning a business takes far more time and effort than working for an employer. So what are your expectations? If you want to get rich quick, you won't. If you want to sit on your laurels while money somehow miraculously comes pouring in, don't hold your breath. Expect to put in copious amounts of time and money running your business day to day in addition to advertising and marketing.

Getting the Word Out
In today's world of instant messaging and information overload, it's harder than ever to get the word out about your products and/or services. You really have to stand on the mountaintop and blow your lungs out for anyone to notice. But standing on that mountaintop will require great sacrifice in the form of time and expense. You need to have an advertising budget and a solid marketing plan. You need to ascertain target markets for your products and/or services. You need to advertise on the Internet, by word of mouth, by print ads, and by radio and television if possible. The more people know about your business, the more successful you may become.

The only exception to this rule is if you opt for a franchise with an established market presence and visibility; for example, Subway or Pizza Hut. Everyone already knows about these tasty fast food chains, so your marketing efforts are minimized. The brand and visibility is already there; all you have to do is build it and the hungry throngs will burst through your doors in no time.

Dealing With Disgruntled Customers
If you own your own business, you'll have to put in a lot of face time with your customers. Inevitably, there will be times when irate customers will demand to speak with you. Sometimes their arguments will merit consideration; other times not.

For example, I once sold a high-quality Canon EOS Rebel SLR camera through my short-lived Ebay auction site. I hadn't used the camera in several years; yet I had no reason to believe there was anything wrong with it. Sure enough, a few weeks later I received an e-mail from the buyer who was disgruntled because she had to spend money repairing a shutter problem on the camera. She wanted a full refund; yet the deal was finalized and I did state my return policy when she purchased them. I really did feel terrible about it, but it's customer service issues such as these that you will have to deal with, and you may have to make a decision you don't like although you do genuinely want to help the person.

The freedom of owning your own business is unparalleled. But you must look realistically at what it entails, and whether it's right for you.

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