3 Things You Didn’t Know About Owning Your Own Business

3 Things You Didn’t Know About Owning Your Own Business

Owning your own business can be very exciting, especially in the beginning. There is a great sense of pride in such a venture because you put a lot of hard work into opening your business, and you are excited to show it off. However, there are things about owning your own business that you may not be aware of.

One of the best things, and one of the most talked about things about being a business owner is that you can make your own hours; if you want to put in your hours later in the day, you can!

This is only true to an extent. Business owners often put in a lot more work than the regular 40 hour work week. You are in charge of everything, so you have to oversee everything, and insure things are going the way they should. Every little detail is your responsibility, so while you can set your own hours, you are still the only one with that work load, and you need to complete it in order to keep your business successful.

When you have a business that requires employees, friends and family will often ask to be hired. It may sound like a great idea to begin with, but there can be a lot of problems. If you hire someone strictly because they are friends or family, you don’t know if they are actually suited for the job or not. In the event that they are not suited for the job, or something comes up that requires termination, firing that friend or family member can cause a great amount of strain on your personal relationship. Families have been torn apart because they could not keep business life and personal life separate.

Clients are what keeps your business alive, but they are not always easy to deal with. Of course, you will have clients that are a pleasure to work with. You will also have clients who are not so pleasurable to work with. You must remember that the client is always right, regardless of the situation. When a client has a complaint or wants a refund, and they sound angry or irritable, it can be easy to simply react and try to argue your side of the story, but that is not what the answer is.

Keeping clients happy should be a priority; happy clients continue to return, and they also tell their friends and family about great service they receive. Unhappy clients can go to social media and start a storm that could potentially ruin your entire business,

should the information go viral. When one person complains, it is common for others to join in and support the client. Bad reviews on social media negatively affect your business in a big way. Being a business owner is accepting there will be a lot of stress dealing with clients down the road.

These three things are often overlooked when you open your own business, but they are important to remember as you go on your journey. Taking these suggestions to heart, and utilizing them in your business, will help you to grow your company to be successful.

Josh Gruss is the Chairman, CEO and founder of Round Hill Music