4 Issues I Encountered Owning and Operating a Small Business

Opening your own business is so immensely rewarding. For me, it was the fulfillment of a dream. Working a 9-5 job, making someone else successful and working “my fingers to the bone” on behalf of another person simply wasn’t what I wanted to do. So, I started my own company. However, I quickly encountered several problems that threatened to make me lose my sleep and my sanity. With luck and perseverance, I overcame them – here’s what you need to know if you’re ever faced with a similar situation.

No Insurance

The first thing that hit me was the lack of insurance. I’d never really processed the fact that I would be responsible for my own insurance as a small business owner. I “knew” it would be the case, but the reality of the situation never hit me until I had to start paying for medical care out of my own pocket. Between my wife and my kids and myself, even basic doctor’s bills were piling up rapidly. I solved that problem by getting insurance for myself and my family. I highly recommend that you have an insurance plan in place before you open your doors – it can save you an immense amount of money and stress.

Accounting Skills

I’ve had some experience with bookkeeping and record keeping, so when I opened the doors of my business, it seemed like a no brainer to do it for myself. At first, this system worked out fine. However, it quickly turned into a real chore. I spent more time looking for ways to save money on my taxes and double-checking figures than I did actually interacting with my customers. My business started to suffer, but what can you do? Keeping the numbers straight is just as important as bringing in business, right? Finally, I had to concede that I just couldn’t do everything, nor should I have tried. I hired a professional accountant to help with my taxes and outsourced my everyday bookkeeping needs. Not only was it more affordable than I’d thought, but the money my accountant saved me more than paid for the bookkeeping service.

All Work and No Play

I love working in my office. I love owning my own business. There’s not a day that goes by that I regret my decision to start my own company. However, in the beginning, it did seem to eat up all my time. I figured that was natural for a new business – you have to put in enough effort to get things off the ground, right? I was wrong. It never ended. It kept piling up and piling up until, eventually, I realized that I did nothing but work in the office. I was neglecting time with my kids, my wife and didn’t even have time to take care of my health. It started to weigh me down and I began second-guessing my decision. Maybe I wasn’t cut out for this. How did other people do it? Then I found out that you have to MAKE time for play and personal time. You have to set hard boundaries and then stick to them in order to have balance in your life.

Trouble Delegating

As a new business owner, it took some time before I was able to afford to bring on any actual employees (other than myself). However, even once I did, I still felt that I was doing everything myself. It turns out the problem was me, not my employees – I was unable to delegate tasks efficiently and was hurting my own success. Thankfully, delegation is a skill that can be developed and I set to it wholeheartedly.

Don Elfrink is the owner and operator of AutoMatStore, an auto flooring company based out Columbia, Missouri. Before AutoMatStore, Elfrink was the operator of an automotive production site. AutoMatStore.com carries an array of customized logo, carpet, molded and all weather mats for many vehicles.

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.

Recent Posts

How to Get Scrappy: Creative Strategies for Business Success

When the economy isn’t doing as well as you’d like, you lose a client or…

4 days ago

5 Ways Social Media Helps You Run Your Business

Social media is one of the biggest topics in business. It seems like every day…

3 weeks ago

What Customer Service Means to MyCorporation

At MyCorporation, customer service is our biggest difference maker. Since we started the business, it’s…

1 month ago

5 Mistakes that can Haunt Your Business

It’s that time of year again! Haunted houses, ghosts, goblins, trick or treating, scary movies.…

1 month ago

What Back to School and Other Seasonality Means for Your Business

Kids are back in school, parents are back at work full time, and you’re wondering…

2 months ago

What is BOI and Why Is It Important to You?

If you’re a business owner, you’ve likely heard about BOI in the last two years…

2 months ago