The Highs and Lows of Running a Business

I own my own company of electrical contractors, called Electrolite, which I have been running for over 10 years now. I decided to start my own business because I wanted autonomy and I was dissatisfied with the quality of existing electrical businesses. Here are some highs and lows that I have experienced since starting my own company:

Highs

Flexibility and Freedom

You make your own hours, choose your salary and decide what you do with your time. This flexibility can be great if you have children, pets or other commitments outside of work. You have direct control over your day to day life and your future.

Satisfaction

One of the best feelings that comes with owning your own business is the sense of pride you feel when things are going well. I get to spend my days improving, promoting and building a company that I believe in.

New Skills

As an entrepreneur, every day is filled with new experiences and new opportunities to challenge yourself, be creative, think on your feet and learn something new. Taking on the responsibility of running a business, allocating cash flow, negotiating with suppliers and managing customers will sharpen your focus, broaden your perspective and increase your knowledge in so many ways.

Limitless Income

When you are a traditional employee, you receive a salary, perhaps some bonuses/commissions and that’s it. When you own your own company, your potential salary is limitless.

Lows

Hidden Costs

Handling cash flow is a major responsibility. You need to know how much to pay yourself, how much to pay your staff and how much to put aside for training and compliance costs (etcetera). There are so many hidden costs - I recommend that you try to figure out as many as possible before you start your business!

Difficult Customers

When I first started my business, so many people tried to take me for a ride by underpaying me, cancelling appointments and generally messing me around. This was particularly frustrating because I always go to great lengths to do right by my customers. Now that my business is more established, I no longer have these issues - but it certainly took a while to secure the type of loyal customer I wanted.

You’re Always ‘On’

Whether business is good or bad, your mind will constantly be filled with things you need to do and people you need to call. Although you can delegate tasks, the accountability of owning a business is often mentally and physically draining.

Starting my own business has been harder (and more rewarding) than I ever could have imagined. Before you take the plunge, I suggest that you create your own extensive list of advantages and disadvantages and talk to a business adviser - it’s quite likely that many of the lows I’ve discussed above can be overcome with the right business model.

This article was contributed by the owner and operator of Electrolite,. His electrical contractors provide high-quality electrical installations, repairs and services to satisfied customers all throughout Brisbane.