The level of uncertainty and intensity of the work can result in extreme highs and lows. This means increased likelihood of an emotional rollercoaster than the average person. Of course, this is likely to be more frequent during the beginning stages of your business, however, it is likely to resurface.
Emotional Rollercoaster
The level of uncertainty and intensity of the work can result in extreme highs and lows. This means increased likelihood of an emotional rollercoaster than the average person. Of course, this is likely to be more frequent during the beginning stages of your business, however, it is likely to resurface.
Profit Is Not Always Immediate
It takes time to generate profit after paying for initial startup costs. Many people going into business for themselves assume that their business will be profitable quickly, however, this is not always the case. It is more common for profit to take time to build and is dependent on start up costs and business structure.
Level of Uncertainty and Risk
Not having a boss or supervisor to consult with on cases or policies and procedures to follow can make things much more uncertain for you. It can be difficult to know who to turn to for help and guidance if you need it. This is why building community with other local business owners is so important.
Difficulty Separating Work from Personal Life
Having difficulty turning it “off” at the end of the day and feeling compelled to be accessible and responsive to clients and referral sources is something many business owners have a hard time with. Especially when you are first building your business, you may feel more pressure to be constantly available to that client base you are building, however, it is important to set business hours for yourself and try your best to stick to them to avoid burnout and promote longevity.
Possibility for Isolation
It is common to feel lonely in solo practice which can lead you to consider expanding your team. Group practice is not the right next step for everyone. Consider group practice expectation versus reality and if you do decide to expand, here are some suggestions on transitioning from solo to group practice successfully. Be sure to avoid the common pitfalls of expansion. For those who want to stay solo, building community is incredibly important as a way to share successes and overcome challenges.
Frequency of Imposter Syndrome
Questioning if you made the right decisions, feelings of inadequacy, and anxiety about making mistakes are something that can be a plague but it is something so many business owners deal with. It is important that you have trusted people you can talk to when you are feeling this way, especially those you already trust to be honest with you. Their reassurance can help you move past these moments and keep your head high as your work to build your business.
Amount of Personal Responsibility
Marketing, referrals, risks, and taxes, oh my! It can seem like there is always something that needs your attention and it is all on you, especially in the beginning before you can afford to outsource or delegate. This can be very intimidating, especially if you are used to working for someone else but remember that you always have the option to hire help and if not, make sure you schedule time for yourself to manage the administrative tasks of your business.
Essential Tasks Outside Your Wheelhouse
Accounting, risk management, financial planning, and marketing (to name a few) are all important elements of a successful business. If you have never done these things, it can be really difficult to know where to start. There is also a lot of uncertainty, especially wondering if you are doing everything properly and taking the necessary steps to ensure compliance and the possible consequences if there is something you missed. How do you know if you’re doing things right? Do not hesitate to seek advice and expertise from those who are experienced in the aspects of business you are not. Here are suggestions for what to look for in a consultant as well as the benefits of hiring a consultant.
Consider Us
The consultants at Compassionate Consulting Company are licensed independent clinical social workers located in Massachusetts who have been running successful counseling practices for years. Here are testimonials from clients that have worked with us. We enjoy working with entrepreneurs that are starting their business, expanding and hiring team members, as well as those who are considering diversifying and adding different income streams. Schedule a free consult so we can learn more about your business goals and share how we can help.
