Hi guys/girls, How many of you are passionate about your business? Just to give you a bit of history, Im 25, I have been running my business for nearly 2 years now supplying electronics. Last year I started renting a shop. I’m a Ltd, but work by myself, last year I hit around £400,000 turnover. Although the business has been performing well financially, I find I am caught in this rut of 9-5, the sort of thing you’d expect from a boring job. I’ve made a decision this week to close my shop and I’m giving myself 2 weeks to organise everything so it becomes totally online. (I’m going to lose about 30-40% of sales which were normally from customers walking in) The reason is very simple and I would love to hear the opinions of other entrepreneurs how passionate are you about your industry or the work you’re involved in? I’m passionate about vintage clothing so want to start travelling and starting a new business. It’s been on my mind for a year but I’ve just never had the guts to go ahead. How many of you feel you’re caught in a rut?
It’s easy for any business you run yourself to turn into a ‘job’. The E-Myth book by Michael Gerber covers this really well. The myth is that people running their own business are entrepreneurs. Often they aren’t – other than the few minutes at some point in their life that they decided to set up! The answer (according to MG) is to systemise your business so that everything can run just as well when you’re not there – or in my case probably even better
I wonder whether if you put your effort into systemising your shop and online sales you could retain a lot of the profit you currently earn and free yourself up to do the things you want to do. Believe it or not but designing the systems can be interesting in itself.
Good luck with whatever you decide.
Jonathan Ford BSc (Hons) FCA Jonathan Ford & Co Limited Chartered Accountants www.jonathanford.co.uk
Thanks Jonathan, hit the nail on the head right there! I really believe a true entreprenuer is someone who can walk away from his creation knowing it will run by itself.
I am in two minds.
1. employ some staff and setup a proper trade counter- however this requires a lot of investment in time and essentially profit until the business starts running successfully.
2. automate everything so it’s a complete online venture, all I do is manage the admin side of things and let it run.
I’ll let you know how it goes but thanks for reassuring me this isn’t the life of an entrepreneur. Truth is, I wouldn’t want anyone working in an industry that even I’m not passionate about.
Excitement, intrigue, and the anticipation of the unknown. They are all missing in your current business. Whilst your comfortably ticking over and bringing in the pennies to put the food on the table, there’s obviously a lot lacking to hold your attention span from anything that’s not entirely necessary.
Life has an uncanny way of telling us things, but for the vast majority we never realise until it’s too late to change. I’ve been in pretty much the same situation myself and I’m a lot older than you.
The one thing you have that is invaluable is time. Your only 25 years old . . . a mere sprat in the ocean of large fish. If there is one thing I have learned from experience, it is always to follow your dream, or life can sometimes in the cruellest of circumstances take that dream away from you permanently.
If you’d like to talk to someone old enough to be your dad, with a mind and outlook that’s probably younger than yours, and with something established, unusual, and cooking that would blow your socks off, please get in touch with your contact details.
If not, then I sincerely wish you follow your dream and find work and life satisfaction.
Sorry to hear you aren’t enjoying the shop anymore but is taking it online really going to make you feel more enthusiasic??/
Enterprise Private Equity www.enterprisepe.com Specialists in Enterprise Investment Scheme, EIS Tax Advantages and EIS Investments