30 Days to Becoming an Entrepreneur: What are realistic expectations for self-employment?

Limos and billion dollar IPOs probably aren’t in your future. That doesn’t mean you can’t start a business, make a great living, and enjoy some freedom. As I mentioned previously, less than 10% of all businesses have more than 10 employees. That means it’s reasonable to expect you likely won’t have many – if any staff. Starting a business probably won’t be a ticket to never working again.

So, what are reasonable expectations?

You’ll likely be able to make a decent living and pay your bills. Depending on the type of business, you can expect that once your business is up and going, you’ll be able to make at least $30-$40k per year (net). Obviously that’s going to vary wildly depending on the type of business, the amount of time you put into it, your dedication, and the market. But the point is that business ownership can provide a decent living – if you are lucky, you’ll make much more than that.

You’ll work a lot. Like A LOT. At least in the first couple years. The first year The Woof Room was in business I felt like I lived there. Between my business partner and myself, we were on-site for at least 100+ hours per week, not to mention the other 2-3 hours per DAY we spent doing things for the business.

You’ll feel a sense of pride in your work that you likely never felt before. When you work for someone else, you are working for their benefit. If you do really well, you likely don’t get extra money that year. When you have a business, if you put in more work and more time that usually equals more money and betters your business. You will experience the fruits of your hard work.

Next, 30 Days to Becoming an Entrepreneur: What do you bring to the table?

Check out all the posts in this series.

Photo Credit: Costanavirino

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