Dealing with the stress of being a business owner.
Discussion
First of all, let me say that I'm not a business owner, rather my OH is but I still ride the up & down roller coaster with her!
She has had a joint partnership (posh franchise!) now for 2 years or so, there have been plenty of ups but they seem to be more than balanced by the low's.
How do you deal with this everyday?
The business is generally going to plan and there are no major financial worries, however it's still not at the stage of paying out the 'big money' that we can actually sit back & enjoy.
She seems to be constantly chasing the light at the end of the tunnel, unfortunately it doesn't seem to be getting any closer!
What I need is some ammo so my pep talks keep the enthusiasm up!
She has had a joint partnership (posh franchise!) now for 2 years or so, there have been plenty of ups but they seem to be more than balanced by the low's.
How do you deal with this everyday?
The business is generally going to plan and there are no major financial worries, however it's still not at the stage of paying out the 'big money' that we can actually sit back & enjoy.
She seems to be constantly chasing the light at the end of the tunnel, unfortunately it doesn't seem to be getting any closer!
What I need is some ammo so my pep talks keep the enthusiasm up!
raf_gti said:
birdcage said:
Lifestyle business or fatten the cow to sell for decent wedge business?
Erm..It's a veterinary surgery so whatever category that falls into!
So as you can imagine, when dealing with both the humans and animals there is a massive emotional element as well.
In a weird way the more you have going on the less time you will think about the stress, take up skydiving!
raf_gti said:
First of all, let me say that I'm not a business owner, rather my OH is but I still ride the up & down roller coaster with her!
She has had a joint partnership (posh franchise!) now for 2 years or so, there have been plenty of ups but they seem to be more than balanced by the low's.
How do you deal with this everyday?
The business is generally going to plan and there are no major financial worries, however it's still not at the stage of paying out the 'big money' that we can actually sit back & enjoy.
She seems to be constantly chasing the light at the end of the tunnel, unfortunately it doesn't seem to be getting any closer!
What I need is some ammo so my pep talks keep the enthusiasm up!
Buy her a book called "Don't Sweat The Small Stuff - And It's All Small Stuff" by Richard Carlson. It's a good little book with some interesting tips on keeping things in perspective.She has had a joint partnership (posh franchise!) now for 2 years or so, there have been plenty of ups but they seem to be more than balanced by the low's.
How do you deal with this everyday?
The business is generally going to plan and there are no major financial worries, however it's still not at the stage of paying out the 'big money' that we can actually sit back & enjoy.
She seems to be constantly chasing the light at the end of the tunnel, unfortunately it doesn't seem to be getting any closer!
What I need is some ammo so my pep talks keep the enthusiasm up!
I do my best, the best I can and if that isn't enough it is their problem. I fret only about the things I can reasonably change and get on to try and change it as soon as I can. If I cannot change it, I stop trying to and quit worrying about it. Otherwise why worry about stuff you cannot control or change.
This works most of the time, but not always!!
This works most of the time, but not always!!
pioneer said:
raf_gti said:
First of all, let me say that I'm not a business owner, rather my OH is but I still ride the up & down roller coaster with her!
She has had a joint partnership (posh franchise!) now for 2 years or so, there have been plenty of ups but they seem to be more than balanced by the low's.
How do you deal with this everyday?
The business is generally going to plan and there are no major financial worries, however it's still not at the stage of paying out the 'big money' that we can actually sit back & enjoy.
She seems to be constantly chasing the light at the end of the tunnel, unfortunately it doesn't seem to be getting any closer!
What I need is some ammo so my pep talks keep the enthusiasm up!
Been doing it for 15 years already at the age of 30, sorry to disappoint but in my experience it never changes. If you care about the business it will always be a stress, the day you sit back and count the money coming in is the day it all starts to go wrong.She has had a joint partnership (posh franchise!) now for 2 years or so, there have been plenty of ups but they seem to be more than balanced by the low's.
How do you deal with this everyday?
The business is generally going to plan and there are no major financial worries, however it's still not at the stage of paying out the 'big money' that we can actually sit back & enjoy.
She seems to be constantly chasing the light at the end of the tunnel, unfortunately it doesn't seem to be getting any closer!
What I need is some ammo so my pep talks keep the enthusiasm up!
Main thing is to try to enjoy and see problems as challenges. Many small businesses that grow make the mistake of bringing in 'managers' to run the business so the owners can sit back and relax - this usually ends up a massive mistake and has really screwed some businesses up. When you're small YOU ARE THE BUSINESS, so what you put it you get out. Of course there are exceptions to this but this is the case in 90% of small businesses from my experience.
I'd go along with almost all that has been said.
I feel as though I frequently get to the and of a day and wonder why I'm doing it yet equally often have a smooth day which I enjoy. You only tend to remember the former however.
I tend to work on the premise that I'm a reasonable person and that if someone makes a request I'll consider it. If I don't think its reasonable I don't do it. They may not agree but hey ho. The customer is definitely not always right.
I'm coming towards the end of the period where I owe banks large chunks so that's good and you tend to find your cash flow improves even if your takings/business success aren't. Which is nice.
I really struggle with time off - I'm dreadful at feeling I need to be there and odd issues that you can easily deal with day to day look really daunting sat on your desk after a week off. The staff can do so much but most I need to make decisions. Time off is something I really need to work on!
But we are far more financially secure than if I had been an employee and hopefully if we have weathered the last couple of years it should begin to improve gradually.
It is worth it but sometimes you do have to look long and hard to see why.
I feel as though I frequently get to the and of a day and wonder why I'm doing it yet equally often have a smooth day which I enjoy. You only tend to remember the former however.
I tend to work on the premise that I'm a reasonable person and that if someone makes a request I'll consider it. If I don't think its reasonable I don't do it. They may not agree but hey ho. The customer is definitely not always right.
I'm coming towards the end of the period where I owe banks large chunks so that's good and you tend to find your cash flow improves even if your takings/business success aren't. Which is nice.
I really struggle with time off - I'm dreadful at feeling I need to be there and odd issues that you can easily deal with day to day look really daunting sat on your desk after a week off. The staff can do so much but most I need to make decisions. Time off is something I really need to work on!
But we are far more financially secure than if I had been an employee and hopefully if we have weathered the last couple of years it should begin to improve gradually.
It is worth it but sometimes you do have to look long and hard to see why.
I also agree with whats been said but I have factored in a small thing that makes a big improvement to my working life.
When I was employed I lived on the Wirral and worked in Essex then Slough, now I work 10 minutes away from home
I hardly ever get in before 10am
I always try to go home at 4.45 latest
I have a tv in my office and watch the news at 1pm, I always stop for lunch
If I have a kick off customer I never deal with it myself I ask a staffer to deal with it, if it really escalates and its not stupid money involved I capitulate as lifes too short
If staff play up I try and deal with it reasonably but if it escalates I pay a HR company a yearly fee to look after such things - however its still hassle
The above does not stop me worrying but it helps that I dont get immersed in minutia
When I was employed I lived on the Wirral and worked in Essex then Slough, now I work 10 minutes away from home
I hardly ever get in before 10am
I always try to go home at 4.45 latest
I have a tv in my office and watch the news at 1pm, I always stop for lunch
If I have a kick off customer I never deal with it myself I ask a staffer to deal with it, if it really escalates and its not stupid money involved I capitulate as lifes too short
If staff play up I try and deal with it reasonably but if it escalates I pay a HR company a yearly fee to look after such things - however its still hassle
The above does not stop me worrying but it helps that I dont get immersed in minutia
raf_gti said:
She has had a joint partnership (posh franchise!) now for 2 years or so...there have been plenty of ups but they seem to be more than balanced by the low's.
She seems to be constantly chasing the light at the end of the tunnel, unfortunately it doesn't seem to be getting any closer!
Why is she giving money each month to the franchise?She seems to be constantly chasing the light at the end of the tunnel, unfortunately it doesn't seem to be getting any closer!
With a franchise anything you build in terms of goodwill and hard work is effectively owned by someone else.
Would the business not work without the 'posh franchise'. In my area none of the vets are franchises and they still cane the money in.
JustinP1 said:
[Would the business not work without the 'posh franchise'. In my area none of the vets are franchises and they still cane the money in.
Confuses me too.A local vet is a local vet. THe reputation comes from the vet themsleves and not from the 'brand'.
Unless the franchise pays all the equipment and startup costs?
blindswelledrat said:
JustinP1 said:
[Would the business not work without the 'posh franchise'. In my area none of the vets are franchises and they still cane the money in.
Confuses me too.A local vet is a local vet. THe reputation comes from the vet themsleves and not from the 'brand'.
Unless the franchise pays all the equipment and startup costs?
Going down the 'posh franchise' route the startup cost is far, far less and you have the advantage of professional business backup rather than being a vet and a business person.
The advantage of being a joint partnership over a franchise is that each clinic has complete clinical freedom yet still benefit's from group central purchasing.
raf_gti said:
blindswelledrat said:
JustinP1 said:
[Would the business not work without the 'posh franchise'. In my area none of the vets are franchises and they still cane the money in.
Confuses me too.A local vet is a local vet. THe reputation comes from the vet themsleves and not from the 'brand'.
Unless the franchise pays all the equipment and startup costs?
Going down the 'posh franchise' route the startup cost is far, far less and you have the advantage of professional business backup rather than being a vet and a business person.
The advantage of being a joint partnership over a franchise is that each clinic has complete clinical freedom yet still benefit's from group central purchasing.
I know of at least two practices where I live which are one man bands with a receptionist which could have been set up by pooling together a few credit cards.
Maybe this is the answer?
Instead of effectively being an employee (but with less rights) and working for a big company and giving them all the margin, be happy with starting small and building *your own* business so when you grow what you grow is yours rather than someone else's.
IMHO your other half has the worst of both worlds.
JustinP1 said:
raf_gti said:
blindswelledrat said:
JustinP1 said:
[Would the business not work without the 'posh franchise'. In my area none of the vets are franchises and they still cane the money in.
Confuses me too.A local vet is a local vet. THe reputation comes from the vet themsleves and not from the 'brand'.
Unless the franchise pays all the equipment and startup costs?
Going down the 'posh franchise' route the startup cost is far, far less and you have the advantage of professional business backup rather than being a vet and a business person.
The advantage of being a joint partnership over a franchise is that each clinic has complete clinical freedom yet still benefit's from group central purchasing.
I know of at least two practices where I live which are one man bands with a receptionist which could have been set up by pooling together a few credit cards.
Maybe this is the answer?
Instead of effectively being an employee (but with less rights) and working for a big company and giving them all the margin, be happy with starting small and building *your own* business so when you grow what you grow is yours rather than someone else's.
IMHO your other half has the worst of both worlds.
I'm not quite sure what quality of care a practice that was paid for by 'a few credit cards' could offer would provide.
raf_gti said:
JustinP1 said:
raf_gti said:
blindswelledrat said:
JustinP1 said:
[Would the business not work without the 'posh franchise'. In my area none of the vets are franchises and they still cane the money in.
Confuses me too.A local vet is a local vet. THe reputation comes from the vet themsleves and not from the 'brand'.
Unless the franchise pays all the equipment and startup costs?
Going down the 'posh franchise' route the startup cost is far, far less and you have the advantage of professional business backup rather than being a vet and a business person.
The advantage of being a joint partnership over a franchise is that each clinic has complete clinical freedom yet still benefit's from group central purchasing.
I know of at least two practices where I live which are one man bands with a receptionist which could have been set up by pooling together a few credit cards.
Maybe this is the answer?
Instead of effectively being an employee (but with less rights) and working for a big company and giving them all the margin, be happy with starting small and building *your own* business so when you grow what you grow is yours rather than someone else's.
IMHO your other half has the worst of both worlds.
I'm not quite sure what quality of care a practice that was paid for by 'a few credit cards' could offer would provide.
Franchises are not set up to make the franchisee a fortune, they are set up to give the franchise holder the fortune and power and provide the franchisee a decent wage if they work hard.
If the 'light' is anything different than that then you have gone down the wrong tunnel.
JustinP1 said:
raf_gti said:
JustinP1 said:
raf_gti said:
blindswelledrat said:
JustinP1 said:
[Would the business not work without the 'posh franchise'. In my area none of the vets are franchises and they still cane the money in.
Confuses me too.A local vet is a local vet. THe reputation comes from the vet themsleves and not from the 'brand'.
Unless the franchise pays all the equipment and startup costs?
Going down the 'posh franchise' route the startup cost is far, far less and you have the advantage of professional business backup rather than being a vet and a business person.
The advantage of being a joint partnership over a franchise is that each clinic has complete clinical freedom yet still benefit's from group central purchasing.
I know of at least two practices where I live which are one man bands with a receptionist which could have been set up by pooling together a few credit cards.
Maybe this is the answer?
Instead of effectively being an employee (but with less rights) and working for a big company and giving them all the margin, be happy with starting small and building *your own* business so when you grow what you grow is yours rather than someone else's.
IMHO your other half has the worst of both worlds.
I'm not quite sure what quality of care a practice that was paid for by 'a few credit cards' could offer would provide.
Franchises are not set up to make the franchisee a fortune, they are set up to give the franchise holder the fortune and power and provide the franchisee a decent wage if they work hard.
If the 'light' is anything different than that then you have gone down the wrong tunnel.
But this is getting into territory that isn't really appropriate for me to comment on further so we shall agree to disagree
Well, it is answering your question.
And you've not once said what this 'light' that is being looked for is or what the stress is caused by...?
If the situation somehow develops so this nirvana point is reached, thus the interim are business issues, if the franchise holder is that hands on with business support with regards to the premises and purchasing etc, surely the business issues would be covered by them?
If they are not, then how are they getting better towards this point?
And you've not once said what this 'light' that is being looked for is or what the stress is caused by...?
If the situation somehow develops so this nirvana point is reached, thus the interim are business issues, if the franchise holder is that hands on with business support with regards to the premises and purchasing etc, surely the business issues would be covered by them?
If they are not, then how are they getting better towards this point?
Edited by JustinP1 on Tuesday 26th October 01:05
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