Freedom, holidays off, more time with family, following passions, control over life, financial security, and choosing hours. These are all things that I think of when I dream about my business. Yes these are all things that can come out of a business but it takes a lot more behind the scenes work then most realize. In my business from the outside people see pretty signs and fun products. What they don’t see is the countless hours creating those products, message after message from clients to make sure their signs come out well, and so much more. 

Here are 5 things that I wish I had known before starting my business

1. Taxes work a little differently than a 9-5 job. 

I live in Oregon so your state might be a little different. But, I definitely took for granted having taxes taken out of my paycheck when I was teaching. Thank goodness you can write off expenses, but it always seems like you get taxed more when you are self employed. Experts suggest you set aside 25%-30% of your income for taxes as a business owner. Make sure you are prepared for tax season, it’s better to have saved then find out you own money that you don’t have. 

2. All the successful businesses you see, didn’t happen over night. 

Thanks to social media, there seems to be a disconnect between what a business owner actually does and what we see. We see the highlights, the amazing products, and the nice advantages that come from having a business. What we don’t see is time away from family, late nights and early mornings, financial struggles, years of trying to make it, and so much more. Having your own business takes work and time. You don’t just get lucky if you have a successful business. You work your booty off to get there. 

3. Starting this hobby as a business would change everything. 

I started my home decor business out of desperation. I so badly wanted to be a teacher and was driving 300 miles a day 3 times a week to go to class and also paying for daycare for my 3 month old. I was desperate. Little did I know that time and time again I would choose my business over teaching. Although I love teaching I love my business more. What I thought was just a hobby, has turned into a passion. 

4. Supplies are expensive

Wood and equipment are expensive! You have to price your items right. I live in an area where people want high quality work for low quality prices. I feel a huge pressure to lower my prices. What people don’t realize is that supplies are expensive. It takes time and experience to build a successful business with quality products. You need to charge enough to cover your costs and time. There are always people who will buy from you even if someone thinks you are “charging too much”. Don’t lower your prices just to make a sale. Your time is valuable! 

5. You have to figure out what is worth giving up 

I’ve had my business in many stages of my life. As a student, full time teacher, stay at home mom, and a combination of all 3. No matter what your life looks like, you are going to have to decide what to give up to make time for your business. I really enjoy watching TV at night after my little ones go to bed. However, that’s not always doable. There are many nights during the week when I need that time to work on my business. There are some days when I have to give up family time because I need to catch up things. There are some seasons I have given up working out because I need every minute I can get (hello holiday season). When you have your own business you really have to get your priorities together and figure out what’s important. 

I don’t write these things to deter you from starting your own business. I just want you to know that finding success doesn’t come from luck. It comes from hard work and trying new things. Hopefully these 5 items give you a little insight about what being self employed looks like. 

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