Thursday, April 5, 2007

Challenges of a Business startup

The DigeratiLife has a great list of challenges to work through when starting up a new business. I can attest to every one of these items she talks about. We live on a Spartan budget and I have worked extremely hard to have adequate cash reserves to fund unexpected expenses and start up costs. I've also worked on lots of methods to get hold of OPM. Even though I have a full time job we also live with lots of uncertainty. Real estate is not very liquid and the time line between purchase, renovation and re-sale is very unpredictable. So far we have bought 3 houses and haven't sold any.

One area that she did not discuss was how to balance work and family. I have 4 teenagers actively involved in after school sports. I am working 14+ hours per day between my job and business. I used to be able to exercise or do yoga but have dropped all of that. I try to spend a little time attending my kids sports events but that is difficult. The most time I get to spend with my kids is when I can get them to work for me while we are rehabbing. Having my spouse working beside me while we are rehabbing allows me to spend time with her, but I find that is not really the same as going out on a "date".

At some point I hope we can achieve more balance, but until there is adequate cash flow, I see no way to avoid an unbalanced life.

2 comments:

The Digerati Life said...

Hi Paul!
Thanks for sharing your own experiences of running a business plus having a full time job or career! It's definitely a challenge and I think that by sharing, we find support in the stories and experiences that others provide. I appreciate that you referenced my story and I will be checking here often to see what you're up to! Your life sounds quite hectic alright, and quite familiar! :).
-SVB

Paul said...

Hectic doesn't begin to describe it, but hopefully worth it in the end