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Protecting Your Small Business

In business, with all the excitement of making money, it’s too easy to let it take over your life. This is really not a good thing nor is it a healthy thing. Even multi-millionaires take time out for themselves to do things not connected to their business. Don’t get me wrong, while business can be both enjoyable and a nightmare at the same time, there are other things out there in the big wide world – outside of your small business.

Do not neglect your sports and social activities or it will impact you in the long run and your small business will suffer. It is the peculiar nature of small business to make you obsessed with it if you are not careful. You need balance. These non-business activities will help you.

Also, you should not neglect your partner and family either. I am guessing but I am pretty sure that the divorce rates for small business owners are probably about eighty percent. Of those married couples that I personally know that have set up a small business in their 30s, most divorced within just eighteen months of the start of the business.

There are lots of reasons why this happens, but in a lot of the cases, the partner who has gone into business neglects their family and money gets tight. To be fair, the business owner is not really to blame. It is too easy to become obsessed with the business and forget about any life outside of the business.

If you have a partner or family, make sure you do at least one thing every week as a family unit. Whether it is having a family night at home such as a video night or games night, or even just going to the park to play once a week, make sure that you do it. Furthermore, you must be willing to set aside at least one night every week for just you and your partner to be together. Your relationship will suffer badly if you don’t.

One thing I tell people is that it’s ok if you want to go into business. But you must accept two things.

First off, you must accept the possible risk of having to begin all over again with absolutely nothing if your business fails. That means you may only have the shirt on your back and nothing else.

And secondly, you should definitely get the backing of your partner and family. If you cannot accept these two things I have mentioned, then please do not enter the business world. Too many people who ignore this advice end up becoming miserable. They usually end up being self-destructive, in ways such as taking up drinking, drugs or trying to commit suicide.

Do not forget that 70% of all small businesses go bust within a year. Would a gambler back something that only had a 30% chance of winning? I know it’s a sobering thought. But the fact is that many still go into small business despite this.

This is what it comes down. Small business can be the greatest adventure of your life. But it can be also the most difficult time of your life. You need to take your time and carefully plan exactly what you want to achieve.