30/01/2024
My recent conversation with a bank clerk or 2 most common misconceptions about running a business. In fact, I had this misconception too when I was leaving 9-5 and jumping into 24/7 (this is what I like to call my business 😅).
Last week I was withdrawing cash from my mum, so a bank clerk asked to confirm my details including my employer. I clarified that I’m self-employed running my own business. 👩💻
He asked me how’s my business going and whether I enjoyed it, or wanted to go back to 9-5. Naturally, I described my love for running the business in the brightest colours excitedly saying how fulfilling it is. 😍
Then he said: well, as long as you make up your old salary and can pay bills, why not? Can you find 2 misconceptions in this sentence? Let’s go! ✨
⛔️ People who run businesses tend to do it with the end goal of thriving, not surviving or just paying bills. Starting, growing and running a business is a huge adventure and is definitely a test of character. So normally, if you were to take yourself through this level of commitment - the end goals are more than just paying bills.
⛔️ As an entrepreneur, you actually have to make MORE than your previous 9-5 salary to maintain the same lifestyle. Why? In 9-5, all business expenses are paid for you. Your salary is the disposable income that you can fully spend on yourself. As a biz owner, you have to pay for all business expenses yourself: subscriptions, software, and salaries. So if in 9-5, you were making £5k, you’d need to make £7.5 as a biz owner to maintain an equivalent lifestyle.
So here is my conclusion: you don’t know, what you don’t know. And I’m here to open the curtains to show you some of my life behind the scenes 🙋♀️
Now, it’s your turn! What was YOUR biggest surprise when you left 9-5 and embarked on an entrepreneurship journey? Share in the comments below 👇