It’s been a strange and hectic couple weeks around the office. With everything already going on around the holidays, we decided to throw in a couple extra events and then had a few other big things pop up.
These couple weeks have really made us realize just how much our business has grown and how far we’ve come over the past few years. In keeping with that theme, we want to talk about the pros and cons we’ve experienced in growing our business and what growing our team has meant for us, personally.
Rachel and I both started in business as sole proprietors. In the early days, we only had to worry about ourselves. All of our expenses, scheduling, profits, etc., were ours to handle however we saw fit. Those are now all joint decisions and shared responsibilities. We’ve learned so much about ourselves, our values, and what we need to put into and get out of our business in order to make it work for us as we’ve grown.
Growing your business, your team, and your space can seem like “the dream” when you look at the pretty pictures other business owners post on instagram, but there are a lot of unpleasant details just outside the border of that perfect image. In today’s episode, we share both the pros and cons of our past lives as sole proprietors as well as the pros and cons of our current partnership with a team of 10. Here are a few of the highlights.
As a sole proprietor working alone:
- You get to do everything yourself but you also HAVE to do it all yourself. You get to see all of your clients yourself and have the joy of any business related tasks you enjoy, BUT you also have all of the tasks you may not enjoy or might struggle with.
- You choose where you want to be, with whom, and when. You’re the boss and you are only in charge of yourself but you also have to be accountable, organized, and responsible for every bit of your livelihood and there is no one to share the load or lend a hand.
- There are fewer expenses usually, but you have to shoulder all of them.
- All of the profits are yours! BUT you have to make sure you’re paying your own taxes and dealing with your own expenses and accounting.
In a partnership and with a team:
- You have a team full of awesome people to share your day but to a certain degree you are accountable for them.
- Growing your team and opening a physical location can lead to serving a larger portion of your community but that comes with more expenses and responsibilities.
- You can provide fewer direct services personally, but may have more business related tasks to take care of your team and will be paying others to provide the direct services you were providing.
- Having a brick and mortar business is such a cool experience! It has saved on travel, allowed me to learn so much, and is what I consider one of my biggest personal achievements BUT there are so many things we never thought would be an issue or ever gave a single thought to before opening our doors.
There are so many conversations Rachel and I have had over the past two years that we never thought would come up, but the most important topic we’ve covered regards our values. Finding what you value in your business and personal life is the most important thing to consider when working to find the next step in you business.
Find the why behind your decisions and make your most important choices based on what YOU need.
Until next time,
Katey & Rachel