Several of my clients and colleagues added their thoughts to my post, “Overcoming Your Paycheck Addiction.”  Here, in their own words, are what these business owners had to say about making sacrifices.

Rick Plasket, ActionCOACH

Learning to become an entrepreneur and un-learning the mind-set of an employee were both challenges for me. I really didn’t know what I didn’t know about running my own business successfully.

I studied, asked lots of questions, hired a business coach, and built my own board of mentors to learn how to apply my experience and talents in an entrepreneurial setting.

Then I began to experience the rewards of owning my own business: flexibility – I invest more time with my family than I ever did as an employee, financial – I’ve experienced 100% and 200% growth within months not years, Security – Now I have multiple customers and multiple streams of revenue. If I loose one, I still have others. As an employee, I had one customer – my employer.

I am happy I met my fears and made my decision to start my own business.

Barry Adams, Peachtree Awnings

I bought into an awning franchise in 2005 and have successfully been in business for eight years. My experience is that business ownership absolutely DOES require a lifestyle change. Business ownership is like an expensive hobby on steroids! Like golf, boating, photography, bicyling, cars (you fill in the blank), your new and fledgling business will require dedication, commitment, and SACRIFICE! You will spend enormous amounts of time and “sweat equity” honing your craft and your business. All of that will come at a cost to you personally in the short term. The expectation is that in the long term, it will all pay off. Being your own boss, being completely self-managed and entirely self-directed has it’s own challenges and rewards. If you are one that has a lot of adult “toys” (boats, second homes,extensive travel), some of those may have to be forgone or at least set aside for a period of time, perhaps three to five years, until you can generate some cash flow in your venture. Someone once said to me…an overnight sensation is fifteen years in the making!!! now it might not take you that long but the time horizon and payoff is out a little ways. Keep your eyes on the prize and keep moving toward your goals!!! Good luck!

Doug Bates, CMIT Solutions

After 22 yrs of being an employee and finishing with a significant 6 figure income, I chose the path of entrepreneurship 4 years ago and haven’t looked back. The sacrifices that I made (golf club membership, executive home, new car every 2 years, fine dining every week) have been well worth it. Being able to accomodate my schedule to NEVER miss a family event (ball games, swim meets, daddy-daughter dates, family movie night, etc) has drawn my family closer that I could have hoped for. Now the financial benefits are coming back and we are appreciateing them more because we have gotten away from “paycheck budgeting”.

Nothing worth having comes easy, and entrepreneurship certainly is a challenge. But the rewards can be tremendous both personally and professionally. Also, in today’s uncertain corporate environment being your own boss means you control your own destiny and the only jerk you have to deal with looks you back in the mirror every morning!

Take control of your future and dive in, the water’s great!

Chris Rutledge, Doctors Express

This article hits on one of the most difficult hurdles people face when contemplating starting their own business: giving up a regular paycheck. This was very much on my mind when I took the plunge a little over 3 years ago and opened an urgent care franchise.

We certainly had to cut back a bit during the first couple years as we worked to grow the business. It’s clearly important to have a financial plan for supporting yourself and your family until your business income can cover the bills. That said, even though we didn’t have quite as much play and vacation time, we found that the business gave us something important, enjoyable, and satisfying to focus on. Both my wife and I work on it, and even the kids get involved at times. The business has become much more integrated into our lives as something we all participate in and care about. It’s not just a place I go to for 8-12 hours every day like my job used to be. In addition, I have a lot more control over my schedule, so even though I’m working hard, I can participate more in my children’s lives.

Now that the business is performing well, we really have the best of both worlds in the sense that we have financial security as well as better work and life balance.

Susan Barry, Hive Marketing

When I first started my business, I tried to replicate my corporate job down to the filing system, Blackberry, and model of laptop. It took a while for me to de-institutionalize myself! I eventually gave up designer clothes and black tie events, and we made some major changes in our household expenses. I even followed the sun around our house so that we could save on electricity! Four years in, I’m still figuring which expenses are worth it and which aren’t, but I will do anything to avoid getting back on the junk – i.e., a corporate paycheck. (You should see what a piece of junk car I’m still driving!)

Sean Mikula, Power 10 Fundraising

Leslie’s blog is spot on. And I’m a big fan of the doctrine of Robert Kiyosaki’s “Rich Dad, Poor Dad,” with the exception of the precise language of “paycheck addiction.” I would call it “employee addiction.” Most people only know how to be an employee. And they tie employee status to financial benefit. So they continue as they always have – hoping for incremental positive change. There IS another way. In my view, YOU GOTTA OWN STUFF to really make money and find your way to whatever level of financial freedom you desire. A mentor of mine once said to me, “Sean, you want to be making money when you’re not at work.” Employees generally cannot make such a claim. But OWNERS can … after a time.

For anyone considering a franchise or other ownership opportunity, you need only look out 5 years. If you continue as you have – as an employee – where will you be? If you make a move NOW, you can change the course of your life. Think about that.

As for short term sacrifices, big deal – I sold my house to unload my mortgage and remove “real estate stress” and I paid off my car to remove that payment. I didn’t have to do too much more. I’m now 3 years in to having my own business, and we’ve begun what looks like a VERY strong year. Our profile, business connections / relationships, etc., are much stronger than they were even one year ago. The future is bright and it would take an absolute calamity to force me to go work for “the man” again. Even then, I don’t think I would do it. And oh by the way, I’m not a starry-eyed entrepreneur – I’m an “ops guy” with a little bit of sales talent. You don’t need to be super creative to own your own business – look at all the successful business owners that sell a product that isn’t exactly Google-level rocket science. YOU CAN DO IT!

David Geller, GV Financial Advisors

Starting a new business is scary. It is not only the loss of a paycheck, but also the fear of the unknown. How will I attract enough customers to make this viable? Will I be able to find the right people to work for me? What happens if I grow to slow and can’t support my lifestyle? What happens if I grow to fast and can’t keep up with demand.

My brother and I started our business 22 years ago, and we wrestled with those questions then and we still do from time to time.

How do you overcome those fears? You realize that we never know what the future holds, and you focus on what you rely on, what you have faith in, as you face an uncertain future. For some of us, it is our most important relationship with family and friends. For others, it is our talents and personal strengths such as persistence and resillence. For others, it is the comfort of knowing that what matters most in life doesn’t cost very much money.

For me, I was comfortable with the idea that I was a winner, whether my busness worked or not. If it succeeded, which it did, that would be great. If it failed, I would learn a lot and be in a better position to make my next business work.

What would you add?  What is the biggest thing you’ve given up?  Is there anything you would never give up?

Going through a career transition?  It may end up being the best thing that ever happened to you.

If you’re interested in reading some real stories of career transition, check out my clients Kathy Bennett and Brian Potter.

In the April 12-18 issue of the Atlanta Business Chronicle, Cassius Butts and Pam Roshell wrote an opinion piece called “Affordable Care Act helping small businesses, workers.”

In it they say, “…[W]hile many small-business owners have questions about the employer responsibility provision, it is important to note that businesses with fewer than 50 employees – that’s 96% of small businesses – are not required to purchase insurance.  Of the remaining 4% with more than 50 employees, most already provide insurance.  So the number of businesses that will have to begin offering employee health insurance or pay a penalty is very small.”

My response?  Um.…you’re wrong.

How about restaurants across the nation, whose business models are no longer viable?

How about the employees of those businesses who are going to lose their jobs or be forced to take on two part time jobs instead of one full time job?

How about all the business owners who took the personal risk to fulfill their dream of self reliance who create jobs who now have to shut their doors because they cannot survive with the enormous added cost of the insurance or penalties?

How about all the consumers who are going to see price hikes of all different kinds, including those in lower income brackets?

I’ve said this before, and I’ll say it again: It is ridiculous to expect business owners to absorb the costs of health care without feeling the impact in other areas.  This is not a cost-neutral move, and it will absolutely change the way small businesses operate.

Consumers will also have to adjust, and those who voted for it have no right to complain or point fingers at anyone else when prices rise significantly.

I really enjoyed this article from Rieva Lesonsky about how small business owners can benefit from “clean slate” brands.  She says,

“Conventional wisdom has always been that it’s hard to bring a new product to market because consumers have an inherent preference for the familiar. Humans are hard-wired to resist change, because in our caveman days, change meant danger. So whether they’re buying toilet paper for the bathroom or telemarketing services for their business, most people stick with brands they already know versus unknown new brands.

But that may be changing, Trendwatching reports, thanks to new consumer attitudes creating a preference for “clean slate” brands. That is, new and unknown brands that are suddenly enjoying consumer approval.”

There is a lot of opportunity in the arena of new franchise concepts.  They are often more affordable than well-known brands.  And, as I’ve talked about before, the benefit of a younger franchise is that, as a pioneer, you can help craft the business from the inside out.

You can read the rest of Lesonsky’s article here.  Do you agree that big brands carry baggage with consumers?  What do you think about the possibilities inherent in a newer brand?

State Director Allan Adams of the Georgia Small Business Development Center Allan Adams presented me with a plaque acknowledging me as an SBDC corporate sponsor.  My sponsorship funded the Georgia SBDC Entrepreneur Fund, which provides scholarships for entrepreneurs enrolled in Georgia SBDC training programs

Have you ever taken a course from SCORE or SBDC?  What are other sources of great information for new business owners?

Franchising is not just about business and money.  It’s also about relationships and friendships.  I love that I have forged some cherished friendships with fellow FranNet franchise owners and associates – friendships that I believe I’ll have regardless of where I am or what I’m doing with FranNet.   As you can see from the pictures above, we work together, we play together – we even vacation together.

Like any organization, a franchise has a culture.  That is something to pay attention to when investigating a franchise you are considering owning.   As you talk with the franchise owners during your due diligence, ask yourself if you like these people.  Would you look forward to hanging out with them when you see them at the franchise conferences?  Do you feel like you’d fit into this club?  This is an intangible – yet significant – variable in being happy with the decision to partner with a franchise business.   You’re partnering with your fellow franchise owners as much as you are the parent company.

Heather Rosen is my FranNet colleague and fellow franchisee owner of FranNet of Virginia.  Living in the Washington, DC metro area, Heather has an interesting perspective on current events that she was kind enough to share with us here. 

Enter Heather….

If I had a dollar for every time I’ve overheard someone say, “But what exactly is the sequester?” I’d be a rich woman.  Living just outside the Beltway in Northern Virginia, our local news is national news.  The lives of many, if not most, of my neighbors ebb and flow with the tides of the federal government.  As you can imagine, my clients are pretty well-versed in government regulation, too, and I am frequently questioned about how this or that new policy or proposal will impact small business.

My answer?  I don’t know.

I have no idea how the sequester, a minimum wage increase, or healthcare reform will play out inside the walls of a small business.  I could guess, but when it comes right down to it, I’m not sure.

And I’m totally OK with that.

There will always be new government regulations and changes that impact your business.  The difference in a franchise system is that you have the resources of a corporate office – with lawyers and experts – figuring out how to handle those changes for you.  Because I am a franchisee of FranNet, I know that my team back at HQ in Louisville, Kentucky, is hard at work figuring it out for me.  And the International Franchise Association is looking out for all franchise owners, lobbying on our behalf.

If I was just a mom-and-pop shop owner, I’d have to take time away from my business to research and worry over what each government whim would do to me.  I might be forced to hire a lawyer or some other specialist and dedicate resources to figuring out how to handle it.  Or, more than likely, I’d have to ignore what was going on in Washington and then get blindsided later.

Instead, as a franchisee, I have a team backing me up.  That’s not to say that I’m not going to expend any mental energy trying to guess where a change in Social Security might hit my bottom line, but I am secure in the knowledge that my franchisor has my back.  Even independent-minded business owners like me need that sense of security.

Heather Rosen is president of FranNet of Virginia. 

If you are ready to get off the broken corporate ladder, leave a comment here.  I would be happy to help you find the right fit for your next business adventure.

What are you waiting for?

I’m curious: What obstacles stand in the way of the life you want?  What is the first thing you can do to overcome them?  Can you start today?

In articles like this one about Marissa Mayer’s new policy eliminating telecommuting, I’m finally seeing more and more public bursting of the “but we should be able to have it all” American mentality fantasy bubble.

It really all comes down to having realistic expectations about the benefits and tradeoffs around the choices that we make.   Unlike prior generations when a full work week was 40 hours, we now live and work in a global economy.   China, India, Brazil, etc. do not espouse Western ethics of labor and consumer protection, making it tougher and tougher to compete with them.  Consequently, more is demanded of Western workers and the tradeoffs greater just to remain relevant and competitive.

This is reality. 

Companies exist to generate a profit first and foremost.  And the larger the company, the more difficult it is to operate profitably in our highly taxed and regulated (and getting worse) Western business environment.  The net result is that difficulty is passed onto the worker bees; it has to be.   A “big career” in corporate America is a choice and anyone embarking down that road should know and accept the tradeoffs.   You are getting that big paycheck and bonuses and benefits in exchange for ownership of your time.   If you don’t like the rules of that game, then you have to create your own game and accept those tradeoffs.

When you own your own business, you call the shots as to when you work, for how long and with whom.  But it also involves putting personal capital at risk.  The financial payoff is probably two or three years down the road, and you’re tightening your belt on what you spend on your lifestyle at first.

“Convenient” and “easy” seem to be the mantra of the Baby Boomers and Generation X.  Convenience and ease are no doubt wonderful things, but it seems we fall prey to the illusion that we therefore can and should “be all you can be” and “have it all.”   I believe we are finally at a much needed cultural crossroads, forcing us to see that tradeoffs that are not necessarily convenient or easy but necessary in order to have those few choice priorities in life.

I’m curious: do you agree?  Is Yahoo!’s new policy good or bad?  Is it realistic to expect to “have it all”?