Being your own boss is not easy. Review on Investing in Business Successfully

I started my own business in 1995.  Before that I worked for a large hospital based physician group.  I was making$45, 000.00 a year plus benefits.  I earned 6 weeks vacation per year and was 100% vested in our pension plan. I had health insurance, life insurance and even disability insurance.  I had it nice.

One day, I was approached by some Doctors(not in the group I worked for) to help them with their medical billing.  I was a little apprehensive but said, OK, I would help them out.  After work and on weekends I would do a little billing for them on the side.  It was great.  It wasn't long before I decided to branch out and try it on my own.

I quit my job and went in search of some clients.  I had no problem at all getting them.  When word got out that I was doing billing, Doctors approached me to do the billing for them.  Things were great.

I had never owned my own business before, so I wasn't really prepared for what was to come.  I was used to spending other peoples' money. Well, needless to say, I over did it.  I spent too much money on equipment and supplies.  It didn't take long before I wasn't able to keep up.  I over-extended by hiring too many employees.

I made good money.  In fact, I made$79, 000.00 the first year, but I spent$84, 000.00.  Not too good.  I had to learn the hard way.  I traded in some of the unnecessary equipment.  Laid off a few employees, and went back to basics.

I learned quickly that having your own business is nice because of the flexibility and the fact that you are your own boss, but it also has its down sides.  For example, I did not get paid unless there was money left over after all the employees and bills were paid.  I couldn't just take a day off because there was too much to be done.  I couldn't leave town because who would be responsible for the clients? What if the computers broke down? Or the photocopier stopped working? Who would make sure the clients were kept happy?

Let's face it, no one takes care of your business the way you would.  When you own your own business, you make a commitment.  Not only to yourself, but to your clients as well.  I no longer have my company. We had some very hard times, but it was worth it. I do not have any regrets and I have learned a lot.

My advice is.if you want to own your own company and be your own boss, go for it. But make sure you are committed or else you may be in for a big disappointment.