I ran my own business for 35 yrs. I sold up 5 yrs ago and now work very part time for the new owner. I don’t miss being the boss one bit. From the outside it always looks so easy. It can be a bloody nightmare. Ultimately you are responsible for every penny, if a member of staff breaks an item if equipment the replacement or cost of repairs comes out of your profit/income.
You can never stop working, the best part of selling up was being able to walk away at the end of the day and not have to think about the business. Having meet the police outside the business at 3am because the alarm has gone off has happened multiple times I don’t miss it. Dealing with staff problems is an even bigger nightmare. Theft is often the biggest. You learn to trust no one.
And then there is the general public, the customer, who complain about everything. It can be soul destroying when you do everything to provide the best possible service only to receive poor reviews or just abuse. Often culminating in handing back money just to stop it escalating.
It can be a very fulfilling career but at the same time you have to prepare. A good business course is essential, don’t use a “coach”, I think your bank is the best source of advice re business management. Develop a business plan. Ask others who have started up and are running a successful business. Familiarise yourself with PAYE, VAT and tax, it catches most new businesses out.
Research, research , research. From energy supplier, accountants to wholesalers. If it is a food based business such as a cafe, do the hygiene training and look at the local council rules and conditions. When looking at properties check you can operate a cafe from it. Also look at other local businesses, my cousin opened a restaurant/bar which was initially very successful. They had built up a gastropub locally so already had an established reputation, they decided to step up, unfortunately the local restaurant mafia were not happy and created a social media based attack. The business ultimately failed because their reputation was damaged irreparably.