TE Tips: Understand The Downside
Today I have the unenviable task of evicting a family from their home. This is the downside of being in the rental business. In any business, there will be tasks you don’t want to do, but often your ability to perform those tasks will determine the success of your business. I’m not looking forward to going to court this morning, but I entered into a contract with another party and I have fulfilled my obligations…they have not. I could continue to allow them to live in our unit for free, but that would be counter-productive to the purpose of our business. If I allowed several people to stay in our units without paying, eventually our business would survive. So…I go to court this morning to evict this family so our business can return to a more productive state.
Evictions are definitely a downside to our business, but my ability to survive as a business owner depends on my ability to evict people when necessary. So what’s my point? If you are considering starting a business, think through all of the tasks that you will have to perform in your business, talk to others in the business and find out what the downsides are. Make sure you are comfortable with the downside before your open your doors. If you’re not, maybe that isn’t the business for you.
If you are currently in business, please use the comments section below to share a downside of your business in an effort to help prospective Teacher Entrepreneurs understand the downside of a business they may be considering.