7 Pros and Cons of Starting Your Own Business ...

Jennifer

7 Pros and Cons of Starting Your Own Business ...
7 Pros and Cons of Starting Your Own Business ...

Who hasn’t spent a lunch hour or two daydreaming of owning their own business, being their own boss? I know I have — so I actually did start my own business… three of them, actually, and one is still going strong. It’s not all fun and games, though, but there are advantages. If you’re considering opening your own shop or salon or charity group, here are some pros and cons of starting your own business to consider…

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1

Pro: You Make Your Own Hours

Pro: You Make Your Own Hours Photo Credit: lynne_b

The first thing most people say they think they’ll love about starting their own business is that they’ll get to make their own hours, and only work when they want to. Don’t want to work Saturdays or Tuesdays? Then you can decide to close your business, or just not work, on those days.

2

Con: You’ll Be Working All the Time

Con: You’ll Be Working All the Time Photo Credit: AndreJenny.com

On the other hand, once you’re in business for yourself, you’ll find that you end up working a lot more than you ever did when you were working for someone else. You won’t leave anything undone at the end of the day.

3

Pro: You’ll Be in Charge

Pro: You’ll Be in Charge Photo Credit: Ryan Brenizer

If you’re in business for yourself, who will you have to answer to if you’re five minutes late or misplace a report? No-one! You don’t answer to anyone when you’re the one and only boss, so you are free to make, and learn from, small mistakes.

4

Con: There Won’t Be Anyone else to Help, or Be Responsible

Con: There Won’t Be Anyone else to Help, or Be Responsible Photo Credit: Dan Eriksson

But then again, when you’re in business for yourself, by yourself, you bear all of the responsibility, too. There’s no-one to take over, or to make a decision you don’t want to make.

5

Pro: You Get to Use All of Your Talents

Pro: You Get to Use All of Your Talents Photo Credit: duttonkj21

If you’re good with people, and happen to also be a great pastry chef AND have a knack for ad design, then you’ll be able to leverage all of your talents if you open your own wedding cake bakery. You’ll make the ads, contact the media, meet with brides-to-be, negotiate for a retail space, fill out IRS and tax paperwork, and … you’ll get to bake, too!

6

Con: You Might Feel Overwhelmed

Con: You Might Feel Overwhelmed Photo Credit: shine_dorydevlin

Wearing all of those hats might be fun for a while, but you may also feel overwhelmed with everything you have to accomplish on your own, before you can hire a staff.

7

Pro: You Can Help Your Local Economy!

Pro: You Can Help Your Local Economy! Photo Credit: SCSSAPICS

This is one you might not think if at first, but by opening and running a small business, you’ll be contributing to your local economy, especially if you get big enough to hire any staff. Small businesses are the backbone of our economies, and you’ll be helping keep that going!

Once you consider all of these pros and cons, you’ll be a little closer to deciding whether or not to launch your own small business. Have you started a business of your own? How has it worked out? Do you have any other pros and cons to share?

Top Photo Credit: T.U.I.M.

Feedback Junction

Where Thoughts and Opinions Converge

I have started and running my own business #4 is the most crucial one - you wont have anyone around its overwhelming you work ALL the time and I feel what a woman really needs to keep her going for this situation is a good spouse or a loving family

I'd love to start my own business. My issues are that I don't know where to start, I know little about the 'rules' and stuff I have to follow in order to run it, I don't have money to invest and I hate the idea of taking out loans. I'm still young so I can work for a while, save up my money and maybe start one at a later time....maybe I'll even change my mind. Any advice on where to start planning and educating myself on what I need to do to start, run and maintain a business?

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