Making the decision to open and run you’re very own business is a huge one, for sure. It’s often an extremely exciting time in a person’s life and has the prospect of putting them on the pathway for an entirely different lifestyle and success. However, as we all know in today’s unsure economy, running a business is also one of the biggest gambles that you could possibly take. Truly understanding the benefits that come to you from owning a business as well as the challenges and obstacles that you may face is the best way to determine if it is the right choice for you.
The Advantages of Owning Your Own Business
1. You’re The Boss
One of the biggest advantages, by far, is the simple fact that you are in charge. You have the amazing ability to make every single decision when it comes to your business. This means how long you want to work, when you want to go home, the changes that need to be made, and anything else you could possibly think of.
2. Making Money For You
When you are an employee, your job is to make money for someone else, which is far less rewarding than making that money for yourself. By owning your own business, every dime that you make is yours. This has the potential to make you very successful if your business is ran well and becomes highly profitable.
3. Job Security
Many people worry every day about whether or not they will be fired, but this worry is completely eradicated if you are the business owner. There is no one above you, and because of that you are completely secure in your job and place at your business. No one can fire you, which is a major advantage.
4. It’s Your Passion
People that want to start their very own business want to do it because it is something that they are passionate about. By opening up shop and providing your product or service to other people, you are successfully fulfilling your passion, which gives you major mental rewards as a person. This also makes it so that you are happy going to work every day to improve upon your company.
5. Invaluable Experience
When you work for someone else, you only get to experience one side of the business, the side that you are working with. Owning your own allows you to gain first hand experience in every aspect that is involved in running a business, which is a great way to gain experience for the future.
The Disadvantages of Owning Your Own Business
1. It’s A Risk
One thing that draws many people away from starting their own business is the simple fact that it is extremely risky. You have to put down your own money, and if the business fails, it all falls on you. Many people lose everything because of starting a business that doesn’t flourish or succeed.
Before a business can begin making money you must invest in many things. This includes the space you need to operate, the products, employees, marketing, and licenses that you are required to have. The costs can add up very quickly. It is difficult to take on these financial burdens when you are not already making money off of them.
3. It’s Inconsistent
There is no way to predict how well a business will do, which is a scary thought. Your income is completely dependent on the business, so if you have a bad month or two, big problems can arise.
4. It’ More Than Full Time
Unlike working for a company, running your own business has no set hours that you have to work. You simply have to do what you have to do to get your business going and profitable. This could mean extremely long hours performing unpleasant tasks and handling the smallest of details that pertain to your business.