In this article we discuss the advantages and disadvantages of starting your own business. People have different motivations for wanting to start out on their own, for example, to fulfill a lifelong dream of becoming their own boss, or because they’ve been laid off.
Whatever the reasons you may have, it’s really important to carefully consider the pros and cons involved when making this decision because this is a big step. Take some time to consider some of them below so you can make an informed decision about whether it’s the right move for you.
advantages:
1. You will be your own boss and as such you will be able to establish your own work schedule.
2. There is the potential for higher income if things go as planned: You can basically write your own paycheck and enjoy life’s perks.
3. Your direct involvement in all aspects of business decisions, including involvement in the creative aspects of your business, means a greater sense of fulfillment and achievement.
4. You are in the driver’s seat providing direction for the business regarding its growth and future.
Disadvantages:
1. Starting your own business means that you will need to raise some capital or seed money to get the business off the ground. Where will this money come from, from your life savings or from a bank loan? You will also need to consider how you and your family, if you have one, will get by until the business can produce for you.
2. With this investment comes greater financial risk as there is a chance of losing all of your capital if things go wrong and ugly. If you’ve had to borrow money to finance your business, you’ll no doubt need a backup plan to make your payments.
3. Although part of the attraction of running your own business is the fact that you can set your own work hours, you may find yourself working long hours at first. Are you ready to commit and give your business what it takes to get it off the ground and reach a level of success?
4. The business, like all businesses, is vulnerable to economic changes. You must be prepared to be dynamic and make changes to your business to accommodate changes in the economy, whether favorable or not.
Whichever business you decide to start, as you can see, there are clearly advantages and disadvantages to consider. Starting a business is not for the faint of heart, however if after careful consideration you decide to go ahead, the good news is that help is always available.
When you encounter challenges, as we all do in business, don’t be afraid or ashamed to seek help because, as the saying goes, “if I’m going to be (successful), it’s up to me.” Therefore, it is entirely up to you to achieve your own success. Once you’ve overcome a certain challenge, you’ll be able to handle it better next time. A good support network will go a long way in boosting your chances of success, especially if you lack experience and it is wise to seek that help and take advantage of it.
