There are pros and cons to everything in life, and starting your own business is no exception explains Saivian. Here are some of the most important pros and cons to consider before making the decision to start your own business.
The Pros:
1. You’re in control:
When you’re your own boss, you call the shots. This can be a great thing if you have a lot of ambition and drive, as you can really maximize your potential. However, it can also be a downside if you’re not good at managing time or risk.
2. Independence:
One of the best things about owning your own business is the independence it brings. You get to make all the decisions, set your own hours, and run the company the way you want. If that’s not your style, then starting a new business might not be right for you.
3. Increase of income:
Starting your own business can dramatically increase your income, which is very appealing to some people. For instance, if you’re currently making $25,000 per year and don’t think you’ll ever make any more than that in your job, then starting a business that brings in $100,000 per year would increase your earnings by well over 300%. You could also start with an existing company or go into partnership with someone to help cut down on initial costs and expenses.
4. Tax benefits:
Another major benefit of starting a new business is tax write-offs. If you start your own business, then most likely you can write off certain items that are needed to run the company says Saivian. Examples include office supplies, phone bills, advertising costs, computers, and much more.
5. Being your own boss:
Perhaps one of the best things about owning your own business is being able to tell someone “you’re fired” if they don’t do what you want or expect them to do. You can put rules and goals for yourself and those working under you so everyone’s clear on how to achieve success in a timely manner without problems or distractions getting in the way.
The Cons:
1. Lack of job security:
When you work for someone else, they generally provide a safe and secure work environment, along with a steady stream of income. When you’re working for yourself though, the only things that are guaranteed are hard work and little pay until your business can get off the ground successfully explains Saivian.
2. Lack of benefits:
When you start your own business, you’ll have to supply all of your own benefits such as health insurance and a retirement plan. This is another area in which starting a smaller company in partnership with someone can be beneficial, as they would mostly handle all these issues while you just focus on growing the company into something larger.
3. Risky:
Starting a new business from scratch is not an easy task by any means. In fact, there’s always a chance that it could fail miserably and you could end up losing a lot of money. This is why it’s important to do your research, have a great business plan in place, and be realistic about your goals and what you’re capable of accomplishing.
4. Time consuming:
When you’re the boss, there’s no one else to delegate tasks too or take care of things while you’re out of the office. This means that a lot of the time you’ll be working long hours with little break. If you’re not prepared for this level of dedication, then starting your own business may not be the best idea.
5. Unpredictable income:
One of the biggest cons to owning your own business is that your income can be extremely unpredictable. Saivian says you may have a month where you make a lot of money and the next month where you barely break even. This is why it’s important to have a solid business plan in place that will help you stay on track even when things get tough.
The bottom line is that there are many pros and cons to starting your own business, and only you can decide if it’s the right move for you. Do your research, talk to others who have been in the same situation, and consult with professionals to get an idea of what to expect before making any decisions. Owning your own business is not for everyone, but it can be an extremely rewarding experience if done correctly.
Conclusion:
There are pros and cons to both owning your own business and working for someone else explains Saivian. It’s important to weigh the options and make a decision that’s best suited for your individual situation. If you’re thinking of starting your own business, be sure to do your research and consult with professionals so you have a good idea of what to expect. Owning your own business can be an extremely rewarding experience, but it’s not for everyone.