Is it good to start a business? What are the main disadvantages of starting a business, and are they invincible? Let’s take a glimpse at the pros and cons before considering a business venture.
Starting your own business is one of the most pleasant and gratifying tasks you can do. Sometimes fun and sometimes emotional. If you are pondering starting your own business, you may want to ask yourself, “Do I really enjoy creating and growing something from scratch?” If you can answer “yes,” you will be able to lessen the heights of beginning your own business.
There has been an increase in the number of business creations in recent years, especially under the micro-enterprise government (formerly independent).
Starting a business means being unrestricted to choose when, how, and with whom to work. That is what motivates most people to become an entrepreneur.
Whether you want to jerk your own business or form a partnership, research everything related to the business. Knowing the reality and facts aids you to be sensible about the survival of your business’s chances. According to the Small Business Administration, seventy out of hundreds of new companies will last for at least two years, but only a quarter of them will last fifteen years or more.
To make sure you know what you’re looking for, consider the following benefits and advantages:
Pros of starting your own business
- Being an entrepreneur: the advantages of salaried employment
Being a business owner is a real demand for some people and a surefire way to achieve others’ financial freedom. Somehow, the term “undertake” is constantly debated. Logically, it seems that everything is justified by the benefits that come with setting up a business.
- Take control of your future.
When you start your own business, you can supervise everything.
You choose the type and business model, the market to enter, your headquarters, and your target customers.
You decide which products or services to sell, determine your marketing strategy, and formulate customer service policies.
Do you want a lifestyle business that provides you with an outstanding work-life balance, or do you want to grow as promptly as possible?
Will you boost the business and make it grow formally, or will it help you find investors?
As your business thrives, cultivate the culture and choose your team.
You’re going to be the boss, so you’re in power. Your fate will be in your hands.
- Follow your passion
Some people start a business in something they think is valuable, but they don’t bother about it.
This strategy sometimes works, but I don’t appreciate it.
Have you ever listened to this quote?
“Do what you love, and you won’t have to work a day in your life.”
It is authentic.
Of course, it is essential to choose a business that can make a good profit; otherwise, it will not be sustainable.
What could be more satisfying than this?
- Your incomes will be based on the delivery value.
As an entrepreneur, your income is determined by the content you create for each customer and the number of customers you serve, not by the hours you work.
And that’s good because, in the end, you can earn what you deserve.
As an employee, even if you create millions of dollars for your boss, you will only receive a small portion of your salary.
If you’re lucky, you can do incredible things, and you can win a few thousand bonus dollars.
Your boss will never come to your office and say, “You did a brilliant job last week with this great new client; take a 3 million bonus.”
But when it comes to your own business, there is no artificial limit to your earning potential.
Get twice as many consumers- You can earn twice as much money.
Get 10 times more users: earn 10 times more.
Don’t even consider it’s unreliable. Online businesses, in particular, are growing.
You can reach a large global audience online, so with the right product and the right marketing, you can make a lot of bread.
Check out Pat Flynn of SmartPassiveIncome.com:
When he quit posting his monthly income in December 2017, he averaged over ، $125,000 per month over the past 12 months.
Or Michelle, who manages the financial advisory blog MakingSenseofcent.com, made $145,319 in October 2018 on the trip!
- No boss
One of the things that many employees hate is their boss.
If you’re also one of them, you will like the idea that you can go to work and no one will tell you how to do it.
And if you feel trapped under a ‘glass roof’ or discriminated against as an employee, these concerns are greatly reduced when you start your online business.
Many online marketers feel that they can take advantage of their gender/race/sexual orientation and other characteristics by using their life experience in others’ services.
Definitely not having a demanding or unreasonable boss to answer is definitely a huge benefit of running your own business.
- Satisfaction
Starting a business, nurturing it, and helping it grow into a thriving business is one of the most rewarding things you can do.
When you start your own business, it’s often just you. But as it grows and requires more and more people, you will need to create a system that will keep the business afloat. Establish your business rule and culture that makes it unique.
Once it starts growing for a few years, you’ll watch one of the most rewarding trips of your life and think, “I built it!”
You will get much satisfaction and peace of mind.
Cons of starting your own business
- You have to do everything
When you think of running your business in your new life, it is natural for you to focus on the job of your choice.
If you are a florist, you are probably thinking of making beautiful arrangements, and if you are a painter, you dream of designing bold and exciting paintings.
But first, you have to do everything:
Who will clean your office floor? Who will take care of taxes and paperwork? Who will make the sales?
Unless you’re starting with a partner or hiring a team right away, the answer is “you.”
That will change as you grow, build systems, and hire people for these tasks – but initially, you will do everything yourself.
- It will be a roller coaster ride.
When I ask traders about their journey after starting a business, they often tell me that there have been many ups and downs.
Some business owners said that their business’s last 20 years were either “feast or famine” – and that’s a great story.
This is in stark contrast to the career of a large corporation, which is generally more predictable.
For those who want to run our own business – the ups and downs are all part of the fun – it’s more exciting than getting a job!
But if you prefer to make your life stable and predictable, the ups and downs can be a downward spiral in running your own business.
- You are not paid for your turning up.
Yeah! There is another side to this coin: if you work for a large company, you either get paid by the hour or get a monthly salary.
And as long as you continue to show up and do your job to reasonable standards, you’ll continue to get paid.
But when you begin your own business that changes entirely:
It can take hundreds of hours to start your business without receiving a penny.
In the startup, the first year or two (depending on how fast your business is growing), you might not be able to afford much.
As a small business owner, your wage is totally dependent on the value you provide each customer and the number of clientele you can serve.
Getting up and warming a chair for 8 hours a day doesn’t cut it. As a small business owner, you get paid by the results! No result = no salary.
- No automatic progress
People who work in a large organization often get used to the idea that they will grow in their company over time.
They will receive a raise in their annual salary and promotion to higher positions with better benefits. In a nutshell, they will have a career.
You’ll not get the automatic progress in your own business. You are already in the top spot!
Of course, things don’t have to stop – it’s essential to grow your business – and you’ll get better rewards.
But that growth won’t happen over time – it’s up to you to move your business forward.
- No pension or health insurance
You may get benefits such as the company’s pension plan or the health insurance that comes with your work. However, it depends on the company you work for.
But when it comes to operating your business, you have to make your own preparations.
- Married to the company
This is a common expression of small business owners. It basically means that your working hours and commitment level are such that you can’t take vacations, your business is always with you (day, night, and weekend), and you are on the neckline. Can’t just return the keys and remove them if it’s hard!
So these’re a few pros and cons to help you start your own business. Starting a business is a courageous and beneficial initiative. We can applaud the approach of a loved one who becomes an entrepreneur but wanting to be aware of its pros and cons.
Hope! You don’t have to fix some bugs after reading the article- definitely not. But if you’re thinking about getting started, you must open your eyes and get started.