Did you know that a large percentage of businesses don’t make it past the one year mark? In this day and age, it can be difficult to build a business up. Especially when there are millions of other companies that are already established in what they are doing. In this article is going to be the pros and cons of starting a business, to help you better decide on whether to take the leap into entrepreneurship.
- You are your own boss, meaning that you make the decisions and have the final say on anything to do with the business.
- You know that you will always have a job if your business is successful.
- There’s no limit on how much you can earn. If you can dream something, it’s possible to create.
- You decide your rate of pay, and how much goes back into the business.
- If business takes off, you can consider hiring some staff to help spread out the workload.
- You can choose the hours that you’re working.
- If your business is based online, you can work from anywhere.
- It’s likely that the business you’re planning on starting is within the field that you’ve always wanted to work in. You’re creating your own destiny.
- You won’t be as stressed because the only person you have to answer to is yourself.
- All financial dealings are up to you, meaning you can keep an eye on everything. Finances seem to be the main reason for not starting a business. Taking out a credit card from smallbusiness.creditcard could eliminate many of those worries by itself.
- Planning family and personal time is easier when you are your own boss.
- How you run your business is entirely up to you.
- Working for yourself brings a great sense of satisfaction.
- Being in charge means that you’re the one that’s got to deal with all of the problems.
- Building a business takes a lot of hard work, time and energy.
- If you have members of staff, you need to follow rules and regulations when it comes to their employment terms.
- If business isn’t doing as well as expected, the amount you take home can vary. This may mean you could struggle to pay bills and get yourself into debt.
- Turning a hobby into a business may eventually make you resent it because you’re doing it everyday.
- You have to think about taxes.
- If work isn’t done, it’s your fault. This means you will have to put in the extra time.
- If you’re ill, you won’t be earning anything. The same goes to vacations.
- There’s a chance that you will have to enforce discipline to members of staff at some point, and this can be an unpleasant task.
Even though there are quite a few cons, the good seems to outweigh the bad of starting your own business. If you’re careful with planning, and make sure you follow rules for taxing and employment, you will be able to run a successful business. Good luck, whichever route you decide to take!