Owning your own business can be one of the most rewarding experiences in your life. Like all good things, there are pros and cons to almost every situation.
For some people, owning and operating their own business is the only way to go. For others, a job works well for them. Each person is different and has different priorities, goals, views, and tastes.
You can have two people who get along very well. One wants to put in his eight hours and go home with nothing else to do no worries and no desire to create, advance, or be in control while the other person dreads the eight-hour work days and wants to run the show, be in control, and have added responsibilities.
Both of these scenarios are legitimate ways of looking at things. You don't want to be in the wrong working environment. If you are, then you'll be unhappy and stressed out. Be sure to choose the right environment for you.
Let's have a look at the pros and cons of owning and operating your own business. These are some of the main points that will help you get a better idea of what's involved.
- You're in control, directing your business your way
- You can create your own working environment
- You're the boss
- Less stress (that is, once you're set up and in control)
- You can manage your time better to suit your personal life
- You have no real limit to how successful you'll be
- You have no limit on the amount of income you earn
- You can operate the business the way you want
- You can hire people to take care of the tasks that are tedious or that need to be done but you don't like doing them
- It's prestigious to own a successful business
- You gain business knowledge and experience that you can use for the rest of your life
- You have more freedom
- You have the ability to contribute and create
- Financial gain
- Flexible hours (in some cases)
- If there's a problem, it falls in your lap and there's no one to blame but yourself, it's your business and it's you at the controls
- Start-up phases take time to complete
- You may not get paid for long and uneven periods of time
- You may have to put in a lot of extra-long hours
- There's pressure to perform if you don't, you could be out of business quickly
- Usually a substantial investment of time and money is required
- You don't get paid directly for the extra-long hours you put in
- You must be able to adapt to change quickly
- At times, there is uncertainty
- You can't just put in your eight hours and go home if there's a problem or important unfinished business, it's your job to attend to it
- Increased responsibility
- There are no guarantees that your business will succeed
- Increased liabilities
- You may feel isolated or alone when you're running the business
- It may be tough to get motivated at times
- If you set up the business incorrectly, you could end up with a 16-hour-a-day job rather than a business that runs itself.
If the thought of a lot of responsibility, dealing with problems, working long and hard at times, and not having a steady paycheck gives you a scary feeling in your gut, then running your own business may not be for you, and you might be better off looking into improving your current job situation.
Whether or not owning and operating a business is right for you, it's your decision and you're the only one qualified to make that decision. Take time to research and consider what's best for you.
Remember: you can live your life any way you want, but you can only live it once!
Action Steps to Evaluating the Pros And Cons Of Owning And Operating Your Own Business
- Consider the pros and cons list indicated above and see which set applies more to your own person. Feel free to add more pros or cons as you see fit.
- If you do decide to open your own business, take a long and hard look at the Cons and prepare in advance how you should deal with them should they arise while you are setting up your own business.
Important Questions to Evaluating the Pros And Cons Of Owning And Operating Your Own Business
- Are the pros good enough for me?
- Are the cons nothing compared to the potential pros or are you not willing to risk it?