The Pros And Cons Of Starting Your Own Business

May 17, 2017 2:39 pm

A lot of us dream about starting our own business one day. Not only does it spell instant independence and success, but it also means that you’ll have to put in a lot of time and hard work. Here are some of the pros and cons of starting your very own business

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PRO: Being independent. For many of us, this is the number one reason that we start our own businesses. It can be hard playing second fiddle to your boss and having to smile and nod and do what they want you to do. Starting your own business means that you can follow through on your own ideas, meaning that the creative spark inside you will be thoroughly lit.

CON: Being self-reliant. If you work at a company then the ultimate responsibility for most things lies with your bosses and not with you – you’re a cog in the workings of the company but at the end of the day, your whole life is not personally invested in whether it goes well. Starting your own business means that the only person you can really rely on is yourself – you haven’t got anyone else to bail you out or to give you advice. That sort of responsibility can feel a little weighty and frightening.

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PRO: Focusing on what you love. Starting your own business can mean that you can identify a gap in the market where you can set up your own niche business – take Fuelbox, for example – and make a profit from your understanding of that area. Being able to focus on something that you love will mean that you feel incredibly enthusiastic about your business and that you’ll enjoy going to work – maybe for the first time in your life!

CON: You need to know everything. If you start your own business, absolutely everything is your responsibility, which means that pretty much everything needs to be your area of expertise. If you’re great at accounts, you need to learn how to make sales. If you’re a communications expert then you can’t start to neglect the books and the money aspect of your business. You’ll need to start to learn how to focus on absolutely everything.

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PRO: Setting your own hours. For a lot of people, flexibility becomes more and more important as you get older. Having a family means that you might want to bend your hours slightly so you can work in the evenings and be able to pick up your kids from school in the afternoon – and starting your business means that you can set your own hours, meaning that you can be exactly as flexible as you want to be.

CON: Working hard. It’s important to remember that the success of your business depends mainly on you, which means that the harder you work, the better you do. This means that it can be  hard to put your work down when you get home at night – you need to learn how to relax so that you don’t end up burning out.

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