The Potential Pros and Cons of a Start-up Business
Starting a new business and turning it into a full-time and substantial income is a dream for quite a lot of people, and it is a dream which is more than achievable. There are, however, certain things you need to consider when starting a business, some pros and cons as it were. So, what are the pros and cons of starting a business and is it worthwhile making the leap into being your own boss?
The Pros of a Start-up Business
Let’s start with the positive aspects of running your own business, the pros.
You’re in control
The first and most obvious benefit is that you will get to be your own boss. No more team leaders putting a stop to your great ideas, no more worrying about whether you are 5 or 10 minutes late back from your coffee break and no more 9-5 working hours. When you run your own business, you’re in control and for many people this is truly an exciting and liberating way of working. You might also get a better quality of life as you’ll be much more flexible, which could give you more time to spend with your family and loved ones.
You’ll get to enjoy ALL the fruits of your labor
Another fantastic pro of starting your own business is that you’ll get to see the full benefits of your hard work. Any profits you make will go into your pocket, rather than lining the pockets of your boss or some rich fat cat who heads up the company. Of course, you will likely want to keep some money aside to re-invest into the business so that it can grow from strength to strength, but this is precisely the point, YOU get to enjoy deciding how best to use your profits and you also get to enjoy the full financial benefits of all your hard work.
The Cons of a Start-up Business
So, now we’ve looked at the pros of a start-up business, it would also be wise to consider the cons.
It’s hard work
If you think that you’re going to have an easy life when you start your business, then you would do well to think again! Unless you want your business to fail, you are going to have to put an extreme amount of time and effort into ensuring that it succeeds. As we mentioned in the pros section, you likely won’t be working a 9-5 when running your own business but in the early days you could find that you work a lot more hours than this, while you work extra hard to get things off the ground. You will still have more flexibility, of course, but don’t expect it to be an easy or a hassle-free ride.
It’s ALL on YOU
Another potential con of starting a business is that every decision you must make and every job that needs to be done can be all on you. You must make several decisions that will decide the success and failure of your business, and often you will have no one to fall back on to give you the answers. You may decide to enlist the help of a business mentor like Trevor McClintock to help you out in this regard, but you will still be under a lot of pressure to succeed.
Finally, we come to one the most frustrating parts of running a business for many new business owners, and that is the fact that you will now be responsible for sorting out your own taxes! While it is possible again to get help in this area in the form of an accountant, it is still an annoyance to most new business owners to have to sort out their own tax.
As we can see, there are many potential pros and cons to a start-up business. Are you up for the challenge?