So, you want to run your own small business. How exciting is that? Owning a small business is incredibly rewarding and fruitful. However, it can also have its fair share of challenges and frustrating times.
While you do get to work for yourself without anyone doubting you, there is some bad news. Being a small business owner can lead to long hours and non-stop work. You can kiss weekends goodbye for the first few years.
If you’re thinking of running your own business, check out some of these pros and cons from Reviews for Global Resources to think about before starting your own business!
Here are some of the great pros of running a small business
When you run your own business, you are essentially your boss. That means you are the decision-maker that determines where your business will grow. No one will be able to hold you back if you’re in control.
Whatever success you achieve is all yours. You have complete oversight of your business.
You are in charge when you run your own business. No one can fire you or tell you off. The only way you can lose your job is if your business doesn’t take off. If you work hard, the success will likely be yours to behold.
If you’re looking for more income potential, owning a small business is the way to go. While you likely won’t turn a profit within the first few years, this soon changes if you work hard enough. Compared to other forms of employment, owning a small business creates a higher chance of earning a better income.
You also have the opportunity to hone in on more specific and boutique niches. This is a huge way to make money if you work hard.
Here are some of the cons of running a small business.
When you run a small business, you are often stuck dealing with absolutely everything. This is especially true if you’re the only employee. If something stops working, you must fix it or make the call. The details of running the business are quite different from what you’re passionate about.
Most businesses fail within the first 18 months of business. If you don’t have a good budget, you could find yourself quickly running out of money and having to shut your business down. That is simply the risk you take as a small business owner.
When you run a small business, you don’t get breaks. You may work your schedule, but overtime is always in a small business owner’s mind. You will likely work weekends and nights if you have work to get done.
Once you establish your business, you may be able to work shorter hours with help from your employees. However, only 5% of small business owners work shorter hours compared to traditional employment.
Owning a small business can be a pleasurable experience. However, it can also be daunting. Consider these pros and cons before committing.