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The Pros and Cons of Starting Your Own Business

The Pros and Cons of Starting Your Own Business
Lauren Topor
Written by Lauren Topor

If you’re thinking about starting your own business, you should weigh the pros and cons carefully before handing in your resignation.

Maybe you work for a boss who’s too demanding or who makes your life nearly unbearable. Maybe you are tired of earning profits for someone else.

Whatever your reasons, if you’re thinking about starting your own business, you should weigh the pros and cons carefully before handing in your resignation. 

Your Own Boss 

One of the most rewarding benefits of owning a business is that you are the boss. As such, you create the plan, the company policies, and, ultimately, make all the decisions.

Unfortunately, this is also one of the cons of owning a business. You have no one else to go or to blame if a decision you make turns out to be a mistake and is costly for the company. 

Job Security 

As the owner of a business, you have job security. You can make mistakes and work through them instead of fearing the worst: losing your job. A con, however, is that if you don’t know enough about what you are selling and you continue to make mistakes, you could fail and, ultimately, dissolve the business. 

Making Changes 

If you discover that your marketing campaign or company policies aren’t working as well as you planned, you can change them. You can shift gears at any time and go in a new direction, such as setting up a trade show blog.

On the downside, if you already have established clients and you change policies, you may end up losing valuable revenue. 

Control 

As the boss, you have the power and all of the control over the business. This means you can earn as much as you want, so forget the need to ask for a raise. You order all of the supplies and have control over things like your expenses and your debt. The cons are that there’s no guarantee how much your new business will make and it may take a few years to turn an actual profit. 

Time Vested 

When you first start out in business, you will spend many unpaid hours getting things in order to set the business up for success. On the plus side, the hours you spend will ultimately lead you to financial freedom

Tax Advantages 

There are many tax advantages to becoming a small business owner. In most cases, you can deduct most of the incurred expenses to reduce your overall tax obligations.

While you may only have a small amount to pay to the state or the government, with the ever-changing tax laws you will need to hire a tax attorney to file your quarterly taxes. 

Stay Connected to Your Family 

As a business owner, you no longer have to request time off for a planned event or an upcoming vacation. You can also create your own work schedule. For instance, if mornings aren’t your thing, come to the office after 10:00 A.M.

And, if there’s a family emergency, you can leave, no questions asked. On the downside, you will need to have a competent staff that can fill your shoes while you are away. This means hiring the right people and training them extensively on your business practices. 

People Skills

When you own a business and have employees, vendors, and customers, you must have good people skills. This means that, sometimes, you have to simply be a good listener and not offer your advice. If you don’t possess these skills, you may end up offending someone, lose contracts, or employees as a result. 

No Guarantee in Business 

Unfortunately, just because you decided to go into business does not mean that you will be successful. So, you may invest all of your life’s savings and then, in the end, lose everything. 

Making the decision to go into business for yourself is something you should put a lot of thought into. Not everyone is cut out for the full-time job of becoming a business owner.

However, if you invest the time and launch a successful marketing campaign, you could enjoy financial freedom.

Identity Magazine is all about guiding women to discover their powers of Self-Acceptance, Appreciation, and Personal Achievement.

We ask that every contributor and expert answer the Identity questions in keeping with our theme. Their answers can be random and in the moment or they can be aligned with the current article they have writtenIn that way, and as a team, we hope to encourage and motivate each other, thus inspiring you to Get All A’s.

What have you accepted within your life, physically and/or mentally? Additionally, what are you still working on accepting? Now, we’re not talking about resignation, rather stepping into, embraced, and owned.

I’ve learned to accept that we have to all appreciate the little things and to not take anything for granted.

Appreciation is everything. What have you learned to appreciate about yourself and/or within your life, physically and mentally? On the other hand OR in contrast, are there elements of who you are that you’re still working on appreciating?

I appreciate and I’m blessed to have a loving family and friends in my life.

Share with us one of your most rewarding achievements in life? Tell us not only what makes YOU most proud but also share the goals and dreams that you still have.

My biggest achievement is graduating from Arizona State University in 2013!

Photo by Roman Bozhko on Unsplash

About the author

Lauren Topor

Lauren Topor

Lauren Topor is a lifestyle writer based in the Southwest who spends her days writing about food and health, fashion, fitness and entertainment.

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