Owning a Business – Pros and Cons
Small businesses are a mainstay of our economy. Going into business for yourself is a big decision with many pros and cons.
Being a business owner gives you great independence. No one is going to fire or lay you off. You get to make the decisions that determine the success of your business.
You can create your hours and determine where you work based on your lifestyle. You decide when it is okay to take time off and whether to work from home or in a dedicated work environment.
Financially you directly benefit from your work. While owning your own business carries with it financial risk, it also creates the opportunity to make more money than when employed by someone else.
Owning your own business gives you the opportunity to learn all facets of the business. You'll have some involvement of all functions and can acquire a good grasp of them.
Having a business opens the door for your creative freedom and attendant satisfaction. It is very satisfying to implement your own ideas, work with your customers, and watch your business succeed, while applying your skills and knowledge.
While there are many advantages to owning your own business there can be disadvantages as well. Though you can do well financially you can also be at significant financial risk. To start and grow a business can take substantial resources. This can greatly impact your savings and possibly your debt. This investment into your business can be lost. Your income is not a sure thing. There may be periods, especially in the beginning, when your expenses are greater than your income.
Being a business owner is a stressful job! Ultimately the whole business is on your shoulders. You need to keep on top of your employees, bills, competition, inventory, technology, customer problems, and more.
The time commitment of small business ownership is great. The vast majority of business owners work more than 50 hours a week with many putting in more than 60. You typically have less free time when running your own business than when working for someone else. While technically you can get away, that can be hard to do and particularly with always being reachable via modern technology.
The pros and cons of small business ownership are great. Even with the disadvantages, most small business owners are glad to have started a business. They find the work of small business ownership to be more satisfying.
Starting a NEW business or know someone that could use our help? Call your friendly neighborhood attorney today.
With the right help, you are more likely to succeed. The attorneys at Shoffner & Associates will be happy to help you.
Freya Allen Shoffner, Esq.
Shoffner & Associates
Counselors to Small Business and Families.
Give Freya a call at (617) 369-0111 TEXT US (857) 524-3422 or email firstname.lastname@example.org