Pros And Cons Of Starting Your Own Business

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More and more people are leaving their 9am-5pm corporate jobs to start their own businesses. Many are lured into the flexibility that a business can give. There other reasons that are making more and more people to eschew their corporate jobs to start a new business these days. Something that they do not know is that businesses have their pros and cons, just like corporate jobs. People leave their jobs without even taking their time to analyze their decisions or do proper research on what they would want to indulge in.

These abrupt transitions cause people to end up being frustrated even more in the business world. That is why you will notice that a lot of people are doing business for a while and then go back to searching for jobs. Although businesses are a risky affair to tread on, they also have many benefits one can enjoy. Before you start a business, you should be aware of the pros and cons of starting your own business. Below are the few pros and cons that come with starting a business.

The pros

Truth be told, all business started from an idea someone had. We all have ideas that keep ringing in our heads, but it is only those who rise to the occasion and put the ideas into practice. Below are benefits you get to enjoy if you are to decide on giving your idea life.

  1. You have full control over many things

With a business of your own, you will have the luxury of having control over the time to work — the authority on how to use your business funds. The power on the quality of the brand you are offering, and you do not have a human boss ordering you around on what you should do.

2. The power to leverage OPM (other people’s money) and OPT (other people’s time).

Leveraging other people’s money will allow people to invest their money into your idea. When you leverage OPT, it means that you will use other people’s time on your business instead of your own. An example of this is when you hire other people to work for you

3. The freedom to be yourself

In a corporate job, one does not have the luxury of airing their opinions whenever they like, but with your business, you can choose when to air them. You can run your business according to your views and how you would want things to be done. On the other hand, when in a corporate job, you can only talk about your opinions when allowed to. Sometimes these opinions are not taken with the seriousness you think they deserve.

4. No limit on revenue

With a business, you can’t limit the amount of income that gets into your business. You can also search for other ways to increase revenue if you think the income is not enough.

starting a business
Photo by Adeolu Eletu on Unsplash

The cons

Well, starting a business has also got its cons. As someone who is planning on starting a business, if you weigh both pros and cons, you will find which will be lighter for you.

  1. Very difficult

You have probably have heard many business owners saying how hard it is to start a business, but you probably did not believe it. Well, it is true, business is tough to start and manage. They especially get harder when starting. You have to strategize perfectly before starting any business if you have to thrive in your brand.

2. High possibility of failure

With a business, you can never be sure if the business will grow, and the possibility of failure is higher than the probability of success. Many businesses fail within the first five years.

3. No guarantee of steady income

A business is no corporate job at all. With a 9-5 job, you are guaranteed a steady paycheck. With a business, however, the income is never guaranteed, and you can never tell when the next income will come in (it is just a matter of hoping). You may be guaranteed that your brand will sell, but it will always be irregular on the amount that comes in. With a new business, for instance, you can never depend on its daily income to survive or keep it up and running.

4. Dealing with difficult people

Yes, with most business, get ready to deal with people who are sometimes moody and angry. If you are someone who cannot deal with people calmly, then the business is not really a good idea for you. Businesses need incredibly polite and humble people.

Summary

Starting a business has, its own benefits, but if you have to enjoy the benefits, you should also get ready to bear the thorns that come with the fruit. The advantages of starting a business sometimes may surpass the disadvantages according to the kind of business you are to set up. All in all, proper and an in-depth research should be done so that you are well aware of the pros and cons of a particular business.