Most people dream about starting their own company. In fact, it is considered part of the American Dream. But most people think that there is only luxury in starting your own company. But this is not the case, as starting your own company does have plenty of pros and cons.
Pro: You’re your own boss.
When you start your own company, you can say goodbye to the man, as you will not have a boss breathing down your neck telling you what to do. Now, you do not have to answer to anyone but yourself and you get to watch the company grow from the ground up and be a part of it every step of the way.
Con: It’s not consistent income.
At the start of any business, overhead can be pricey. You need office equipment, you may need to pay rent, and you may have a ton of other expenses. If this occurs, all of the money you made will go towards the business and not directly into your pocket. This can be a major problem if you need to pull in consistent income to help stay afloat financially.
Pro: You can make the rules.
With your own company, you get to be in charge of all the rules. For example, you may want to pick a uniform for all your employees. You may also want to give a certain day off to everyone. You could incorporate an indoor skate for everyone, or maybe yoga class. No matter what you decide, just remember that you’re the boss, and you can make the rules as you please.
Con: It’s a lot of work.
Starting a company takes a ton of work. You need to create a business plan, a name, a logo, a list of contacts, and a marketing plan. You will work 12 hours per day, if not more, just to get the company off the ground. It is a great amount of work, and not everyone can handle the stress involved.
Pro: Do what you love.
Many people dream about starting a company that involves something they’re passionate about. Oftentimes, though, people get stuck doing a job they hate. As your own boss, you can change this by doing something you love. If you’ve always wanted to work with animals, start a company that works with animals. You may find that you actually enjoy working once you start doing something you love.
Con: You’re responsible.
If something goes wrong, whether with client or in the office space you’re renting, you are the one in charge, so you are the one that will get all the unfortunate phone calls and have to deal with the bad customer service.
If you’re thinking about starting your own business, make sure to really read through the pros and cons to determine if its the smartest move for you. Though you may want to be your own boss, you cannot afford to quit your full-time job. Either way, starting a business is a full throttle event that needs an educated answer.
About the Author
Charlie Adams is a tech guru who works as a consultant in the Las Vegas area. To ensure all his work is professional and mistake-free he regularly proofs it with a grammar checker. Charlie recently joined an association of entrepreneurs and couldn’t be happier.