The economic downturn has seen unemployment reach record highs, which is possibly the reason that so many people are choosing to live their dream and hire themselves as an employee by starting their own business. In addition, many people simply feel unsatisfied in their current employment and fancy taking on a new challenge and become the master of their own destiny.
What are the perks of having your own business?
Work/Life balance – This is something most of us strive for yet very few of us actually achieve, especially when you’re used to spending late nights in the office and working on weekends too. Running your own business offers this opportunity to properly divide our time between work and play.
Choose your co-workers – Most of us work better when we get along with our co-workers. There’s nothing more inhibiting in the office than a personality clash. As you’re the boss, you can choose who you work with (and who you don’t).
Create something of your own – For a lot of entrepreneurs, the joy in running their own business is that they are finally getting that sense of pride for being successful through your own skills and abilities. You build your business from the ground up and everything you achieve is of your own making.
Cut the complexity – That’s right, make procedure and policy a thing of the past. You don’t have to do things by the book, because there isn’t one. You can do things your way, and the chances are, you can get it done much quicker seeing as you won’t have to wait for the sign-off from three or four people more senior than you.
What are the drawbacks of running your own business?
While being your own boss is a dream many of us share, running your own business has its own set of problems. There are plenty of traps for a start-up business to fall into. This article from Conference Genie explains common mistakes and how to avoid making them.
Expense – While many of us dream of being multi-millionaire entrepreneurs, starting a business can be costly, especially if your great idea doesn’t flourish.
Irregular Income – You may find that your income is not especially stable during the first few months of running your business. There may be times when you might not have much money coming in at all with most of your money feeding back into the business.
Risk – Starting any business, even when you have the most solid business plan, involves some degree of risk which can come at great expense to you.