Starting a Small Business: Pros and Cons

Starting your own business is a hard and complicated decision to make. Whatever you decide on doing from a certain point on, you have to be informed in both directions. Besides that, it’s important to know what exactly you want as a career path and you should understand all the implications of having your own business. It is a different experience for everybody and no one could ever prepare you for what will follow. It is not like any other job you would have, not even the management positions, because when it’s “your baby” everything becomes a priority. And speaking of which, prioritizing is the most important skill you will develop among other ones and time for yourself will be less and less.

Starting a small business pros and cons

Pros

First off, thing about finances and the fact that you will work for yourself, the motivation will increase and chances are you will make more money than on a regular job. Making your own decision and being responsible for your own well-being and success is also another important issue. If, for example, you want to open an accessories shop for women, you get to decide what kind of necklaces, rings, hats, wallets, bags you sell, what kind and colour of hair bow grosgrain ribbon to get and so on. And speaking of the working field, by starting a business creates other jobs which helps the local community and economy. You will have control over what happens inside the company and you can put your own ideas into practice without having to pass a board meeting. You will have an experience like no other and you will learn things in fields that otherwise you won’t be able to discover, because things happen on a fast peace. You can stay in contact with your customers and be able to find out first about their needs and wishes, which gives you the power and speed to act in concordance with it. Last but not least, having your own business will give you a sense of belonging, will raise your self-esteem.

Cons

To open your own business may imply spending a lot of money, so even though you will earn more money than on a regular job, you have to have some savings. Your income won’t even be a constant one, it will fluctuate from month to month. You won’t have enough time for yourself and for the family and you will get caught in details about the business and not in activities that you enjoy. The worst thing is that you may have to do unpleasant things like firing someone.