The Pros and Cons of Owning Your Own Business

Organized Desk for Running a Business

In the recent years, more and more people started informing themselves on the perks of owning your own business. They chose to move in this direction and quit their established job, but is it worth it? Let’s have a look at what some entrepreneurs have to say about this daring step.

Pros

Managing Your Own Time

One of the major benefits of owning your own business is that you can manage your time as you wish. Mike Templeman, who is a writer and entrepreneur, CEO at Foxtail Marketing, says that it is true that in the beginning you may work more and get paid less, but eventually the results will appear.

It Is Your Passion

If the domain where you want to succeed is your passion, then this is the right thing to do. We found out from John Rampton, an entrepreneur and connector, that if this is all you can think about and you get lots of ideas regarding your future, you should do it. Moreover, this is how great business succeed, through passion.

Having Your Freedom

Tim Campbell and his wife, Sandi, have bought a franchise in order to become independent. They own the Big Frog Custom T-Shirts & More in Cumming, Ga. In their opinion, it is something wonderful to have your own freedom and to work from wherever you want. However, they say that a good entrepreneur works almost all the time. It may be that you spend 5 minutes on this, 10 minutes on that, but at the end of the day you will see that there is a lot of time you spent.

Cons

It Includes a Lot of Stress

If you are one person who gets easily stressed, probably taking this leap is not the right thing for you. Tim W. Knox, who is the founder, CEO and president of 4 companies (B2Secure Inc., Digital Graphiti Inc., Sidebar Systems and Online Profits 4 U), claims that stress may even make you doubt yourself and the company. Not to mention the effects it has on your health.

Leaving a Steady Paycheck

Jayson Demers is a founder and CEO at AudienceBloom. In his opinion, there is a huge risk to take when owning your own business. This means that you have to abandon a steady paycheck. Going independent means that there is rarely a backup plan in case you don’t have enough money. And it might be for a month, two or a year.

Conclusion

There are indeed many pros and cons to owning your own business. However, the most important thing is that your personality suits this profile. If you’re an easily stressed person that fears responsibilities, probably you shouldn’t do it. But if you are daring and adventurous, willing to risk your financial stability, go ahead!

An interesting alternative to setting up your own business is to buy a franchise. It may be easier like that, but then again, it may not suit your own passion. In the end, it all depends on you feeling good with yourself and succeeding in the domain you want to.

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Author: Amanda Knowles

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