Advantages (And Disadvantages) Of Running A Small Business

Tired of working a 9-5 and spending all your time building someone else’s dream? You might be considering starting your own business, and it could be one of the best decisions you’ve made in your life. If you’re ready to solidify your commitment to investing in yourself and your business, it’s probably time to due your due diligence and take action. After all, action is all that has every gotten anybody anywhere. small-local-business

Since I’m not a fan of sugar coating things, I’ll give it to you straight: this endeavor is not going to be easy. My good friend from Vallejo Plumbers was just telling me about his stress of taking on a multitude of roles within his company. Whether it be receptionist, marketer, or financier you’re obligated to do whatever it takes to keep the wheels turning. The good news? It will all be worth it in the end. If those sacrifices don’t sound too daunting, consider these pros and cons of being in the trenches of running your own small business.

Pros:

  • Jackpot: There is no ceiling for how much money you can make, as opposed to being an employee.
  • Independence: Make your own decisions, and determine your own future.
  • Outsourcing: Hire new employees and give people in your local community a chance to make a buck.
  • Security: You’re your own boss, so only customers can fire you.
  • Discovery: Turn your ideas into a reality, and continually test your hypothesis.
  • Control: Oversee every function of your operation.
  • Experience: Learn how manage your time, expectations, and finances.
  • Direct Contact: Work one-on-one with your target audience, and probe them for feedback.
  • Self-Confidence: It’s satisfying to go out on a limb and create your own wealth.
  • Passion: Make progress towards fulfilling your purpose in life.
  • Early retirement: Build your business up until you’re able to sell it and stop working.

Cons:

  • Expense: There is financial risk involved no matter what business you start.
  • Dedication: You have to be okay with working for free before you see any substantial gains.
  • Time: A lot of the small, habitual tasks involved with running a business are extremely time consuming.
  • Inconsistency: Not knowing when your next pay check will be is the reason why many go back to a 9-5.
  • Stress: Firing your friend for the company’s best interest can make you stay up at night.
  • Learning: You must have a propensity to learn new things. Accounting , managing your inventory, marketing and advertising, and general management, for example, are all things that are crucial to running a business.

The pros and cons listed above are just some of the things to consider when taking on your first entrepreneurial endeavor. There’s a bunch of business books out there as well on this, but as the saying goes, the best teacher is experience. So get out there, build relationships, and learn new things. It’s the best way to live your life!

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