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Just like everything else, being an entrepreneur has its own advantages and disadvantages. Considering the advantages and disadvantages before starting a new business is vital. If you are planning to start your own business, you will need to review the list below and assess if small business ownership is for you or not. At FERNO CONSULTING, we will walk you through all these items in details.
Advantages of starting your own business:
- You will have an opportunity to satisfy your creativity. Have you tried to create a new way of things, new process, new product at your existing workplace but received tones of adverse obstacles from your managers. You can use your creativity drive in your own business without waiting for any approval.
- As long as you have drive, energy and a successful business, you don’t need to worry about your job security. Lay off is not an option here!
- There are many tax advantages for business owners comparing to the situation you work for others.
- You will be the main decision-maker so you can set your destiny.
- Your work day is different everyday. There is no routine, its all new challenges.
- You will have flexible hours and working schedule.
- You can decide about your own working environment.
- And maybe more importantly, your money making opportunity is limitless. As much you can work and have energy to promote your business, you can earn money.
Disadvantages of starting your own business:
- Your income is not guaranteed. It is depending on market, your competitors, economy, etc.
- You will need to spend a great amount of time on your business which often would require some personal sacrifices. You would not have much time for leisure, vacation and family time for a while.
- You will be under pressure by friends, family, investors and creditors.
- You will need to commit considerable amount of money to start and operate your business. You risk all your money if you are not successful.
- Considerable amount of time and effort you need to spend on some not profit generating paper works with government agencies.
If you would like to discuss about these items or would need some advice from us as if starting a business is for you, please contact us at: