If you’ve done your time working as an employee within a large business, or even a small concern, you might be feeling the pull towards starting a business of your own.
Many people have this idea, however not that many actually go through with it. Perhaps this is down to the fact that starting a business requires time, effort, and of course, money, which not everyone has. Despite that, there are ways around the cash flow issue, if a business of your own is something you really want to pursue.
Let’s be honest, there are pros and cons to everything in life, and there is nothing which is 100% in either camp. Whilst starting a business of your own, i.e. being your own boss with no-one to answer to, is a great idea, you have to think about the planning, start up time and costs, the knowledge you need, the time you’ll have to dedicate to it. Starting a business is no quick picnic, but it does have some major advantages too. Who knows, you might end up a millionaire!
Are you someone who has always wanted to be their own boss? Or, is this something you’ve just thought about recently? Some people were born to be a business owner, and they’ve known it from the moment they even started to consider the big world of work. Other people however, they were thrown into it by chance. Perhaps you started freelancing with a project on the side of your regular job, and it grew to the point where you could finally quit your full time job, and take the reins of your own business. Some people also find themselves thrust into the owning a business world out of circumstance - i.e. it offers more flexible working hours, which could fit around raising a family, for instance.
If you’re on the fence about whether you should look into starting a business of your own or not, assuming you already have an idea in mind, let’s check out the real pros and cons of starting your own business, to help you come to a firm decision at the end.
The Pros of Starting Your Own Business
You Are Your Own Boss
This is the one that everyone thinks of first, and it’s probably the biggest pro on the list! It could be that you simply don’t like being told what to do, it could be that you haven’t had good managers in the past, or it could be that you simply want to be free of all of that. Whatever the reason is, when you start your own business, the buck stops with you. You are the one in control of everything, from business decisions, to the wallpaper or paint you choose in your office design!
Flexibility in Terms of Working Hours
Whilst there is certainly a large amount of time to be invested into any new business start up, once everything is off the ground, you will be able to have more flexibility in terms of your working hours. As we mentioned before, if you have a young family you want to spend more time with, you have another job you need to dedicate time to, or you simply want to have a bit more time for yourself for whatever you choose to do, having more flexibility in terms of when you work is a major perk.
You Can Work From Anywhere You Like
At the start, you can decide where you work from, i.e. home, or deciding to set up an office. If you choose to work from home, it’s a good idea to install a home office set up, to give you a work and home life balance. You’ll need to think about office space planning whether you go for a home start up or a separate office, but either way, you have total control over how you do it and where you do it.
Rewards - Monetary and Pride
When something you have worked hard to establish starts to bring in money, you will have a sense of total achievement and pride in what you have done. What could be a better feeling than that? Of course, you’ll also have a new source of income heading your way, and this could grow to larger amounts in the future, as you further expand your business.
An Investment For The Future
Your business could grow to huge levels, and it is a great feeling to possibly be the start of something amazing. Everything from the desks you choose, to the number of employees you begin with, has the capacity to grow bigger and bigger as your business becomes more successful. Think about it this way, Bill Gates started somewhere too! He just had a few office tables, an idea, and a dream set to grow, just like you.
Now we know about the good side of starting your own business, let’s talk about the cons. We’re not trying to kill your buzz here, but for completeness’ sake, let’s be realistic.
The Cons of Starting Your Own Business
The Reality That it Might Not Work
Okay, so we need to be positive in life and look on the bright side, but we also need to be realistic. There are just as many businesses (possibly more) that fail, compared to those which succeed. How many people do you know who started something, only to find out that it didn’t really go the way they planned originally? You have to be ready for the fact that your business plan might not work, and in that case, you either give up and try something different, or you work harder and tweak your original idea.
Being Self-Employed Isn’t For Everyone
It sounds great being your own boss, doesn’t it? The thing is, not everyone is suited to it. You might think there is no downside to not having to answer to anyone, and being able to work when you want to, but where do you turn to for guidance? And, where do you find your motivation? Some people (more than you would think) find it very hard to actually get up and do some work, when they don’t have a bricks and mortar office to go to, with a boss to tell them off when they don’t go! Motivation needs to be high in order to make a new business succeed, but it also needs to be high in terms of being self-employed in the first place.
The Cost of Starting a New Business
We mentioned earlier that there are many ways for new business owners to find help, e.g. small business grants and loans, but perhaps these aren’t available to you, or you don’t want to go down the line of borrowing cash. A new business requires a certain amount of money to get off the ground, and whilst this doesn’t have to be an earth-shattering amount, it is still some amount that you might not have. In addition, you need to remember the costs that don’t immediately come to mind, like office furniture, such as colourful office chairs for a new and innovative office, and other consumables you need for your office to function. If you are looking to set up a new office, either large or at home, check out our London office furniture ideas on the Calibre website.
A Fragile Economy
The economy these days isn’t in the greatest shape. Of course, it’s better than it has been, but this is so volatile, in terms of fluctuating up and down, that you need to be prepared for economical problems affecting your business and its success. What will you do if you get your new business idea off the ground, only to be hit by a drop in sales due to economical issues? How will you survive? You need a backup plan, in order to be able to bypass such issues, which nobody can really predict.
Is Starting a Business For You?
After reading these pros and cons, do you think that starting a new business is the right route for you? It’s not for everyone, but for those who decide to embark on a business journey, it is a route that can lead to major success and financial rewards. Of course, working hard is the number one piece of advice, and not giving up at the first hurdle.
Whilst nobody ever said it would be easy, if you can persevere, learn your market like the back of your hand, and work harder than you ever have before, you too could be the next entrepreneur on the block!
What do you think about new business startups? Is it something you’ve tried in the past? Let us know your thoughts and ideas!