Pros and Cons Of Starting Your Own Business

19 Mar 2017
Starting Your Own Business

You’ve probably wondered what it would be like to start your own business.  Some people think of fast cars and Martini’s on the beach, when they picture themselves as an entrepreneur.  In reality, starting your own business is not as perfect as it’s made out to be and it can take many years to get the needed momentum.  If you’re serious about starting your own business, prepare yourself well and weigh all the different pros and cons beforehand.

 Pros

When you’re starting your own business, the income potential is only limited by your dedication and motivation. There’s a strong correlation between the hours you’re putting in and the money you’re earning when you’re working for yourself.  Although it can take a while before your business builds up a large customer base, the rewards can be well worth it.

You’ll have a lot more freedom than an average worker.  No one will tell you what you should or shouldn’t do, as long as you’re operating within the confinements of the law.  You’ll also have full control on the amount of hours you’re working and when you prefer to work them.

If you’re lucky enough to grow a business around your passion, it will never feel as if you’re working.  You’ll be more than happy to work overtime when you’re doing what you love.  Life is a lot easier when you’re enjoying your work every single day, which reduces stress and makes you a happier person overall.

You’ll develop a lot of valuable skills as an entrepreneur.  You’ll be forced to manage your time in the most effective way possible and will become a problem solver.  Another crucial skill to develop is to network with people that can help your company to expand.  These are all skills that can benefit you greatly later on in your personal life, outside of business.

 Cons

You never know how much legislation is involved in owning a business until you start one.  It’s your responsibility to do everything according to the rules and to pay all of the required taxes.  If you fail to comply according to the rules, it can cost you dearly. You could hire someone to take care of all this but it will cut into your profits.

The risk of failure is certainly something to take into account.  An astonishing 90% of all startups fail within just a few years’ time.  The people behind these startups were probably just as excited and motivated about their venture as you are now.  Even with the proper preparation and hours of dedication, you’ll still have to seriously consider the possibility that you might not achieve the success you’re aiming for.

Selling a product or service is one thing, keeping a proper administration is another. A professional entrepreneur will take the time to organize his administration properly, documenting his every step.  Luckily for you, there are a lot of tools available that can help you to do all of this digitally.  Starting off with accounting software that can help you keep track of expenses, CRM, and tax preparation is a great way to get started.  We at Accurants have developed a complete small business management software suite so that you can run your entire business from any device, any time and any where.  We offer services which will free up your time from non-revenue generating activities and allow you to focus on getting more customers and serving their needs.  To find out more about our software and services that will put your small business on autopilot, register to try Accurants for free.

As a business owner, you’ll always have to be competitive if you want to stay ahead of the pack.  Stagnation means falling behind of your competitors and has to be avoided at all costs.  There’s a constant need to be innovative and to find new ways to get new customers.  It takes a certain type of person to pull it off and you’ll have to find out if you fall into this category.  Some people are naturally better at thinking outside the box and finding creative solutions for problems.