Advantages and disadvantages of having your own business

Man and woman shaking hands during business meeting

Man and woman shaking hands during business meeting

If you begin your own business, it is very different to other types of jobs that you join. It leads to have a very different lifestyle, that makes you very responsible, committed and punctual but most importantly it invests a lot of time and capital. Founding your own industry- whether large or big needs not only capital, but also a place, license, equipments, manpower and a system that you follow. Manpower consists of a team that works under you and it all takes time. If these things work well altogether, you get to own a successful business and enjoy the profits. When you start with something new, you need to have an approach that motivates you. You have to devote all your time into this, because of which you get less of a personal time. There are many sacrifices that you have to do for running your own business but it yields results as well in form of profits and revenues. For this, lets know how owning a business can be productive or destructive:

Alex Vouvaris, owner of Driving Zone Driving School knows this best, and says “Starting your own business is tough, but you have to wait out the rewards. And the rewards are definately worth it.” and it sure is! His business Master Driving School turns over many thousands of dollars every month!

The advantages of having your own business are:

  1. Bonus: You could make much more money as compared to a job when you work for others.
  2. Independence: You get to be your own boss, and make all the decisions fundamental to your own success.
  3. Power and authority: You can employ other people as your employees.
  4. Security: Your work will be secured and permanent that no one can take away.
  5. Innovation: You put your own thoughts into performance, and see what works and what doesn’t.
  6. Failure to notice: You can organize every part of the business.
  7. Experience: You can learn about every feature of a business and put on information in a variety of disciplines.
  8. Acquaintances: You can work straight with your customers, and see what they need first-hand.
  9. Self-assurance: You get to have personal approval of creating and running a flourishing business on your own.
  10. Curiosity: You can work in a field or area that you really take pleasure in, or that compels you to continue working.
  11. Enduring: You get an opportunity to construct real retirement value and you can work as far as you want.
  12. Organization: You get to dig roots in a society and offer a sense of belonging and permanence.

The disadvantages of having your own business are:

  1. Investment: You possibly will have to take a large economic risk.
  2. Dedication: You’ll have to work continuously for long hours and may have fewer opportunities to take vacations.
  3. Finer points: You have to invest your time on all the details of running a business and these are not the things that you actually like.
  4. Irregularity: Your profits may not be stable; and it is possible that it can go through losses sometimes.
  5. Damage: You may have to carry out disagreeable tasks, like firing someone or refusing to hire a friend.
  6. Learning: You may require finding out new disciplines and study something new.