Starting your own business is an extremely admirable thing to do.
Not only does starting your own business allow you to set your own schedule, scale, and control your income directly, but it also helps you contribute to society.
Those who start their own businesses are at the helm. They can innovate when they see opportunities without having to jump through endless bureaucratic hoops. They can chase their passions and bring exciting new products and services to the market that can make people’s lives better.
It’s no wonder so many are launching startups. There are many clear reasons why doing so can benefit both the owner and their community.
But that doesn’t mean it’s the right path for everyone.
While starting a business is a great way to contribute or to find passion in your work, it isn’t the only way. Traditional career paths can also leverage your strengths, and for some, they may actually be more fulfilling.
How do you know which type of career is right for you?
This article is here to help you decide if you should start your own business.
The Pros of Starting Your Own Business
As stated above, starting your own business has major lifestyle benefits.
Running your own business means you have complete control over your schedule.
If you decide to operate in a traditional office or retail space, you can set the hours your open to suit your lifestyle and preferences. As long as your customers or clients have access to you, you’ll be able to be profitable regardless of when you’re open.
If you decide to run a remote business, the options open up even further. You can rely entirely on e-commerce. Eliminating the need for open hours.
This means you can live an extremely flexible life. Digital entrepreneurs can even go so far as being fully nomadic, all while running successful businesses.
Business owners also have complete freedom as to what they do for work. While there are inevitably some legislative tasks that have to happen when running a business, what that business provides is endlessly flexible.
This means you can launch a business that is perfectly in line with your interests. You can chase your passions and do what you love every day.
But it isn’t all smiles and passion.
The Cons of Starting Your Own Business
Starting your own business often means working far more than you would in a traditional career path.
While you may be able to step back and work less in the future, during startup and the first several years, you’ll likely be working far more than you would otherwise.
Not only are you responsible for delivering the goods or services you offer, but you also have to handle accounting, registration, marketing, your business phones, and endless other tasks required to keep a business operating.
While you may have the flexibility to do these things whenever you want, it’s still a lot of work. No work schedule can get you out of long hours on the front end.
On top of that, starting your own business is highly uncertain. You don’t know how much you’ll make each month, making it harder to plan financially.
If you want to succeed in running your own business, you have to have strong discipline and planning skills. You can’t rely on a good month continuing into the future. You need to save and prepare for slow months.
There are also unseen logistical problems that can pop up at any time. A supplier may run late, a shipping route may shut down, and you’ll be directly responsible for finding solutions on the fly.
All of this can wear on your nerves. It can make you feel anxious and lead to burnout. If you want to start a business, you need to be mentally prepared on the front end.
Starting your own business can be a deeply fulfilling endeavor, but it isn’t for everyone.
If you’re incredibly driven and passionate, don’t mind uncertainty, and are willing to handle tons of legislative work in addition to your business offerings, you may thrive as an entrepreneur.
If you value certainty and work-life balance, you may be better served working for someone else.
Remember, being an entrepreneur doesn’t make you better. Choose the career path that brings you the life you want, whatever that looks like.