The Pros and Cons of Starting Your Own Business
Many students go to a career college to learn a trade or skills in their field of interest. Whether it’s to be an auto mechanic, welder, HVAC technician, cosmetologist, or other career specialization, gaining a certificate or degree is a great first step on your career path. After a few years of working and using the knowledge you gained in school, you may be wondering what could be next.
Often, skilled professionals find their next career step in owning their own business. By taking that leap, you can become your own boss, set your own hours, and still do what you love and are trained in. Making the jump into business ownership is a big decision. Being the Chief of Everything comes with many ups and downs and requires constant commitment in order for your business to succeed.
If starting a new business is something you are considering, check out the Imagine America Foundation’s list of pros and cons to starting your own business. Take your time and gather lots of information before making this big career decision.
Pros to Starting Your Own Business
When you’re working for yourself and business is good, you stand to make more money than you would if you were working for someone else.
Chief of Everything
Owning a business means that you are your own boss. You don’t need to check with anyone or get approval from others when making big decisions. You get to call the shots and do what you think is best for your business and career.
Work Where You Love, When You Want To
When you are building your business, you get to decide where it will be located. This will allow you to have a better commute and even put down roots in your own community. You also get to decide the logistics of the business, including its hours of operation. While you will want your business to be open when it will be most profitable, you can also pick what is best for your and your employees.
By owning your own business, you remove the red tape and make it much easier for you to work directly with your customers. This will better help you to see what they need and the trends in your industry.
Owning your own business allows you to put your ideas into action instead of just doing what you are told to do. There is more freedom for you while trying new things and directly seeing their impact.
Gain More Knowledge
While you were in school, you learned how to do a specific skill. But when you own a business, you must have your hands in all aspects of the business. This will help you really see how things are going and learn more about many different responsibilities.
If you own a successful business, you could pass it down to a family member or sell it for a profit. Your business becomes an asset and something that could continue to help your family even after you no longer work there.
Cons to Starting Your Own Business
Starting a business is a financial investment and you will be the one who fronts the money. Whether you are using your own money or getting a loan from the bank, these financial risks will be on you. It is important to make sure you are committed to the business’s success before you make this kind of investment.
Long Hours at First
Once your business is up and running, you will have more flexibility when it comes to your work schedule. But at first, you will be putting in a lot of time to get the business up and running. Make sure you and your family are ready for this type of time commitment.
Being the boss also means that you may have to do the dirty jobs, like firing an employee or not hiring someone even if they are a friend. At times, people may want handouts or discounts for the services you are providing. How you want to handle this is up to you but know that it could get uncomfortable at times.
When you’re the boss, there is always work do be done. Whether it is physical work or just thinking about how you can make your business better, your mind will always have something to consider.
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The Pros and Cons of Starting Your Own Business
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