own business

Do You Want to Start Your Own Business? Pros and Cons

Image Credit: Thomas Bonte on Flickr

In recent years, more and more people have started to take an interest in starting their own business. As a matter of fact, according to Forbes, 62% of millennials have considered starting their own business. This generation appears to value entrepreneurship, and they are starting new businesses in record numbers.

However, many people remain unsure about whether to take the plunge or not. Is this because they lack the necessary confidence to break away from their employment routine? Or is it because their confidence in the job market itself has improved?


For the Entrepreneurial Ones

Because you’re still reading this article, we’ll assume that you’re one of the more entrepreneurial ones. You’re one of the ones who will be satisfied with nothing less than owning your own business. Working on someone else’s dreams is just not for you.

However, it is important to look at both sides of the equation. We’ll discuss both the pros and the cons of striking out on your own in this post.


First, the Disadvantages

One of the first things you’re going to miss is that regular paycheck. It’s something you’ve grown accustomed to, something you’ve always known you could count on. Once you’re self-employed, that reliability will disappear.

Neither will you have someone else estimating your taxes for you and withholding them out of your paycheck so that you won’t be caught up short at tax time. Once you own your own business, you’ll be fully responsible for paying your fair share when your taxes are due.

Are you a social butterfly? Do you love being around people? When you start your own business, you might find yourself working all by your lonesome for days on end, depending of course, on the industry your new business is in.

You’ll work hard, possibly harder than you ever have before. You’ll put in long hours, and often no one will know that but you. No one will be there to give you a resounding pat on the back. Or an award. Or a gold watch. You get the picture.


But, Oh, the Benefits of Owning Your Own Business

When it comes to starting your own business, however, the world is your oyster. Your business can be anything you can imagine. And you can locate your business wherever in the world you want it to be.


Work Where You Want

Have you always wanted to work from home? Here’s your chance. Depending on the type of business you plan to start, you can set up an office in your home. Some business owners even claim that working from home saves them money.




You could even work on the go, traveling to exotic locations while you make all the money you need with just your laptop and your smartphone.


Work When You Want

Picture tumbling out of bed at the crack of dawn, excited and happy about the work you anticipate doing that day. Dressed as you like and settled comfortably in your home office, you tackle your to-do list for the day. Or maybe you’re a night owl, and you choose to work later in the day. However and whenever you choose to work, as long as you meet your clients’ deadlines, your business should do well.

This means that you can create a far better work-life balance. You’ll be able to enjoy the ease and convenience of setting your own schedule to suit your specific needs.


Earn a Living by Doing What You Love

Depending on your skills, talents, and inclinations, there are lots of business ideas that you can consider. For example, you could start an online retail company or a mobile computer repair service. Alternatively, you could offer a people search service. Or you could go the freelance route with writing, graphic arts, or web design.




Whatever you choose to do in your business, be sure to do some market research before you begin. Figure out what you can provide that people actually want and need. When you do that, your business dreams will be sure to come true. There’s even a chance that you’ll make more money that you ever dreamed. And you’ll be soaring high indeed.