There are many advantages to starting your own business, but there are also some disadvantages. Even though you may be fed up with working for a boss in the SEO agency, it is wise to take all these into consideration before starting up your own business. Consulting with a lawyer for legal advice is one of the best ways to get a deeper understanding of everything that must be done. Following your solicitors advice will ensure your business is legally set up, but they will also help you with many other aspects of running a business.
Here are some of the pros and cons of starting a business from scratch: –
- You have the freedom to make all the decisions
- You can choose the location, decor, equipment, size and even the type of business
- Setting up your own business can be done for less than purchasing one, depending on what kind of business it is
- You have the say in choosing employees
- You can choose a business that you can run by yourself to cut costs
- Since you can make all the decisions, you don’t have to worry about whether someone else’s decisions will be right for you or your business
- You may not have the right experience for setting up or running the business you choose
- If something you decide on turns out to be wrong, you have to take the responsibility for it
- It may be more difficult to get funding for a start-up
- You won’t get immediate income to help with paying the bills
- There are many decisions to be made that can take your attention away from running the business
- Starting up and running a new business can be time-consuming with statistics showing that many new business owners work up to 52 hours a week or more
Since it can take several months or even a few years to get the business up to scratch, it is essential to have enough income to run it during this time. Some business owners keep on with their day job in order to do this, meaning they are working twice as hard. Very often, a couple can do it together if both are convinced it is what they want.
However, it is important to establish a life balance or risk losing your health or your relationships. While this may seem difficult, it can be done with help from family and friends, or by seeking professional help, such as using an accountant to do the books instead of doing them yourself when you should be relaxing and spending time with the family.
Having your own business that you started from scratch is not for everyone, but for those who love a challenge and know how to work hard while guarding their relationships, it can be a great lifestyle.