The Pros and Cons of Running A Business [Contributed Blog]August 6, 2020 - 8 minutes read - Business Management, Contributed Posts
So let’s face it – running your own business is the dream for many people. All over the world, entrepreneurs take on the challenge of starting a business in the hope that their idea will spark into a flame and change the face of their industry forever. From designing an innovative new product or service to creating a business model, then finally having the business functioning well, is a long process. There are ups and downs, blood, sweat, and tears – but in the end, is it worth it?
Running a business isn’t for everyone, that’s for sure. In marketing, your growth as a company and talent within the industry will stand you a cut above the rest – that’s it if you make it that far. Making it in tech and marketing is becoming increasingly challenging, due to the rise in demand for cutting-edge service, products, and innovation. But it’s not only the tech and marketing industries that pose a rocky road ahead for potential business owners; every industry is highly competitive. Do you have what it takes? Here are the pros and cons of running your own business.
Your Ideas Come To Life
How many people in life can say they’ve made their dreams into reality? Not many, it seems. Running a business means answering only to yourself – no more boss on the end of the phone, demanding impossible tasks and making your life a nightmare. You are the boss, and with this responsibility, you get to choose exactly how things run. From the ten-year strategy of the business to the tiny details, your vision is executed. Of course, compromise is important and not everything is possible all the time. But running a business means watching your ideas come to life; what better way to have an amazing career?
Of course, many people who start a business have money on their minds. It’s inevitable to dream that your idea can come to life, and with it, comes financial freedom and success. Although new businesses can take five years before they begin turning a profit, once the profits start coming in, the rewards can be high. Your hard work will be paid off and you can provide for yourself and your family. That’s a pro if you’ve ever heard one!
Leading A Team
If you aren’t really a team player, perhaps running a business isn’t for you. Although you are the head of the operation as the business owner, nothing great is ever achieved alone. As the boss, you will be responsible for cultivating an awesome team to work together and achieve amazing results for the business. Leading a team is not just great for business, either; psychologists say that achieving success in a group can lead to greater wellbeing and personal happiness.
As a team leader, you will set the tone for the way the office and business operations are run. The environment you want, you can create. Gain the trust of your talent, and they will be loyal to your business and help you and the company thrive.
Of course, most people start their own business because they feel they can help others thrive in their own lives – whether that’s a car body shop; a coffee shop; a tech support company; a physical therapy spa; or something totally different! Businesses help people’s lives run more smoothly and that is a powerful thing. One of the most rewarding things about running your own business is that you get to see these actions ripple out into the wider community, helping those who need it succeed in their own way.
Of course, every action has an equal opposite reaction, and like anything in life, there are downsides to running a business. Here are some of the negatives to consider before jumping in.
With Great Power Comes Great Responsibility
The upsides of business ownership go hand in hand with the downsides. Being your own boss is awesome, but it comes with huge responsibilities. Unlike working underneath the boss in another business, for your company, you take on the failures and the successes. When the business does well, you will get credit; likewise, if the business fails, the owner takes the largest hit. You can’t shirk any responsibility onto others – at the end of the day, it comes back to you, and you alone. This is a huge weight to bear and can cause stress. With the right team, the load can be somewhat shared, although it still falls to you to manage your team with discretion and care.
Even successfully functioning businesses do not begin to turn a profit for their first few years. It takes a long time for your hard work and sleepless nights to pay off; in the meantime, you have a life to live, and bills to pay. Many business owners wind up in debt, struggling to keep their personal finances afloat whilst running a business which is not yet making money.
Any business, no matter the industry, poses a financial risk. This page has more info about debt discharge and how to take care of your finances.
No Days Off
The phrase ‘no days off!’ is used commonly by those who want to tell the world how dedicated they are to their sport, job, or family. Well, if you really want no days off, start your own business. Particularly in the beginning, even with a management team underneath you, you will be at work every day – even when you’re not. If you take a day for yourself to spend time with family, you had better believe that the phone will ring at least once with an issue you must solve immediately. That’s the reality of business ownership – it is not a responsibility to be taken lightly. Hard work, dedication, and patience will get you far; just prepare to graft your way to the top.
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