Starting a business is not for the faint hearted. It may be one of the most rewarding or the most traumatic experiences of your life, depending on where you take your business. That’s why it’s important to consider the pros and cons of starting a business before quitting your day job.
Yes, your business will require your full attention and dedication. But does that mean you should dive into the deep end without any preparation?
No. It simply means you have to do your research, understand whether now is the right time for you to take the leap, and choose the right business for you.
The pros and cons of starting a business
I’ve seen it before. Colleagues quitting their day jobs left and right to start a business. While I’m flattered that many have taken up the cue to run their own businesses due to my success, I certainly didn’t get here overnight. And this is just one factor that many fail to take into consideration.
There are many things you need to consider before you start your business. Before we get into the negatives of starting your business, let’s discuss the benefits of owning a business.
There are many benefits to owning a business. Some of those benefits may even be unique to you personally. However, ask any business-owner and they’ll all agree on a few things that are positive about running your own operation:
Owning a business will let you have full control of your time. One of the best things about starting a business is that you own your time. You can decide what hours you need to work, you get to take breaks when you need to, and you get to decide which direction you want to take your business. Unlike working for someone else, you don’t feel obligated to show up whenever your boss calls you in for an all-nighter. This simply means you have more time to spend with your family and you have more time to spend doing things you're passionate about.
You have full control of what you want to do. Because the business is yours, you get to decide which direction you want to take it. Don’t get me wrong, you will still need to take into consideration your target customer’s preferences. However, you get to decide what to put into your business and what to take out of it. You don’t have to compromise your values to meet the unethical standards of a large company for one thing, and you get to decide exactly what kind of industry you’ll go into.
It is extremely rewarding. Owning a business is one of the most rewarding things you can accomplish in life. This is especially true if you find success in pursuing a business that is also your passion.
You decide how much you earn. Of course, you might not make millions or even earn a significant amount of money for a while. But you have control over how much you earn. This means you’re never going to feel underpaid if you’re able to run your business properly.
You get to choose to work with a team you trust. Unlike working a full time job under someone else, you don’t have to submit yourself to working with incompetent people. A great aspect of running your own business is that you’re able to decide who to hire, and whether or not you trust them enough to let them handle certain aspects of your business.
Seeing someone enjoying your services or your products is a different kind of happiness. I always get a different kind of satisfaction knowing that someone enjoys what my business offers. Good reviews are not only good for business, but it lets you know you’re doing something good as well. In some cases, it’s even more gratifying than the monetary aspect of running a business. This is especially true if you’re just starting out. Oftentimes when your business hits a slow patch, it’s those positive messages that keeps you motivated.
As rewarding as a business may be, there are certainly drawbacks. In fact, starting a business is one of the most challenging things you’ll come across in your life.
You will need to work harder. And in some cases, you’ll work longer hours than you used to when you were working for someone else. Being the boss means you have a lot of things you need to accomplish. It also means you have to work twice as hard as everyone else especially in the beginning if you want your business to thrive.
You need to make a monetary investment. Every business needs a monetary investment. Depending on the type of business you plan to run, you will be financially investing in it from the beginning. It may take a while for you to earn a profit from your business. In fact, you might also find that you’re likely to be putting more money into your investment for the first few months at least.
You will have to do it all yourself. Owning a business means you don’t have anyone to rely on to tell you what you need to. Yes, there are ways to get help, but mostly, you’ll have to rely on yourself to identify areas that need work, things that need to be done, and figure out a strategy that will help your business thrive.
Failure is even more heartbreaking. When you make a mistake at work, there is always room to fix it. In some cases, others may even be blamed for your mistakes or others may be tasked to fix your mistakes for you. In a business, you’ll have to face the facts. Any mistake made in your business will ultimately affect you. And when you face a wall or your business is at a standstill, it can feel even less motivating. You need to keep your wits about you and be steadfast. Running a business is hard and you will encounter many hardships.
Should I start a business?
Only if you’re ready to give it as much attention as it needs. While I’m not saying you should quit your dayjob entirely, it’s still important to be able to focus on your business when needed.
There are many business types that don’t require you to keep an eye on it 24/7. But you will need to keep a few things in mind before starting your business:
How to start a business
The bottom line
There are many benefits to starting a business. But don’t quit your dayjob yet. It takes dedication, a solid plan, and consistency to make it work. Yes, you may not make a decent - or any profit from your business in the beginning, but eventually your hard work will pay off.
I’ve seen many businesses fail because people think that running a business is as easy as putting out a product and hoping it sells. It takes time and research to make a business successful.
Overall, before you start a business, I suggest you ask yourself three things.
Are you ready?
Do you have enough time?
Is this your passion?