Of course there are benefits to be had in starting your own business. I just can’t
remember what they are. Just kidding.
I can tell you for sure, that if you can think of a benefit of starting your own business that there is an equal and opposite downside of owning your own business.
When I started by own business my first thought was that I was in control of everything. That can be a good thing or a bad thing. If you have an orderly mind and are a good decision maker it is a good thing. If you don’t see yourself like that, then it’s probably a bad thing. If you are in the latter category, it doesn’t mean you can own your own business. You could hire someone to run the business day to day and leave you to do whatever it is that you do.
I would be the chief decision maker. No longer would I have to dance to the beat of someone else’s drum. No one would ever tell me what to do again. Well, that’s what I thought anyway. Turns out that as soon as you take on a “job” for the business, the person who hires you calls the shots.
If I were to hire someone to help me, then I’d have someone else to answer to, at times. Would they show up for work? Would they do the job as well as I would do it? Once you hire an employee, you hire a headache.
I would determine my income. That part is one of the benefits of starting your own business. If you aren’t making enough money, you just take on more work. Then once you are too big to do all the work yourself you need to hire someone to help you. See above!
All kidding aside, you really do determine how much money you make and have to split with your favorite uncle. Uncle Sam. There a tax benefits involved in owning your own business. I’m not an expert. So ask a professional about all of the benefits.
Time freedom. I thought I’d have more time to do the things that I love to do. Oops! Didn’t turn out that way. If you own your own business, it will be like a child that you are raising. No really! You will begin to think of it just like your own child. You build it. You grow it. You give it your time. You love it. Or hate it. You guide it along its path. You will take pride in your business. All of those things you do with a child. It will be your baby. You would never leave your baby alone would you? Much like a child, a business will consume your life. It will demand more and more of you as it gets bigger. But as it grows you will protect it with your life. No one will do any harm to it and if they do or try to harm the business, man, watch out! The downside here is that the business won’t move out on its own.
Although, an option would be to franchise the business. Or sell it. Franchising your business is difficult at best. There are many, any legal hurdles to jump over. It can be a great way to build your business into new territories. I’m not a lawyer either, so if you want to franchise your business ask a professional!
Owning your own business is one huge liability! Murphy’s Law is in full swing when you start a business of your own. Anything can and does go wrong. You will need tons of insurance to be in business. Again, consult a professional about this. If you have an employee, you need even more insurance. Because the employee won’t care as much as you will about your business or your customers stuff. Actually, they will hardly care at all.
I am exaggerating that part. You can and do find people will care about you, your business and your customers. You just have to look for them.
In the very beginning a I was able to set my own schedule. I was able to do that for a few years. That part was great. Then the business started growing and my time, no my life was not my own. It seemed as though my life then belonged to my customers. To a great extent, it did. They felt like they could call me anytime of day or night. I did learn that I didn’t have to answer the phone. That was a good day!
I try to think of the benefits of starting your own business and although there are a lot, they are mostly double edged swords. They can be great things or they can be a noose around your neck and the other end is tied to the business.
So are there really any benefits to starting your own business or is it all bad?
The best thing is that your are following your own vision. You are creating something that is a part of you. You live and die by your own wits. You can’t blame anyone else, but you will want to!
The benefits of starting your own business
I usually sum it up like this:
It is the worst job that you will ever love!
I can’t imagine answering to someone else, building someone else’s dream and busting my back for someone else’s benefit. If I’m going to bust my back it will be for me and my family!
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