When a discussion about starting a business comes up, only the upsides of it come up. The downsides tend to be ignored. That’s why some businesses never make it past their first anniversary. It’s critical to weigh the ups and downs of starting a business before beginning operations because your situation is unique. That means an idea that worked for another business may not work for you. Check out these upsides and downsides to starting a business below to increase your possibilities of success.
The liberty to make decisions will motivate you to start a business
Unlike the 9-5 job, you are free to make your own choices when running your own business. In other words, there is no boss around to veto your decisions. There is a good feeling that comes with autonomy.
You enjoy job security when you start a small business
With rapid technological growth, job security is becoming irrelevant. Workers that don’t embrace technology are being retrenched at an alarming rate. However, when you’re running your own business, you are the boss, and no one can fire you.
Self-fulfillment drives many to come up with a business idea and execute it
There is a certain sense of pride when you run your own business, even if it’s just a small business. In other words, you feel professionally fulfilled.
Happy retirement is one of the leading drivers to start a business
Many people have built successful businesses and sold them during their twilight years. This is a refreshing moment for any old person.
Work overload can discourage you to start a business
Many people think that starting a business is the beginning of freedom. The reality is that it’s more demanding than the 9-5 job at the onset. You will have to work more than the 8 hours witnessed in a 9-5 job. There is a lot of initial work before the business takes off.
Know that there is huge financial risk before you start a business
You need a good startup capital to start any business. That means you will need to engage investors, take out a loan, or raid your savings to prop up your startup capital. You might inject a lot of money in the business, and it still goes south.
Before you start a business, know that business will be slow at the onset
Your business might not be able to realize any return on investment within the first two years. This is something you must know upfront.