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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
The Reality of Starting A Small Business: The Pros and Cons
Whether you’ve been thinking about starting your own business for a long time or you just recently decided you want to become your own boss. Depending on who you talk to, starting a small business can be full of risk or the best decision you’ve ever made.
Although it’s not without challenges, being a small business owner can be fulfilling. Here’s a “real” look at what it’s like for many small business owners with some pros and cons.
A Positive Look At Being a Small Business Owner
Every month, thousands of small businesses across the U.S. open with the hopes of being successful, make a profit and create a change within their community. Since it’s always a good idea to look at the “bright side” of things first, here are some of the pluses of owning a small business:
Being Your Own Boss
Believe it or not, many business owners decide to start their own because they want to be their own boss and have full control of their work life. It’s not that working for someone else is always bad but many people, who work for a company, feel unfulfilled, underappreciated, and not challenged. Owning a business can fill those voids.
Sharing Your Passion With Others
While some small business owners start a business to solely make money with a trending idea, others open up shop to sell a product or offer a service that they are passionate about and can stand behind with pride and confidence.
Flexible Schedule
The standard 9 to 5, Monday thru Friday work week can be less than appealing to many and owning a business can give you the chance to explore a flexible schedule and set your own hours.
Financial Success
Who doesn’t want to make more money? Although it can take awhile to see a profit when you open a small business, you can end up making more money than you may ever make working for a corporation.
Some of the Harsh Realities
It’s not so much that there are “bad” things about owning a small business (it’s all in how you look at it) but there are some realities and risks that can make owning a business a bad decision.
You Are In Charge
Whether you are a solopreneuer or you have a few employees, you are in charge. Sure, it’s great to be your own boss and have complete control until there are moments when you have to work overtime, have to settle a conflict among employees, or simply can’t seem to hold onto a good employee. Sometimes being in charge is your biggest challenge.
The Naysayers
Even though thousands of small businesses open every month, about the same amount close due to failure. The stats are harsh and sometimes the naysayers who think it’s a bad idea to start a business can feel even worse. There’s no guarantee that you’ll make it past your first year, but there’s no guarantee that you won’t (it’s all how you look at it).
There Are Risks
Every business, big or small, encounters risks at some point. While some seem unavoidable, many risks can be prevented with preparation and having the right tools. Take a malware attack on your business computers, for example.
It can be difficult to know when or if you will get a computer virus but having the right tools, such as strong cybersecurity can be helpful. Don’t know if your security is strong enough? Check out the Scanguard review checklist.
Don’t Let The Cons Scare You Away
If you’re truly serious about starting your own small business you’ll find ways to make it work. The cons aren’t meant to scare you away from pursuing your dreams but rather give you a little more to think about before you change your career.
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