Whether you’re starting your journey in the working world, looking to gain some additional skills or retraining as part of a career change, becoming a fully qualified professional in your chosen field can be an exciting endeavour.
For many, this can also present the opportunity to truly branch out on your own as a solo act. Running your own business can be a natural progression, particularly when it comes to those who have successfully completed electrical courses and plumbing courses.
That being said, having your own business is no small feat and can pose its own set of challenges. Nevertheless, working for yourself obviously has its fair share of perks too – but is the fruit worth the labour?
Let’s find out as we weigh up the pros and cons of having your own business.
Disadvantages of Running Your Own Business
While the benefits of running your own business can be huge, for every pro there is an opposing con to level the playing field. After all, if it were that easy, everyone would do it – so to think it’s all plain sailing would be naïve.
Before we get into the upside of running your own business, let’s take a look at the downside.
Start-Up Costs
Creating your own business from scratch naturally requires a lot of investment, particularly in the early stages when you’re getting your company off the ground. From equipment to registration fees, the overall sum can amount to a hefty chunk of change.
As such, starting a business can become a bit of a “chicken and egg” scenario. You need funds to make it happen and you can’t get funds without work, which often makes business loans (and the interest attached) a necessary evil.
In addition to financial demands, it also applies to time demands. Which leads us nicely to…
Longer Hours
On the other side of the coin, running your own business can also translate into long working hours, weekend projects and unsociable shifts. If a job needs to be completed and runs over, it’s on your head.
While it does present the opportunity to work when you want to, if you want to make your business a success, there will be periods when you have to put the work in.
Uncertainty
When you work for yourself, there is a definite element of uncertainty when it comes to income and workload, particularly in the early days while you are still yet to become an established name.
This can make it hard to plan financially as well as socially. Meanwhile, the market can change depending on the financial climate of the country, while undercutting and volume of local competition from rival firms can also influence your income.
Distractions
Running your own business can be great when it comes to freedom; however, it also can be a bit of a curse when it comes to outside demands. Distraction can come in many forms, particularly if you work from home.
What’s more, when you have no-one to answer to, friends and family can take that as an open invitation to lead you astray. As such, keeping your mind on the task at hand can be a lesson in discipline and self-control.
Advantages of Running Your Own Business
Now that the negatives have been covered, let’s take a walk on the positive side.
While there are reservations to be had when it comes to working for yourself, there are a long list of benefits that could potentially outweigh the negatives substantially – particularly if you have the drive and determination to succeed.
Be Your Own Boss
When you run your own business, you effectively answer to no-one…except the customer, course. Nobody can tell you what to do, no-one will grill you for missing your alarm and, perhaps best of all, nobody can fire or replace you.
Being your own boss also means you are in charge of your own destiny. All the important decision-making is left up to you and your fate really does lie in the palm of your own hands.
Creativity
Part of the appeal of running your own business is the unrivalled sense of creative autonomy that comes with it. The freedom to take your business in your own direction provides a sense of creativity that is rarely duplicated in an employed environment.
From the business name to company logo, your input is a vital part of the process and your ideas shape the outcome. Right down to the pricing of your services, you can set the bar at a level that you desire.
Sink or Swim
Running a business will expand your skills beyond the task itself and see you learn more about a variety of aspects: from marketing tactics to accounting. You will naturally learn what works and what doesn’t – which in itself can be a growing experience of maturation.
The personal satisfaction of growing your business yourself can create a proud achievement.
Flexibility
Perhaps the biggest bonus of running your own business is the genuine flexibility that comes with it. If you don’t want to work Mondays, don’t take that Monday morning booking; if you want to take the week off to take the kids away for half term, nobody can tell you otherwise.
When you steer the ship, you get out what you put in and – provided the demand is there – you can work as much or as little as you can afford to. Your workload rests almost entirely on your own work ethic.
Financial Windfall
Why should someone else reap the rewards of your hard work? When you work for yourself, the income generated goes directly into your proverbial pocket.
While you may have to pay out for X or Y along the way, the cash you’ve earned is yours to do with as you please, without someone else taking the lion’s share of the pie beforehand.
What’s more, you may also benefit from business expenses and tax exemptions, such as travel costs, office setup, etc.
So, there you have it, a balanced, Ying-Yang overview of self-employment. For more information on starting your own business or details on our wide variety of skills courses available to help start you on your journey, call now on 0800 345 7492 or get in touch using the button below.
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