Pros and Cons of Being a Small Business Owner
Starting a small business is certainly no small undertaking, but it can be one of the most rewarding experiences of a person’s life. Small business owners experience several ups and downs every day, but most of them wouldn’t trade it for the world. Here are a few pros and cons to owning a small business.
You Do More Work But Make More Money
In the beginning, most small businesses are a one-person show. This means a lot of work falls onto the shoulders of you, the business owner, but at the same time, this also means that you get to reap all of the financial benefits. Of course, as your business grows you may hire paid employees, but in those beginning days, not having to share that income makes wearing many hats a little easier.
A Flexible Schedule is a Blessing and a Curse
A flexible schedule, creating your hours, and not reporting to a boss every day are some of the best perks of being your boss. However, this sweet scenario can go sour rather quickly without structure and discipline.
It’s important to treat yourself as a respected colleague. If you were working for someone else, you wouldn’t miss a deadline or be late to a meeting with your boss, so don’t do that to yourself. Giving yourself a detailed schedule to stick to is a great start. A structure that works efficiently will boost your productivity and make things much easier once you do hire a few employees down the road.
You Get Final Say, Whether You Like It or Not
Another “blessing-and-curse” situation is the fact that you are the sole decision-maker at the beginning. This is great because you have creative control, you don’t have to answer to anyone else and you get to make all the big decisions. However, there is value in the input of others, especially as you’re creating something for your market. To combat this, make a point to do some market research and network with people within your target audience. This way, the creative control still lies with you, but you’re getting valuable feedback from the people who may eventually be your paying customers.
As you can see, small business owners do it all. It can be a lot of work and a little stressful, but often the financial, creative, and intrinsic rewards far outweigh any of the downsides.