Pros and Cons of Owning a Small Business
Pros and Cons of Owning a Small Business
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There are many reason why you would want to own your own business. But owning your own business is not as easy as it seems. Here are some pro's and cons of owning a business.
Pros:
- You are your own boss
- Don't have to take orders from anyone
- Get to choose who you work with
- Hire or Fire anyone you please
- Work your own hours
- Get to choose what hours you and your employees work
- Potential to make more money than a regular job
- The higher risk, the higher potential reward
Cons:
- Greater risk
- The higher risk, the better potential reward, but also the higher risk, the greater chance of failure
- Potentially unstable income
- You may make more money, but there's also a chance you don't
- Have to work harder
- You are now a business owner, you have to do the leg work
- Taxes are different
- You make money on your own
- Set aside money to pay off taxes
- Business Costs
- Not only is it difficult to run a small business, it's also expensive.
A small business can be simple, yet so affective. With small overhead, you can make a huge profit margin. That also comes with a price of your time. As a small business owner, you will most likely be running the show yourself and at all times.
ReplyDeleteOpening a small business can be extremely challenging but also extremely rewarding. There is a great risk that comes along with this challenge but there is also some great rewards that make the risk taking work it. There are many aspects to consider before opening a small business but as long as all possibilities are taken into consideration, it can be extremely rewarding in the long run.
ReplyDeleteSmall businesses are hard to start up especially with all the expenses that go into forming one. However, there are many benefits you can have while having your own business. With that being said it's ultimately up to you to go over the risk to reward factor, and determine whether starting a business is right for you.
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