Owning a business can be a very rewarding experience to many and for good reasons. You get to work your own hours, get to be in charge of others and enjoy the fruits of your labor when your business grows. Another perk you have is deciding your own dress code so you can technically come to your business dressed in sweatpants and a T-shirt but you probably wouldn’t because you still want to be professional. Most people who own their own business say that the best part about it is being independent and doing what you’re passionate about as a living according to a research survey conducted by Endurance International Group where almost 70% of business owners interviewed believe that owning their own business lets them “pursue their passion”. There is indeed a lot to love when you own your business but as much as there is to love about it there are also a lot of downsides to running a business as well.
Being a business owner means you have full autonomy over your work schedule which also means full responsibility of everything that goes on in your business. Running a business is more than just a full time job as usually you’re working more than the conventional 8 hour a day shift and they also would have to give up their personal time and make other sacrifices for the sake of their business. The business owners interviewed say that the top 3 sacrifices they make is being completely financially invested in their business, making no separation between their personal and work lives and having no personal time some of them having 24/7 work days.
Another downside to operating a business is the financial problems that come up to which 32 % of the business owners interviewed say that issues regarding the financial end of their business is their top concern. Most people believe that business owners have the options to pay themselves whatever they want but i is not that simple for them considering that since they’re the head of every department in their business they have to account for expenses that would eat away at their cashflow and whatever is left is what they can use as a salary. Economic volatility is a big worry that business owners have because they have no control over the nature of the industry that they’re working in and other unforeseen circumstances could come up that will require you to incur more expenses. It’s really no wonder that in that same survey about 64% of business owners if given the chance to receive one million dollars to sell their business they would take it.
In spite of all that however some really enjoy what they do and even though they may not make a lot from it or have to deal with the burdens that come with the responsibility they enjoy the feeling of independence that comes from it and it’s a good thing that they do too since there are 28 million small businesses that employ more than half of the nation’s working population and contributes so much to the U.S economy that if they all decide to quit because of the problems that come with it the America itself would be facing a financial crisis. In conclusion to the survey many business owners are actually almost evenly split on whether they think running a business is the hardest job they ever had but for those that do plan on owning their own business one day thinking that being your own boss means kicking back and doing what you want they’re going to be in for a very rude awakening.