When some people try to picture what’s it like being a business owner they may have the image of someone who is well-off, gets to come in and leave anytime they please and practically do whatever they want. Though the image of a hard worker may still come to mind, business owners don’t have as many liberties as some people might think. Still, many people who do run their own business would say that it is one of the most rewarding experiences they ever had in their lives. Running a business has its ups and downs but if you want to open up your own shop one of these days you’re going to have to weigh some the advantages and disadvantages that come with it.
- Independence: Running your business means you make your own decisions. Not only do you not have to report to any superior but you have complete autonomy on how you’d like to run your business but that does not necessarily mean there’s no one in charge of you. As a business owner your customers, suppliers, and government employees would be the closest thing to having someone in charge of you that you’ll ever have however you won’t be reporting to them as often as you would to your employer so you still have some level of control over your business.
- Job Security: Since you’re your own boss you don’t have to worry about job security as much which sounds cool but that doesn’t mean that your position is totally safe. Your business is still vulnerable to shifts in the markets, changes in regulation, economic downturns and other things that can affect the survival rate of your business. On the plus side at least you won’t see a pink slip in your life.
- Benefits: One of the greatest perks of owning your own business is reaping all the benefits that come with it. This means that you can keep what you make in your pocket and since you set your own hours there’s no limit to how much you can make in a week being your own boss as opposed to working for someone else. Such benefits include tax benefits, creating your own schedule, and complete oversight.
- Inconsistency: Owning a business also means dealing with the reality that your business may not be as profitable within the first few weeks or months of opening it. Slow days can happen and when it does your level of income can get affected so you risk having days with low revenues which can determine how long your business may last.
- The risk of failure: The greatest fear that anyone can have about owning a business is the risk of failure which does happen especially for those in the restaurant business. Businesses fail for a number of reasons from poor accounting to over-expansion and unfortunately any failure that occurs rest on your shoulders. Of course, this does not have to mean the end of your career as a business owner because through failure comes knowledge of what didn’t work in your business but recovering from the loss would very difficult particularly if your business failed because of credit issues.
- Long hours: While it’s true that you can set your own hours in your business sometimes things can happen that will require you to put in extra hours into your business. As a boss you don’t have any set hours and the work you put into your business could determine what you get out of it. You also don’t get paid for the extra time you put in so taking a couple days off from your business will end up costing it revenue.
When you decide to open and run a business you’re taking a risk that might lead to a successful career or a failure in the making. Running a business takes a lot of effort especially if it’s new and sometimes hard work isn’t enough to keep your business going. As an owner problems are going to come up from time to time but if you decide to make the necessary sacrifices to help your business stay open anyways you might be able to reap the rewards that come from all of your hard work.