Pros and Cons of Starting Your Own Business

I started my own cleaning company a few years ago with very little education and a love of cleaning. I learned more about business than a business degree could have taught me!! If you are considering starting your own business, here are some pros and cons!

Pros of Starting Your Own Business

1. As I said before, you learn a ton! You will know much more about yourself and will also learn time management, bookkeeping, scheduling, billing, communication, and a million other life lessons.
2. Successful people are usually entrepreneurs. It can be a great source of income! How much money do you want to make?
3. You decide your schedule. Are you tired of time clocks and bosses? Having your own business, you are in charge of yourself.
4. You can be passionate about your work! This isn't to say you sometimes will feel tired, but you will generally love what you do because you came up with the idea!
5. When you are the boss, you are the one that says what happens when. You can have employees do the dirty work. Not that you want to mistreat your employees, but if you don't feel like doing a job, you have employees who can fill in for you. You say when work starts and stops. You choose how much to charge and how much you will pay out!
6.  Do you like having the comfort of your own home? Welcome to your life as an entrepreneur. You can work from home if you want or in an office building. 
7. It is so rewarding! You feel incredibly accomplished when everything starts coming together! Whether it be an online business, a service, or a product you are selling, you will feel so good about yourself and what you have done to improve the world. 

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1. You can have a lot of penalties to pay. Were you late on your quarterly taxes? There goes $100 or more. Did you forget to register an employee or sign up for some random license? There goes another $200 or $300. This is a big deal, especially when you were starting up and trying to scrimp and save 
2. Do you have enough work? How can you start a business when it takes about a year to get the ball rolling with so much stress?
3. What do you do if you have employees who don't show up to work? Do you have time to go fill in for them? What about your work? 
4. You just put your life savings into 5000 pairs of sheet rock shoes. Good luck selling them! What if your idea isn't good enough? 
5. What if you make a mistake and leave the water running too long? What lawsuits are you going to have? Because you ruined your client's carpet? 
6. The cost of insurance can drain your bank account: so many fees and so little income. 
7. If you have to get a loan to start your business, how will you repay that loan in time? Money, money, money!
8. Most of the time, an owner of a business spends more hours working than an average person, ensuring the company stays afloat. Late nights and early mornings... Good luck!

"Our goal is to help the world make decisions with a list of Pros and Cons. We invite all to add to our lists to help others make the most educated decision possible. We are all in this world together to help each other and learn from what others have learned from their lives journey."  Pros and Cons Team

Written By: Sarah