Most of us are aware that having a business is one of the best ways to earn money. A business may need a big capital to start though it will still depend on what kind of business you will open. The life of the business will always depend on you. In this article, I’ll be talking about the advantages and disadvantages of having a business.
Advantages:
You’re the boss – In having a business, you’re the boss. As the boss, you are the one in charge of everything. You can go to work whenever you want because you are the owner. You have the right to do whatever you want. You’ll also be the one to decide on who’s going to be hired, the working hours and more. As a boss, no one can fire you though it is also up to you to make sure that your business or company is running well.
Higher-income – As the owner, you’ll be earning more compared to working as an employee for other companies. If you’ll just work as an employee, you’ll just earn your fixed monthly salary but if you’re an owner of a company, your income will depend on how you’ll handle the business. If you’re good then the income would be good also.
Doing what you like – This is your own business, meaning to say that you are the one who choose this field of work. You are putting up a business not just to earn but also to do what you want to do. Your business will reflect on your personality. If you’re into cars, you might probably open a car accessories shop or a car customizing shop. Doing the business that you like would benefit you because aside from doing the things that you want, you are also earning money while enjoying.
Disadvantages:
The blame is on you – When you’ve made a bad decision, it will reflect on you. You’ll be the one to fix things inside your business.
Big risk – As the owner, you will surely invest money for your business. In having a business, you are risking your money. The growth of the business will depend on you. If the business goes down, there is a big possibility that you’ll be bankrupted. This means that your money is gone.
Facing the problems – There would be times that problems will arise. As the owner, you will be the one to face those problems. As I’ve said, you’re the boss and you are the one in charge of everything.
Starting your own business is not that easy. You need to study everything first before putting it up. You must always anticipate possible problems that may arise. It may not be easy but in business, you won’t succeed if you won’t risk.
[crp]