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Most of us would love the independence of owning our own business doing what we have a passion for, and I’m sure we all dream of the perceived riches it would bring us!

Those are of course two very valid points, but along with that comes a huge increase in responsibility, and of course new skills to learn – and that’s just for starters.

Here are some of the pros and cons of taking the leap to being your own boss:

Flexibility
Pro: You call the shots, so you get to decide how to spend your time – for example, if you’re a mom and you need to fetch and carry kids, no problem and nobody to answer to; and of course you can take as much leave as and when you want to.
Con: It’s easy to fall into a trap of not spending enough time doing your job. You need to be exceptionally disciplined to make sure you’re putting in what you expect to get out.

Money
Pro: You get to keep all the profits of your hard work, not just a set paycheck at the end of every month. If you work hard and do well, you can really generate an income for yourself that far surpasses a salaried worker.
Con: If you decide to slack off for a while, your income does the same. Also, your local “receiver of revenue” (or IRS) is going to want you to share what you’ve worked so hard to earn, and of course you will now be responsible for all the company bills you never had to worry about when you had a boss who did all of that.

Power
Pro: Yes, you have it – you are in total control and make all the decisions.
Con: You take the heat (literally) when you make the wrong decisions.

Doing what you love
Pro: I can honestly say that this is such a joy – to wake up in the morning and really be excited about your job! You know it backwards, you love doing it, you love the environment you’re working in – what more could you ask for?
Con: You’ll have to learn a lot of other skills, some of which may not be your forte at all, because running your own business means you need to know all aspects of it: sales, marketing, buying, production, finance, accounting, research, trends, design, human resources… etc.

Recognition
Pro: You can really make a name for yourself if you have a great product at a great price with great service to boot.
Con: If you get it wrong, it could all go terribly pear shaped and your reputation will be at risk, which would also make it difficult to re-enter the job market if you need to.

So yes – owning your own business can be exceptionally rewarding and profitable, but you also need to be aware of the potential pitfalls. Do your due diligence before getting started, which will take some time but be well worth it. And make sure you have enough money… always over-estimate what it’s going to cost you, and have enough saved to tide you over for at least six months.

# posted by Medical Information : 2:57 AM