More and more individuals are considering starting their own business as more people are losing their jobs in this tough economy. When you are tired of clocking in for your boss and sick of worrying that your job may be the next one on the chopping block, what do you do? Should you consider starting a new business of your own, in this difficult economy? In order to answer that question, it would be wise to take a look at some pros and cons of starting a new business. This will help you make an informed decision as you consider your journey into entrepreneurialism.
A little over two years ago I took the plunge and opened my own private practice after quitting my job as a counselor working at a non-profit organization. I had become unhappy with the thought of continuing on in a high-stress job while earning next to nothing, dealing with office politics, and working in a way that pleased my boss, but not myself.
I knew I would need help with ideas, encouragement, rethinking my beliefs about money, and learning how to market my business so I hired a coach. I have since expanded my private practice to include coaching (I liked it so much) and formed a company that provides continuing education for therapists. I’m loving all the pros and learning to deal with all the cons. Here are some of the pros and cons of starting a new business.
1. Freedom – to express your creativity, talents, and to structure your business the way you want it.
2. You can follow your heart’s passion and provide services or products that are meaningful to you.
3. You get to set your own daily schedule, make your own hours.
4. Personal satisfaction from creating a business from your own ideas, strengths and wisdom (not just doing a task for a boss who doesn’t really care anyway).
5. You will have the opportunity to decide how much income you want to make and set goals accordingly (no glass ceiling).
6. Personal and professional growth. You will get stronger emotionally and spiritually as you work on different aspects of your own business.
7. You can decide what aspects of your personality need fine-tuning and which aspects to play up (rather than be told by your boss during a quarterly review).
8. You can combine your passion and strengths to serve your customers and clients (rather than being told which projects you can take on by your boss).
1. It can be anxiety provoking to step out in faith and take risks with your own money, time, and energy.
2. You may have to invest financially without earning a steady income at first.
3. You will have to learn many new things including how to market your business (which can be overwhelming at first).
4. Along with freedom comes responsibility. You will be the only one responsible for every decision, investment, success and failure.
5. You will need to learn how manage your funds and save during peak seasons to prepare for lean seasons.
6. Starting a new business is time-consuming and can be stressful.
7. You will need to learn balance. If you don’t get serious about structuring your days, weeks, months, you could end up working around the clock due to the anxiety of needing to produce income.
8. Starting a new business can be stressful for the whole family if you don’t learn to set special time aside to bond with children, spouses, and other loved ones.
Consider hiring a coach to guide you through the self-discovery and niche identification processes of starting your own business. In addition, your coach will help you think through the pros and cons of starting a new business before you commence with your plunge into entrepreneurialism. It is very helpful to have another objective person to hold you accountable, to field your ideas, and to encourage you when you get discouraged. As for me, I choose to continue on as a business owner despite the challenges. The pros far outweigh the cons for me, how about for you?