You might have already heard many times about the joys and fulfillment of being your own boss.
Now you have started to contemplate quitting your desk job and starting a small business.
Taking the jump is scary because of the fear of the unknown, and you do have the right to feel that way.
Some entrepreneurs may have a success story of their own, but a large silent portion of those who had their start-ups cannot say the same.
Before plunging into the swirling depths of the world of business ownership, weigh the pros and cons first.
The Pros of Making It on Your Own You take control of everything.
Whatever dreams you've been longing for while locked up in your office cubicle for nine hours will finally come to fruition.
You have the say on what product you want, how to do it, and when to do it.
As the cliché goes, "You're your own boss.
" You have the potential to create something bigger.
Look at Bill Gates and Mark Zuckerberg and all the millionaires that have become household names because of their success.
When they started their business, they didn't know how big it would get, and you'll never know unless you try.
You achieve a work and life balance.
Running your own business lets you work at home and spend time with the family.
If you're in the Internet business, you can work at any satellite-covered area of the world.
You get to have a LIFE that's not dominated by 40 hours (or more) of being stuck in your office chair, while you're being monitored by your boss.
The Cons of Starting Your Business You are the be-all and end-all of your business.
Being self-employed does not mean that you can go out on the golf course chatting with potential clients all the time.
You still have to work for your real boss and that is your clients.
If you have to work until late at night, you must because you don't want to lose your source of income.
All successes and failures will fall upon your shoulders.
You don't have a regular income.
Freelancers face this problem where the dollars depend on the completion of the projects, which may go on for weeks or months.
You allocate your personal savings for the capital.
Banks and other lenders can finance your business, but you still need to pay them on a monthly basis.
Without money coming in, you may have to shoulder the expenses from your own coffers to purchase licenses, equipment, furniture, etc.
Summary They say that you'll never know unless you try, but this doesn't permit you to just dive into an endeavor that has no turning back.
Look into the above-mentioned pros and cons and interview small business owners as well to find out the challenges they endured.
You may find that the pros outweigh the cons if you are entirely confident of the product or service you are offering.
A service-based business (e.
g.
freelancing) is recommended if you want to start with low overhead costs, so you get to keep more of the revenue coming in.
Budgeting will be much easier because you can control the expenses, such as the type of office furniture to buy or using your home phone for business calls.
This sounds more reassuring than product-based in which you'll be carrying an inventory of products that you are enjoined to sell to at least break even.
Starting one's own business is not for the faint of hearts, but the glory and pride of managing one cannot be matched by any six-figure salary.
So ask yourself-are you ready to change your life?