More than 30 million small businesses are currently up and running across the United States. An estimated 600,000 additional startups open their doors each year. Some entrepreneurs enter into business ownership thinking it’s going to be a simple feat only to find out it’s much more difficult than they expected. Others initially psych themselves out but discover owning a business isn’t nearly as harrowing as they’d imagined. Exploring the pros and cons of owning a business from both angles is extremely important before jumping headlong into entrepreneurship.

No situation is perfect no matter how well you plan or how much work you put into it. Certain benefits and disadvantages come with owning a business.

Pros of Owning Your Own Business

Being a business owner brings numerous benefits to the table. Many people become entrepreneurs so they can be their own boss rather than working for someone else. That’s definitely one of the strong suits of owning a business, but it’s only the beginning.

  • Creative Freedom. When you own a business, you’re in charge. It’s a chance to bring your visions to life and expand upon them. No one can dismiss your brilliant ideas without giving them a second thought or override your authority. You’re free to let your creativity and innovation shine through.
  • Flexible Schedule. Since you’re the boss, the work schedule is entirely up to you. Work during the day while your family is at work and school, and spend time with them when they come home if you like. Alternately, you could spend free days with the family and work at night while they’re asleep. It’s up to you.
  • Economic Contribution. As a small business owner, you play a major role in contributing to the local and national economy. You become a vertebra in the backbone of the nation.

On top of all that, there’s no comparison to the satisfaction of knowing you’re living your dream. It’s an opportunity to pursue a passion and prove you have what it takes to succeed. Few people get that chance.

Cons of Owning a Business

Owning a business comes with quite a few advantages. Still, there are some downsides involved as well. Being an entrepreneur means making certain sacrifices and forging through the difficulties.

  • Long Hours. Though business owners can make their own schedules, being the boss often means working long hours. You get out of a business what you put into it. Sometimes, getting what you want out of it requires putting in more than you bargained for.
  • Working Capital. Starting a business usually takes money. Though some small businesses start off with no upfront investment, getting off the ground generally takes anywhere from $3,000 to $100,000 or more.
  • Excess Stress. Being your own boss is a good thing, but it also means there’s no one else to turn to for advice or assistance if things go wrong. Handling daily operations, unexpected issues, problematic employees, finances, and every other aspect of the business falls on your shoulders.

Income can also be a problem for entrepreneurs. Owning a business doesn’t always mean having a sizable steady cashflow. Sales sometimes falter, and expenses outweigh income. This can cause financial hardships not only in the business but at home.

All Things Considered

Being a business owner is a rewarding and fulfilling experience. You have endless opportunities for establishing a place in the community, building confidence, showing your inner strength, and working toward your dream. Entrepreneurship also has a few downsides with the most significant being the upfront investment, long working hours, and seemingly endless stress. It’s all a matter of enjoying the benefits while taking the negative aspects in stride and overcoming them.