Running a business comes with many challenges. Despite that, many entrepreneurs find the enjoyment and reward of owning their own business more enticing than the difficulties that are yet to come. In fact, according to a survey done by Guidant Financials’ Small Business Trends Alliance, 74% small business owners reported being “completely” or “somewhat happy” with their decision.
Owning a small business is no longer for those with an entrepreneurial spirit either. Many have found that this line of work is fulfilling for many different reasons. With the pandemic and remote working as a collective experience, more people are realizing that they want a flexible lifestyle, more room for creativity and innovation and more control over the type of work and potential earnings they’ll be receiving.
Flexibility and Control
It’s generally quite hard to affect change in a work environment, especially when you’re not the one holding the wheel. Whether they’re improvements on process or alternative ways to do things, limitations are bound to be there to keep you in your own lane.
That’s very much different owning your own business. You get to do what you want, when you want it, the way you want it. You can direct the course of your business and provide services or products that you think your customers deserve. This type of flexibility can truly only be gained in self-employment.
Although 9 out of 10 startups fail in the first year and statistics show that half of businesses go out of business within 5 years, that’s not stopping people from jumping into the entrepreneur world.
Why? Because the amount you can earn is a glass ceiling. It’s limitless. All it comes down to is your offering and how you market it. Everything depends on you and your ability. With enough hard work and right decisions, owning a business can easily help you earn double, triple or even ten times more than you could at a desk job (helping others earn that money in their business).
See Direct Impact
When you’re working at the grassroots, you know that you can see the difference you’ve made in the lives of others. Many business owners started their business to help their community. This could come from products or services they provide or causes they can support.
Ability To Innovate
Every big business today started out as small ideas. The upside of starting a business is where you can experiment, tweak and innovate as you like. Startups and small businesses are more agile and adept at change.
The Downside to Owning Your Business
Naturally, there are two sides to the coin. Every advantage comes with its own disadvantage. That applies to owning your own business too.
Risk is the biggest challenge there is. It comes in the form of financial risk and personal liability. When you remove the buffer between and employer and customers, there won’t be anything holding you back. While that’s generally a good thing and means that you can make your own decisions, that also means that those decisions are your own and you have to decide whether you’re doing right or wrong.
You’ll also realize that at least at the start, you’ll need to invest in capital or time commitment to building up your business. This will come with a lack of work-life balance and ultimately, stress.
The Bottom Line
While owning your business can seem like a great adventure, it does come with many challenges. The misconception that you’ll need to take the plunge and go all-in when it comes to entrepreneurship is a lie that we need to stop telling. Do it the way that works best for you. It’s totally fine starting something on the side and working on it in your free time.
Do the necessary research and dip your toes into the world of entrepreneurship before going in full force. It’s okay to be cautious and there’s no stigma behind it. The most common reason people launch their business is to be their own boss. There are considerable risks involved but it’s totally worth it if you plan to build a legacy for yourself.
Once you’ve launched your business, what’s next? That’s when you need to figure out what your brand stands for and what your brand values are. Get in touch with Mad Creative Beanstalk to help you navigate the design aspect of your brand. Get the designs you deserve at scale with us.