Guide Business Guide Starting a business Should I Start My Own Company?
Should I Start My Own Company?
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- Published on Monday, 03 October 2011 04:28
- Written by Super User
As a business owner I set my own hours - I get to pick which 12 hours of the day I want to work! For many it is a dream of freedom and riches. As a small business owner you set your own hours.
You can pay yourself what you want and you can write off many expenses that would normally be paid for using after tax dollars.
Yet anyone who has ever failed in business understands that these "all-too-perfect" perceptions cloak the darker reality of going into business for yourself. Running your own business is difficult. There will be times when everything is going well, but you also need to be prepared for times when you literally do not know where your next dollar will come from.
Everyone who starts their own business is taking a risk. We have seen people lose their life savings in dot.com ventures. We have also seen entrepreneurs turn a simple concept like manufacturing candles or running a mini-storage operation into highly profitable businesses.
There is a big difference between building a business and being self-employed. When you are self-employed you may only need a handful of customers to keep you busy year round. The advantage of self-employment is that you can develop a steady revenue stream faster. The drawback is that you will always depend on yourself for income; when you build a business you are ideally creating an entity that will eventually be able to run itself without your participation.
