what are the pros and cons of starting your own business?
to all you business owners out there!
Let’s start with the Cons
You pay 100 % of your own Social Security (15.9%)
you have to keep your books for 5 years
You have to have liability insurance to protect you from
law suits
You have to file Schedule C and Schedule SE, and may
have to pay your taxes on a quarterly basis (quarterly tax
payment may also be necessary while working for others)
You have to deal with customers with large ranges of
expectancy and wishes and mood swings
You pay to advertise
You pay more for a telephone
You have overhead (rent, utilities and such for your business
unless you are working out of your home)
Vacations are harder to get
Health Insurance is harder to get
Loans are harder to get (hard to show proof of income)
Swings in business (feast or famine)
That is just a few of the Cons;
Pros.
You can set your own hours,
The money you earn is yours to keep
Personal satisfaction (Pride)
Set your own profit levels
Additional tax deductions
Job security
There are many more, reasons to be self-employed
even though I have listed more cons than pros, if you
have a business in mind, go for it. In the beginning
you will work more hours because you want to grow
your business but be realistic and don’t try to be the
biggest right off the bat. Your best advertisement is from
customer referrals, treat you customers with respect and
honesty and they will tell their friends, soon you will
have a good business and earn a good income.
You should have enough start-up capital to last you
3 months (personal and business expenses)
Good Luck
February 21st, 2010 at 11:14 pm
F E A R… false evidence appearing real
Pros: You are your own boss
Cons: You are your own boss
When you start anything you have fear "will this work?" The real question is not will this work? the question is can I do this?
The answer… well only you can answer that.
That’s the first thing I had to ask myself that before I began my business. Most people struggle due to lack of start up capital. I would suggest you have your personal fiances in order before you attempt starting your own business. Research the market you are entering.
References :
February 21st, 2010 at 11:43 pm
Let’s start with the Cons
You pay 100 % of your own Social Security (15.9%)
you have to keep your books for 5 years
You have to have liability insurance to protect you from
law suits
You have to file Schedule C and Schedule SE, and may
have to pay your taxes on a quarterly basis (quarterly tax
payment may also be necessary while working for others)
You have to deal with customers with large ranges of
expectancy and wishes and mood swings
You pay to advertise
You pay more for a telephone
You have overhead (rent, utilities and such for your business
unless you are working out of your home)
Vacations are harder to get
Health Insurance is harder to get
Loans are harder to get (hard to show proof of income)
Swings in business (feast or famine)
That is just a few of the Cons;
Pros.
You can set your own hours,
The money you earn is yours to keep
Personal satisfaction (Pride)
Set your own profit levels
Additional tax deductions
Job security
There are many more, reasons to be self-employed
even though I have listed more cons than pros, if you
have a business in mind, go for it. In the beginning
you will work more hours because you want to grow
your business but be realistic and don’t try to be the
biggest right off the bat. Your best advertisement is from
customer referrals, treat you customers with respect and
honesty and they will tell their friends, soon you will
have a good business and earn a good income.
You should have enough start-up capital to last you
3 months (personal and business expenses)
Good Luck
References :
February 21st, 2010 at 11:59 pm
I totally agree both of them. I started my business 3 years ago. It was the toughest game I have ever played – mentally, emotionally and physically (worked extremely long hours). It was the most rewarding prize I have ever won.
God bless you!
References :