What are the advantages and disadvantages of running your own business?

Question

What are the advantages and disadvantages of running your own business?

Answer 1

I've run my own businesses for over 9 years, and don't think I could ever work for anyone else again.
I had the freedom to work as much, or as little as I wanted which was appealing, and could make as much money as I wanted.
On a downside, paperwork, particularly regarding taxation and legislation, and employment are a burden.
Everyone wants paying before you, and in my industry this was hard to deal with.
No job is secure, but equally, if not worse, being self employed/ running your own business is a risk.
I lost my first business due to a painful 5 year long divorce - the wife who contributed next to nothing was given 49% of the company when we formed it, by myself, and she refused to sell it to me.
I also lost the house, but reformed.
She had however informed my clients that due to the breakdown of the marriage, I had retired and moved to the seaside.
Not a good start, but I've made it through.
Last year I worked less than 60 days, and still made a living, albeit I've lost interest in that industry, which incidentally I started with £300, and was turning over more than £220k by the end of year 2.
But at least I don't have to worry about getting fired.
That's the biggest advantage to me.
The biggest disadvantage with running a business however, is that YOU have to make it perform, because if you don't, nobody else can.

Answer 2

the advantages are that you are your own boss, and that you decide what hours to work, when to pay yourself, and how much. The disadvantages is that unless you have a full time staff on hand, you have to be at work ALL THE TIME, and if your company does not make money, then you lose in the long run...it all depends on whether you feel like you can be accomplished as an entrepreuner and that you do mind spending lots of time at work (make sure that it's something you like doing...and that other people will like too!)

Answer 3

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What are the advantages and disadvantages of running your own business?
What are the advantages and disadvantages of running your own business?

Answer 4

Advantages: You are working for yourself, you have all the control over your own destiny and if you are successful, you reap all the benfits.

Disadvantages: You will work more hours than you have ever worked before, there is no paid time off, no vacation, no health benefits...you have to pay for all of that yourself. You will find your actual pay per hour will go down dramatically because you work such long hours most of the time.

All in all, being an entreprenuer, your success and your bottom line is a direct measurement of how much time you put into it.

Answer 5

+ you are the boss
+ you can probably control your time flow (if not a retail business)
- lots and lots and lots of time required
- if a service business, customer demands at all hours.
- you have to hire people and make judgements about them if it is more than you as workers.
- some of your judgements may be wrong
- there will be months when cash flow is a lot less than you need.
+ there will be months when (we hope) cash flow is a lot higher than you need.
- most people don't plan enough and expect to take out more money than they can.

Answer 6

well you would make your own profits, but you may not necessarily have a fixed income like you would a salary, but if successful, you could definitely make more money than a regular monthly salary. any issues related to staff and the processes of the businesses lies in your hands.

Answer 7

The advantage is that you only need to work seven half-days each week to succeed.

And what's more, you can pick *which* twelve hours you want to work, each day.

Answer 8

Instead of getting a tax return at the end of the year, you have to pay out, no benifits, you have to set up your own 401k, stuff like that.