The Pros and Cons of Working for Yourself

Maybe you always wanted to have your own business, or you're done with the corporate world and its office politics. Whatever your reason, the decision to work for yourself is a big step, and it’s best to know what you’re getting into. Both pros and cons exist when you become the CEO of your own destiny.

PRO: The buck starts and stops with you

Working for yourself means that you don’t have to take direction from or answer to anyone else. You do not need to follow anyone’s rules but your own, and you have the right to make the choices for the business. There’s no need to ask permission from anyone.

CON: You need to have self-discipline

Without the self-discipline necessary to separate your business from your personal life, your company could be at risk of failing. People who lack strict discipline may misuse the funds from the business for their personal needs. Individuals who have strong principles can establish the habits and routines necessary for success and know how to keep their financial records in order.

PRO: You can avoid office politics

When you are in charge, there are no more arguments or meetings where you need to convince someone that your opinion or idea is right. You don’t have to agree with the person above you just to keep the peace or ensure eligibility for promotion. Or to be sure you won’t be ostracized from group lunches.

CON: There can be a lack of job security

Depending on the industry or field you have chosen, it’s not always possible to make a lot of money right away in your own business. Will you be able to manage your lifestyle without the security of a consistent weekly paycheck? You’ll need to properly plan for your financial situation without a steady income to lean on, at least at first.

PRO: Your time is flexible

When your time is your own, there is no need to make an excuse for leaving early to go to the gym or pick up your child from school. The day belongs to you, and you can decide on your priorities accordingly. You can work everything into your schedule as you see fit and still be productive.

CON: Potential lack of support

Depending on your venture, you may not have the support of family and friends. If they are not confident about your business, their opinions could discourage and demotivate you. If you can foresee this possibility and prepare for it, you can still succeed.

Running your own business is not for the faint of heart. You need to prepare for the pluses and minuses, the ups and downs. But for those of us who have a solid plan and can hold our feet to the fire and not get burned, it is the most rewarding adventure we ever could have chosen.

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Published by:

Alan Pariser?

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