What are the advantages and disadvantages of owning my own business?

Owning your own business can be a richly rewarding experience, but the prospect is also rife with disadvantages that everyone interested in becoming their own boss should carefully consider.

Advantages

  • Freedom to set your own schedule.
  • Unlimited moneymaking potential.
  • You can choose who you want to work with. This is a luxury that’s seldom awarded to those working for others.

Disadvantages

  • Lack of security. These days, having a corporate job is no guarantee that you won’t find yourself unemployed, but business owners have to constantly work to ensure their longevity.
  • The buck stops with you. If something goes wrong, you’re fully responsible for making it right.
  • Higher premiums for private health benefits.

Interested in starting your own business? There are plenty of resources available to help you take the first important steps to independence.

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The Yellowbook Answers are provided as a service to users of yellowbook.com and are not intended to replace advice from qualified professionals. Yellowbook makes no promise, guarantee or warranty regarding the comprehensiveness, accuracy or reliability of the information provided.

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