The Pros and Cons of Starting a Business

So you’ve been thinking about starting a business but you just haven't been able to fully commit to it yet. There are numerous pros and cons to starting a business so we can see how it is easy to waffle back and forth. Heck we both have done the same thing. To help your decision making, we thought we would outline some pros and cons to starting your own business. These were a few of the pros and cons that we had on our list.

Pros

You will be the manager of your time -  Being a working mom (or parent) is hard especially when there are recitals, sick days and more pro d days than you can count. So being able to manage your time as you see fit is a huge motivator to starting your own business. You won’t have an angry boss to answer to or have to use up all your pto. You are free to set your own schedule and have the flexibility to change it on a whim.

You can spend more time with your family - Since you are the manager of your own schedule you can discate how often you work and for how long. If you decide that you are going to finish up working every day by 3pm so you can get to school pick up then that is well within your power. You are your own boss. 

Financial freedom - In starting a business, the goal is usually financial freedom. I know that was one of our goals. Being able to bring in extra money and still be there for your kids makes it a no brainer. The cost of everything has gone up so bringing in money from your business will help ease your financial concerns and if you don’t have to pay for daycare, all the better!

Cons

Financial insecurity - If you are used to having a regular paycheck then the financial aspect of starting and running a business can feel like a con. It may take a while before any money starts coming in so if you are used to steady income, you need a plan for your finances and a rock solid budget. 

Time management - While it may be a pro for you to be the boss of your own schedule, you may end up needing to work evenings and weekends to get sh*t done. If your kids are sick unexpectedly or you have a deadline looming, there isn’t anyone else who can pick up the slack with your work. It’s on you to meet the deadlines regardless of what else is going on in your life. 

Lacking social interaction - If you are the type of person who thrives on the social interactions that are common in the workplace, it can feel like a big adjustment when you are sitting at home, alone, in your office all day working. You may need to actively seek out networking groups or maybe even a mentorship program to supplement the social interaction that you are missing.

In conclusion, even a pros and cons list such as this one won’t make the decision for you, only you can do that. Sorry to get your hopes up but hopefully you can feel better informed as you make your own decision. 

If you have any questions about starting a business, please send us a message.