The demographics of the work environment are changing rapidly. Many who worked in large offices have suddenly found themselves working remotely from home. If you have recently found yourself in that situation, the change may spark a new interest in leaving the corporate world behind and working at home pursuing your own business venture. Before handing in your resignation weigh the pros and cons carefully, making certain the move benefits you personally.
You Make all the Decisions
As a sole proprietor, you will only answer to yourself. Every decision concerning the business will be yours to make. When you worked for someone else, you might have had ideas that you wanted to implement, but felt like the boss wasn’t interested in your input. As a business owner you can make changes as necessary to achieve success. There is, however, a downside to being at the top tier, poor decisions will affect your bottom line.
Pursuing Your Dreams
Transforming a dream of one day owning your own business into a reality is very gratifying. You can apply your expertise in design interior to expand your business to include jobs working with property construction companies. Your love for creating a space that’s impressive and functional is now something you do for yourself.
There are lifestyle advantages that come with owning your own business. You will have flexibility. If something comes up, you can choose to take the day off. You no longer miss graduations, milestone anniversaries, or quality family time. You’ll work when you want to and take time off as desired. Just remember, if something goes wrong and the customer wants you there, you are obligated to meet their demands. After all, it’s your business and everything is at stake.
No Salary Cap
Unlike working for a company, you won’t have a limit to what you can earn. If you land a good job, you reap the benefits. The more time you put in, the better the chances are of earning more money.
On the flip side, many new businesses take two to three years to turn a profit. If this becomes the case for you, it may necessitate refinancing your home or doing part-time work to keep the business afloat and your personal finances in tack.
Full Use of Your Abilities
In the past, your abilities promoted growth for another business. As a business owner, your abilities benefit you. Your commitment, excellent marketing and negotiation skills will promote more business leading to financial wealth. Using your ideas and knowledge you’ll gain customer trust and improve your business brand.
Lack of Benefits
One drawback to owning your own business is the lack of benefits. Most corporate jobs provide a host of benefits that include healthcare, retirement and vacation and sick time. As the boss, you have none of these benefits. If you take a day off, you do so without pay. In order to take a vacation or retire in comfort, you need to put money away. Healthcare is necessary at any age and acquiring a policy of your own is quite expensive.
Taking the Good with the Bad
Successful business owners didn’t achieve wealth at the start. In most cases, it takes at least a couple of years to become established. You will experience tough times that challenge your commitment to see it through. How you handle it will determine the future success of the business. Learning to take the good with the bad is critical.
Today, more people are turning their desire to become a small business owner into a reality. If you want to work for yourself and leave the corporate world behind, it is possible. However, make sure to weigh the pros and cons carefully to make an educated decision.