Owning Your Own Business – Should You Do It?

Being a business owner is one of the most rewarding, yet challenging, things you can do. But before you dive into spreadsheets, stock flows, staff hires and the other important aspects of owning your own business, it is important to weigh up the pros and cons this potentially life-changing adventure. Head of SEEK Business, Ben Johnston, highlights the main pros and cons to being a business owner.

The Pros of owning a business:

• You are your own boss. Being able to fully control the direction of your career can be one of the most rewarding things you can do, and, according to Ben Johnston, one of the greatest motivators for new business owners. Plus, you are also able to inspire, mentor and support your employees, and be the like the boss that motivated you.

• You will broaden your skill set. Being a business owner will expose you to a lot of situations and experiences which will broaden your skills. Tasks, such as administration, customer service roles, sales, and people management are just some of the tools that you will add to your skill sets as a business owner.

• You will increase your work-life balance. “Business ownership means you can determine when and how much you work,” says Johnston. As your own boss, you can determine your own hours and this gives wonderful flexibility, especially for business owners with families.
• You can follow your passion. As a business owner, you have a unique opportunity to follow your passion. If you’re invested in what you are doing you will be more motivated to succeed and your work will always be rewarding.

The Cons:

• You will have a risk with your reward. Business ownership comes with certain risks, including financial outlays, effort and emotional time. There may also be the strain to your work-life balance if you are not effective at managing your time. “You have to be prepared to take a risk and back yourself,” says Johnston.
• Willing to learn fast. Having a strong skill set, or knowing experts and professionals who you can learn from and outsource to if paramount to being a successful business owner.
• Passionate and self-motivated. According to Johnston, “Being your own boss means you need to drive the successes; no one else is responsible and no one will do it for you.” If you don’t really enjoy going above and beyond and prefer to leave work in the office, then business ownership may not be for you.

Like all good things in life, there are risks involved as a business owner, however, the benefits can often overweigh these risks. Small Business ownership can be risky and difficult, but being able to follow your passion, broaden your skill set and learn new skills will make it a worthwhile experience.