Owning a small business has many advantages, but it also has disadvantages. So before you start looking up for good business ideas in Tamil Nadu or Mumbai you need to understand that starting a business can be one of the most stressful things you can do in your life. However, by understanding the advantages and disadvantages of owning a small business you will be better prepared to start a small business that can survive and grow.
Advantages of owning a small business
- Control Over Your Destiny
As a business owner, you are ultimately in control of your destiny. If you want to change the way things are done or add more value for customers, it’s up to you. You decide what products or services to offer, how much to charge for them, when and where to sell them, who to hire as employees, how much to pay them and so on. Working for someone else may be financially rewarding in the short term but this is often accompanied by working long hours in an intense environment while carrying out tasks that may not be very satisfying. Additionally, if you want to take a break and go on vacation, you don’t have to ask anyone for permission. You decide how much time to take off and where to go.
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- You Decide Who You Want to Work With
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In addition to being your boss, as an entrepreneur, you also get to decide who works for your company and who doesn’t. This means that if you don’t like someone’s work or their personality clashes with yours or anyone else’s on staff, it’s easy to let them go and hire someone else instead.
- Unlimited potential for growth and profits
Your company’s success depends on your abilities, not those of someone else whom you have to pay more money to achieve greater earnings potential. With hard work and ingenuity, there are few limits on how much money you can make or how big you can grow your business. Moreover, since small scale industries are extremely beneficial for the economy of a country, governments give a lot of incentive to start small scale businesses. You can use these offerings to increase your profit even further. You can visit Khatabook to learn more about it.
- Create something for the future
By creating a sustainable business you can pass on what you’ve built to future generations of family members or employees who worked hard with you through good times and bad. able to pass on what you’ve built to future generations of family members or employees who worked hard with you through good times and bad.
Disadvantages of owning a small business
- Financial risk
Many entrepreneurs fail after 5 years or less because they run out of money. You need enough capital to start your business and keep it operational for at least two years until it becomes profitable. The start-up costs include rent, office furniture, office equipment, tools, supplies, marketing materials and professional fees (accountant, lawyer). These expenses add up fast! Make sure you have enough money in the bank before you embark on this adventure; otherwise, you may end up losing your house and all your savings – very stressful!.
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- Time Commitment:
Owning a business requires long hours and hard work – more than you can imagine! You will put in at least 60 hours per week for the first year and then 50 hours/week for years 2-4. If you are not confident about putting in the time, energy and commitment that is required, you need to seriously reconsider your decision. And remember, it’s well documented that entrepreneurs average less sleep each night than non-entrepreneurs – so get used to late nights!
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