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Is Starting A Business Worth It?
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Do you have a great business idea and are wondering whether you should take the plunge?
Starting and growing a business is hard work. It requires focus, dedication, consistency, strategic thinking and the ability to handle stress and overcome challenges.
Yet, data shows that there are over 2.3 million small business owners in Australia.
So, there are obviously a lot of positives in starting a business!Â
You become your own boss for one, and you can potentially earn a lot of money.
Itâs not all black or white when it comes to launching a business.
The key is to go in with eyes wide open.
And thatâs precisely why weâve detailed below the pros and cons of being a small business owner.
Pros Of Starting Your Own Business
Pursuing Your Passion
What if we told you that 1 in 3 Australians are unhappy in their job?Â
Thereâs nothing more frustrating than working a nine to five job that isnât meaningful to you and doesnât spark joy.Â
Starting your own business allows you to pursue your passion. Perhaps you love writing and capturing peopleâs imagination and would love to become a writer?
Or perhaps you love fixing things and would very much enjoy helping fix peopleâs houses as a handyman so they can live in a safe and fully functioning home?
No matter your passion, turning your hobby into your job can be life changing and bring you happiness.
Being Your Own BossÂ
A study found that the number one reason people start a business is to be their own boss.
Working for somebody else can be difficult. Not only do you have to follow certain rules and instructions even though you disagree with them, but it can also feel like youâre earning money for someone else.Â
On the other hand, being your own boss allows you to make the decisions you believe are the most appropriate. And it also makes you feel like youâre working towards achieving financial independence.
Working From AnywhereÂ
Do you have a picture of your last vacation at the beach hanging on the wall next to your desk? Or perhaps your screensaver is a slideshow of stunning locations?
Sitting at the same desk everyday in the same office can be depressing.
If youâre dreaming of working from your garden, a pristine beach in Fiji or a cabin in the Alps, starting your own remote business might be the best way to achieve your goal.
With the advent of technology and digital tools, as long as you have a laptop and internet, you could be running your business from virtually anywhere.
Cons Of Starting Your Own Business
Financial Risk
Working for someone else means job security, a pay check at the end of the month and the reassurance that youâre able to pay your bills.
When starting a business, not only do you lose job security, but you also have to find a way to fund your new venture as well as your lifestyle while working on getting this business off the ground. Â
And this can put immense financial pressure on you.
Lack Of MotivationÂ
To run a business successfully, you need to be consistently motivated and keep high energy levels. As mentioned before, running a business is hard, and itâs certainly not for the faint-hearted.Â
Staying motivated when your business isnât taking off, when things are slowing down, or when a customer complains about your product or service can be emotionally challenging and make it hard to keep going.Â
If you need some tips on finding the energy to navigate challenging times as a small business owner, check out our latest article called how to stay motivated when growing a business.
It Can Be LonelyÂ
Ever heard the expression ââitâs lonely at the topââ?
Well, this saying doesn't just apply to CEOs of multi-billion dollar companies.
Running your own business can be lonely. As you start off, youâll likely work on your own, and it can be hard not interacting with people during the day, bouncing ideas off someone and getting help from others, especially when facing challenges.
The Verdict:Â Should You Start Your Own Business?
There is no right or wrong answer to the question, ââis starting a business worth it?ââ.Â
If youâre passionate about what you do and have the qualities required to run a small business and work in an in-demand niche, itâs totally worth it. However, if you like having guidance, enjoy your job security and arenât ready to take huge risks, starting a business might not be for you.
To learn more about the qualities required to start a business, read our latest blog post on "top skills every business owner should have".
And if youâre ready to jump into the water, donât forget business insurance. Itâll help ensure you donât sink.
Business insurance like public liability or professional indemnity is designed to protect you and your business from certain damages. To find the best insurance policy for your business needs, jump on to our free instant quote generator, where you can get an estimate on market-leading insurance in seconds. Simply enter your occupation and expected revenue to get started.
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