10 Pros and Cons of Owning A Business in 2020

10 Pros and Cons of Owning A Business in 2020

Owning a business is one of the most rewarding things you can do in your life. The life-changing impact you can have on your own life and the world from owning your own business is huge. From making enough money to retire comfortably to being able to donate to the causes you care about, there’s a lot of good you can do when you have a business to call your own. In this article, we’re going to dive into some of the pros and cons of owning a business to help you decide if entrepreneurship is the right choice for you. 

Pros Of Owning A Business

1. Make Money

One of the benefits of owning a business is that it can be a great way to make money online. Certain types of businesses allow you to make passive income, which essentially allows you to earn money even when you aren’t working. Dropshipping businesses and businesses that are automated or where tasks can be outsourced are great for this type of income. The amount of money you make from owning a business is up to you. The more you promote your best products, the more you can potentially earn. There are so many marketing strategies you can execute that’ll lead you to make more money, so even if you aren’t a savvy marketer, you’ll likely find one channel that you have the right skills for. For example, if you like writing, you can attract traffic by writing blog posts to build an email list to promote your products. If you’re good at advertising, you can create ads that attract buyers to your business on day one. The good news is that there isn’t a single way to make money from the business you own. 

make money by owning a business

2. Be Your Own Boss

Owning a business means being your own boss. Deep down, you know you’ve got what it takes to lead something on your own. Think of all the skills and knowledge you’ve developed over the years. It can be so frustrating to work a 9 to 5 job when you know you’re capable of making your own decisions but don’t have the power to do so. By owning a business, you can regain your ability to make the right decisions and to grow your business your way. If you’ve always known that you’re a proven leader, plunging into entrepreneurship can be your first step at being who you really are. Having the power to call the shots in something that you own can be a fulfilling life experience. So, take the plunge of owning a business, so you can finally be your own boss.

3. You’re Born to Create

Humans were evolved to create. We started by creating other humans. Then, we expanded and began creating tools. Then, works of art and language. And today, you can create anything you set your mind to– products, books, websites, buildings, recipes, and more. Every single person on the planet was born to create something. And that something may be a little bit different for everyone. Still, there’s something extremely human about creating something from nothing. If you love creating things, owning a business can either be the thing you create or the platform in which you sell your creations. It’s the perfect opportunity to channel your creativity into something you’re passionate about. If you love making jewelry, you can sell your jewelry creations online. Whether you create your own products or dropship someone else’s is up to you. You don’t need to create your own products to create your own business after all. There’s a business model for every type of person out there. So whatever gets you jumping out of bed with excitement in the morning, that’s the type of business you should own. 

creator

4. Have An Impact

One of the best ways to have an impact comes from owning a business. A business is more than just an opportunity to have a global impact. You can brighten people’s days with a fun product you sell. Or solve a burning problem by creating a solution to someone’s worst pain points. You can have an impact on the economy by creating jobs for others to keep unemployment rates low. And support other businesses through partnerships so that everyone thrives together. Owning a business can also help non-profit organizations as businesses can afford to donate to charities more than the average person. Ultimately, owning a business can be a great way to give back to your community. Beyond that, you’re also building out your legacy. If you want to be remembered as a particular type of person, you can build a business around that trait. If your business is named after you, your legacy will live on long after you’ve gone. Plus, lots of entrepreneurs gain international acclaim. Some become philanthropists to continue giving back due to the business success they have. 

5. Experience More Flexibility

What’s your most limited possession? Time. You can never get back the time you’ve lost. And the clock never stops ticking forward. All you’ve got is this present moment to take action in life. If you’ve always dreamed of owning your own business, now’s the best time to do it. Owning a business gives you more flexibility. You can schedule your work around your life instead of your life around your work. You’ll be able to spend more time with family and friends. You can show up to the big moments (and the small ones too). If you want to take a break at 2 p.m., no one will stop you. If you want to take a Wednesday off to go to a mid-week event, you don’t need to ask for permission. If you want to work out of Thailand for a month, as long as you’ve got your computer and phone packed in your bags, it’s doable. You can work where and when you want, when owning a business. Now, life works around the terms you set. 

freedom from owning a business

6. Learn New Skills

The most powerful thing to come out of owning a business is the number of skills you develop. As you may already know, entrepreneurs wear many hats. They’re not focused on mastering a single skill that limits their growth. Nope. They’re the product master, the king of marketing, the queen of sales, and the expert on customer service. The skills get developed so quickly because entrepreneurs take ownership of multiple trades to support their business. Plus, as the business grows and things get outsourced to others, you need to know how things are supposed to work so you can know if your team is doing a good job or not. You may be considering owning a business so that you can develop skills so you can be more employable. Maybe you’re trying to score a competitive job, so you want to learn how to build a brand from the ground up. Regardless of what you need to learn the skills for, it’s always good to know how to do something yourself. Resourcefulness is one of the vital business skills you’ll develop as an entrepreneur. Whatever you don’t know can be learned with a quick Google search and a bit of patience. 

7. Economic Security

As we’ve seen a lot in the past year, no one has job security in a 9 to 5 job. At any moment, you can be let go for numerous reasons. Maybe the company has lost its position in the industry, or the industry has been disrupted. Commitment to a single company for your entire life's work is a thing of the past. These days, most people need to create an asset to stay financially safe through economic lows. Holding a second job or owning a business is a great way to ensure some sort of security in tough times. The business you build today will protect you from a financial crisis tomorrow. That way, if you do ever get laid off (and we hope you don’t), you’ll still have something making you money to keep you afloat. 

using an asset for your business

Cons Of Owning A Business

1. It Takes Time to Startup

One of the cons of owning a business is that building a business takes time. However, some businesses can be built up faster than others. For example, if you’re creating your own products, you’ll need to devote time to creating the products, adding them to a website, and then building an audience to promote your business to. 

Fortunately, there are a couple of ways to solve this problem. If you’re looking to start a business but don’t want to spend weeks building and designing your own website so you can hit the ground running, you can buy an existing website on Exchange. You can find a pre-built site for as little as $50 that you’ll be able to call your own. In some cases, you’ll even be able to find websites that have products already added to the site so you can start selling on day one. This helps you bypass the entrepreneurial procrastination that comes from fear of launching since the launch part is already done. You’ll be able to pair up your skills and experience to start promoting your new business. 

The second way to speed up the time it takes to startup is to focus on niches such as dropshipping websites, which allows you to find millions of products that you can add to your site without having to buy the inventory upfront.

2. It Might Be A Lot of Work

There’s a little known secret that business people don’t know about entrepreneurs. The self-employed often work IN their business. However, business owners OWN the business. Owning a business is different from running a business. In the beginning, business owners may work in the business to lay down the foundation. However, with time, they’ll need to start outsourcing responsibilities to employees or freelancers to help them scale their business while giving themselves more flexibility. There will always be a tool or person you can work with that’ll help save you time. So if you find that you’re over-investing time on a specific task, look around for some help to simplify your business. 

3. There Are No Overnight Successes

Owning a business can be a great joy when it succeeds but building it up takes time. There are no overnight successes in business. Most people have to build up skills and audiences. In some cases, that takes years. The popular brands you see today have been around for a lot longer than they’ve been popular for. The only way to become an overnight success in business is to buy an established website. Established websites are those that have followers, email lists, and a growing audience already built up. Since the foundation has been built, you can start strong and keep growing the brand. This is the perfect option for someone looking to get started right away while taking advantage of some of the pros of owning a business.  

established businesses

Conclusion

Owning a business has it’s pros and cons. But ultimately, there are far more upsides than downsides when it comes to owning a business. You’ll finally be able to be your own boss, create that flexible schedule so you can live life, and of course make money too. And while starting a business can take some time to start up, you can always have the option of buying a pre-built business so you can start selling your first day. Buying a successful business can be a great way to help ensure early success in owning a business too. Especially if the company already has a team of freelancers that you can take on with it. It’s important to remember that the goal of entrepreneurship is to be the business owner instead of the person running the business. Remembering that small difference will help you scale businesses faster while saving you a massive chunk of time. Interested in owning your own business? Check out some of the trending websites for inspiration. 

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