Advantages And Disadvantages Of Small Business
Running a business, small or big, can never be easy. It has it’s fair share of hardships. Running a business gets easy not because the process gets easier, it gets easy only because you get accustomed to the hardships and learn how to deal with them. But on the flip side, you also have great advantages. It can be very interesting, engaging and even fun if you know your way around it.
Before starting off with anything, it’s good to weigh the pros and cons and foresee the impact it has on you.
Here are some advantages of running a small business.
1. Sense Of Achievement
Regardless of any hardships that come along with a business, at the end of the day, it gives you a sense of satisfaction like no other. You go to bed with the satisfaction that you did something amazing for yourself.
2. Profit
This is probably the best part about running a small business. There are probably not a lot of employees as it’s a small business. So a considerable part of the profit goes to the owner, you. This could motivate you to keep going through with the business despite of all the hurdles.
3. Independence
In a small business, you are your own boss. The stress of working under a boss is eliminated and that gives you so much confidence. You can take credit if things work out and even if it goes south you can take accountability. There is no one to blame you. So you can do whatever is it that your gut tells you.
4. Prestige
No matter who criticizes you or who supports you, everyone knows at the heart that you are doing something great. You showed the courage to take this risk and you deserve applause for it. People start seeing your value and altogether, you feel respected in the society.
5. Legacy
Entrepreneurship, if you’re doing it right, could create a legacy for your future generations.
Now coming to the disadvantages,
1. Work-life Balance
It’s no news that business is indeed a time consuming activity. Especially, in the beginning you might find it pretty hard to balance work and life, because as an small business, the number of employees could be low and most of all the responsibilities could fall on you.
2. Risk
It’s a known fact that business, no matter how big or small, involves risk, and you being a small business owner, are new to the risks. You are bound to be uncertain about the future and it could get exhausting mentally, pretty fast.
3. Financial Liability
You are a new business owner. So instant success is a far-fetched dream. By the time you start seeing some progress in your work, you will definitely see yourself mentally, physically and financially drained. The financial liability more or less falls on you and it could take time to learn how to deal with finances, losses etc.
4. Stress
Even with high scale success, stress cannot be eliminated in a business. Running a business definitely costs you a lot of your mental health. You are constantly pre-occupied with duties or your brain is pre-occupied with thinking of new ideas, some or the other issues unresolved related to your job etc.
5. Undesirable Duties
While you’re only a beginner at business, your employees are limited. So most of the times you as the owner, will be required to do a lot of duties that you would not want to do, or you don’t know how to do. You will even have to learn some new skills to keep up.
While the disadvantages are plenty, they’re also inevitable. There is no way around it. Remember that hard work pays off, and hurdles will only help you grow.
