Startacus Join Now! /
View Our Toolkit

Set for success: Pros and cons of starting your own business

Startacus RSS

by Startacus Admin

Becoming your own boss is something a few of us will have fantasised about. starting yor own business

Making all the decisions, creating our company in our own image, choosing when we work – it all sounds like a dream, but a lot of effort is required to get any enterprise off the ground irrespective of industry, size or location. Here, we detail the pros and cons of becoming an entrepreneur:

The pros

  • You get complete control over everything – budgets, product/service ranges, marketing, image and so on
  • You’re not forced into taking orders. This is one of the worst things for many of us about being an employee
  • With social media, you can get access to the right people with the right tips – help is always available if you search hard enough for it
  • Good ideas don’t cost a thing. However, you do need to spend plenty of time on developing your idea on things like market research, branding and, of course, sales
  • You can set your business up at home – home-based enterprises are surprisingly common, plus there are fewer fixed costs from running your company from your living room

The cons

  • Spending an age devising a marketing plan. As suggested by Conference Genie, marketing plans should be thorough and followed through from the beginning,starting a business but take a while to do.
  • Going through rough trading patches. Now and again, your business is likely to experience a lull in activity, but if they become too long, giving up might become more tempting
  • Trying to access finance. Setting up your own business costs money, which means either going cap in hand to investors or asking for a bank loan. Many banks are reluctant to lend, sadly
  • Working long hours. Early on with your business, to make sure everything is in its right place, you might have to work for longer than first anticipated. This can be tiring and, in some cases, fruitless
  • You’re not guaranteed a regular income in case of failure. Make sure that your business offers something people will want to buy or use before you begin to trade

If you like what you see here on Startacus, why not become a member of our growing community? It's free! And you'll get all this - exclusive access to our Business Toolkit, discounts and offers galore for your business via our member only business deals, the chance to network and connect with loads of fellow self-starters, and maybe even become our celebrated 'Self-Starter of the Week' and tell the world your startup tale! Join right here for free...

Startacus RSS
Business DealsSubmit Your Startup
Win TicketsNetwork and Collaborate
Our Latest Features

Published on: 16th January 2014

If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.

Create an Idea!View Other Ideas, Projects or Startups
Drive with Belron Why not Sign Up?
Create Projects
Edit Projects
Self Interviews
Self Starter of the Year
Product Giveaways
Subscribe to our Newsletter
  • AIB Start-up Academy Summit returns to Belfast! 13th Jan 2017 Northern Ireland startups and entrepreneurs listen up! The AIB Start-up Academy Summit will be back in Belfast and we’ve all the important info you need to bag your free ticket to attend!
  • Newcastle Startup Week Set to Inspire 11th Jan 2017 Newcastle Startup Week - a new festival of entrepreneurship aims to inspire local people to start businesses and attract greater inward investment to the city and wider North East of England region.
  • Drive with Belron Accelerator seeks disruptive Startups 7th Jan 2017 The world’s leading vehicle glass repair and replacement service provider Belron is back on the hunt for innovative startups to joins its ten week accelerator Drive.
  • Startup News UK 2016 Review - November and December 5th Jan 2017 The Donald, Startup programmes and Accelerators, investment news, & the UK's first university campus VC firm, it's all included in part 6 of our UK Startup News Review 2016.
Check us out at our Google+ page!