Set for success: Pros and cons of starting your own business
by Startacus Admin
Becoming your own boss is something a few of us will have fantasised about. 
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,
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...
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Vasile Foca, co-founder and managing partner at Talis Capital outlines why the Chancellor's measures are not enough to tackle the skills deficit and social security issues
Ambition, a pre-accelerator programme run by LEO Donegal and NDRC launches to help early-stage female founders from Donegal take business ideas from concept to pitch
ATI Boeing Accelerator, the 3 month programme supporting and backing startups in the UK aerospace industry announces Rolls-Royce as partner for its second cohort
.jpg)
Amy Robinson, Senior Brand Development Manager at Esendex shares her tips on why customer feedback is vital for businesses in this economy
Pingza is an innovative new app that “uncorks the complex world of wine for amateur and expert alike”...
.jpeg)
Jayne Harrison, Head of Employment Law at Richard Nelson LLP shares some thoughts on striking the balance between working from home or returning to the office
Female founder or woman in business, looking to start, grow or scale a business in NI? Here are a few of the resources, organisations and networks that should help
Artificial Intelligence is a powerful tool for business owners and marketing - here is the lowdown on what AI is, how to use it and its future in business
Some tips and advice on what companies should do and how they can differentiate their service for verified and unverified customers
Mountain Technologies, the innovative Northern Ireland-based startup secures investment to launch and market its connected ski pass system
Published on: 16th January 2014
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- VC Firm Talis Capital critique Rishi Sunak's Job Support Scheme 25th Sep 2020 Vasile Foca, co-founder and managing partner at Talis Capital outlines why the Chancellor's measures are not enough to tackle the skills deficit and social security issues
- Ambition, a new pre-accelerator programme for female entrepreneurs in Donegal launches 25th Sep 2020 Ambition, a pre-accelerator programme run by LEO Donegal and NDRC launches to help early-stage female founders from Donegal take business ideas from concept to pitch
- Rolls-Royce joins the ATI Boeing Accelerator as Partner 24th Sep 2020 ATI Boeing Accelerator, the 3 month programme supporting and backing startups in the UK aerospace industry announces Rolls-Royce as partner for its second cohort
- Logistics and Warehousing Focused Startups Wanted for Wincanton Innovation Lab 16th Sep 2020 Got a startup that can offer innovative solutions for the logistics sector? The third edition of Wincanton's innovation programme W² Labs is now open for entries
