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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...
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Published on: 16th January 2014
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- Hardware Accelerator CRL Open to Applications 16th Jun 2018 Product and Hardware focused startups, take note! CRL is open once again for applications to their six-month accelerator programme, supporting the next gen of product-focused startups.
- Goldacre RElab accelerator programme seeks real estate focused startups 8th Jun 2018 Real estate and proptech focused startups sort for new real estate accelerator programme, RELab, a 12-week accelerator programme, launched by Leading Real Estate Tech investment firm, Goldacre.
- NACUE Varsity Pitch 2018 opens for applications 6th Jun 2018 Fancy winning £10,000, a national title and more networking than you can shake a stick at? Then the NACUE Varsity Pitch Competition 2018 is for you!
- The Startup Leadership Program invites applicants for 8th London cohort 5th Jun 2018 Now with a global network of 3,000 entrepreneurs, the Startup Leadership Program continues to grow, inviting applications for its 8th London cohort.
