These days, a large number of people have decided to start their own home-based business as a way to generate income. There are businesses that do not require large machinery or storage space; it is possible to manage them from a computer with Internet service or a cell phone.
Also, it saves on transportation costs, gasoline, and meals or business meetings. However, not everything is an advantage when it comes to working from the comfort of our homes. Therefore, it is important to know the disadvantages so that these situations are taken into account when starting a business.
Advantages
- Independence. By owning your own business, you become your own boss and you can do things that you could not do as an employee. For example, if an emergency arises you can close early, or if you want to develop an idea, you can do so without needing anyone’s approval.
- Potential income. All the fruits of your efforts directly benefit you and it is up to you to work full time or part time.
- Broadening of knowledge. When starting a business, you may not have the resources to pay a professional in every area. Therefore, you will have to play the role of a publicist, administrator, and accountant. This, however, will be an opportunity to learn many things and gain experience.
Disadvantages
- You do not receive benefits. By owning your own business, you do not receive the benefits that employees receive, such as: health insurance, paid vacations, retirement savings, among others.
- You have less free time. As a business owner, your working hours are almost at all times; you may not be able to split your work and personal time.
- It can be stressful. By owning your own business, there are no limits to your growth. However, it can become a source of stress and anxiety from constantly wanting to grow. It is, therefore, necessary to establish viable short and medium-term goals.
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Source: Advantages and disadvantages of owning your own business
