Pay: Small business owners are more likely to have high incomes. If you’re successful, all the rewards will end up with you!
Personal Goals: It’s up to you how successful you want your business to be; how much money you want to make, what hours you want to work, what kind of environment you choose to work in, and who works for you, rather than who you work with. Success is completely in your own hands.
Retirement Funds: In the USA, small business owners can invest up to $30,000 before tax into personal retirement accounts. With this in mind, your invested money can blossom without the burden of taxation upon it. For those who don’t own a small business will only be able to invest a much smaller pre tax amount into a retirement account.
Satisfaction: The owner of a small business can gain real satisfaction in developing services or products and overcoming issues in order to make their business succeed.
Risk Factor: There is a large amount of risk when choosing to run a small business. When someone starts a business, they almost always have to invest their own personal savings, meaning failure would result in bankruptcy.
Paperwork: There is a great amount of paperwork to deal with for the owner of a small business, such as taxes and insurance. There are a great deal of legal regulations that a small business must contend with, but as a small business doesn’t have the resources or departments set up to handle such issues, it can be a struggle to keep on track.
Long Hours: If you’re serious about making your small business work, you must take into account the massive amount of hours you’ll have to put in compared to a normal job. You’ll have to work much longer than 9-5 just to give your business the momentum to get running.
Personal Impact: Owning a small company will come with great responsibility, as well the liberating feeling that many people search for. Many small business owners will find it difficult to separate their work and home life. The level of responsibility that comes with owning a business can become too much for some people, with stress driving them to failure.
Competition: The success of many businesses is due to finding a niche in the market. If the level of competition is too high, it can be difficult to keep your business afloat. Competition can be the difference between success and failure.
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