Individuals in search of financial freedom often consider the start of their own business. However, there is a reason that a majority of new businesses fail within the first year. Starting a new business involves an inordinate amount of hard work, and even a great idea and effort alone cannot guarantee your business will be a success.
In fact, given the amount of perks that come with a normal job, you may end up earning more sticking with your existing job. While it may seem glamorous now, here are 5 reasons why you shouldn’t start your own business:
1. Most Businesses Fail
Yes, you have a great idea. You’ve done all the necessary research, and talked to your loved ones. However, so has every other start-up business that has ultimately failed. Maybe it wasn’t marketed correctly. It’s possible the idea was mimicked by a competitor who had more resources to make it work.
Or perhaps the idea was simply ahead of its time. Maybe there were logistical issues, or a problem with funding. However, the math doesn’t lie. Regardless of what your business is, you are fighting an uphill battle. It is statistically unlikely that your business will succeed.
Even if your business is looking like it might survive, it may very well kill you in the process. Your current career may have its stresses, but ultimately as long as you don’t get fired, it’s unlikely that you will run into any serious problems. On the contrary, at your new business you will be forced to work more hours than you have ever worked before.
Your evenings and weekends will no longer serve as breaks from work, but an opportunity to get an edge on your competitors. Which will only lead to more stress and more anguish.
3. No Time
The business will consume your entire life. There won’t be less time from friends and family, there will be no time at all. Worse yet, it will be difficult to see just how far your relationships have degraded, as your only thoughts will be toward your business, as everything crumbles around you.
To devote anything less but your full attention may result in the business failing. So while you think there may be time after your business is successful, the damage you cause to your loved ones may be irreparable.
4. You’ll Delegate Instead of Work
If you like doing a particular craft, you won’t be doing it when you own your business. You’ll be delegating all of the responsibility to others. In other words, if you enjoy programming code, don’t start a software company. If you enjoy freelance writing, don’t start a copy-writing business. You’ll be too busy managing your team to do any of the actual work.
This means organizing your staff and researching how to manage them effectively. It means managing egos and figuring out who does what best.
5. Cleaning Up
Everything that the company does will reflect on your brand, from the advertising to the customer service. As the owner, you will want your fingerprints over ever aspect of the business. Everything that gets released will first need your approval. This can take up an inordinate amount of time as well.
However, delegating this responsibility to others may lead to something slipping by that you’re not entire comfortable with. Ultimately, you will have to learn to balance what you can delegate and what you can manage on your own.
We are not here to break your dreams, take the following info as you will. Running your own business is much harder than it looks, so be prepared to get your hands dirty. This article was written by Jamie Richards. Jamie is a writer for public and employers liability insurance an online resource for business owners.
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