For and against owning your own business

There are many things to consider if you’re thinking about starting your own business. It’s a big decision and will probably have a significant impact on your life. It’s a move that often comes with some risk, so it shouldn’t be entered into lightly. Ben Johnston, Head of SEEK Business, provides an overview of some key points in favour and against owning your own business.

THE FOR

• “Be your own Boss”. This is often the most common slogan (and ours at SEEK!) and it’s such a key driver for new business owners. Owning a business allows you to be in complete control and all successes are directly attributable to you.
   
• Broaden your skills. Running a business requires numerous roles including sales, customer service, financial administrators and people management. Although you can utilise professionals to help in these areas, being a business owner means you will be exposed to a broad range of experiences and learnings.   
   
• Work life balance. This is often a key motivator when people move from being an employee to a business owner. Business ownership means you can determine when and how much you work. Opportunities like mobile businesses (coffee vans etc.) allow such flexibility.
   
• Follow your passion. Starting your own business can be tough, but if you’re doing something you love it won’t feel like such a chore. People are more likely to succeed if they’re truly invested in what they’re doing, and if you can combine your business with your passion you’ll give yourself every opportunity to flourish.

THE AGAINST

• If you’re not naturally passionate or self-motivated. Being your own boss means you need to drive the successes; no one else is responsible and no one will do it for you. If you are a person who is relatively content in doing a role, but not going above and beyond, then business ownership may not be for you.
   
• If you’re not ready for both risk and reward. Business ownership is a risk: this may, of course, mean financial outlay, but there may also be emotional time and effort that’s above and beyond what most people experience as employees. You have to be prepared to take a risk and back yourself. 
   
• If you’re not prepared to learn and listen. Most roles require a certain skill and not being a generalist. If you are not prepared to be open to learning new skills and seeking advice from those who are experts, business ownership is not for you.

So, with these points in mind, ask yourself what it is you want from work, and whether owning your own business is the right path for you. 

Ready to be your own boss? Head over to SEEK Business today and find a franchise or business that’s just right!