If you are thinking about starting a small business, then you may already know that there are many different pros and cons that come along with small businesses. You can reap in the benefits of having your own business and running your own business but you also run the risks of starting your own small business as well as running the risk that it won’t make it as many small businesses fail within the first five years of operation.
There are also many things to consider with small businesses, such as the extra jobs that you may need to outsource rather than hire another full time employee. These jobs can be anything from small business tax preparation to small business bookkeeping activities such as payroll and managing the monthly financials. These are things that you will need to consider when you are thinking about opening a small business. Listed here are the pros and cons of starting a small business.
Here are the pros for starting a small business:
1. You are your own boss. You will be your own boss when you choose to start your own business which means that no one can tell you what to do!
2. You have your own job security.
3. Influence. You can choose who you hire and who you want to hire in the community. This can include part time employees, full time employees and employees who will work as contractors, such as your CPAs and accountants.
4. Self-belief and self-interest. It is your business. This means that you have the belief that it will work and last and you will find yourself putting more work into it then anything else ever before.
Here are the cons for starting a small business:
- It may fail.
- Investment. You will be taking the brunt for all of the financial investments into the business.
- Inconsistent income. You will have to learn how to have an inconsistent income for a long time.
As you can see, there are both pros and cons that come along with starting your own small business. However, you will want to determine the right choices for you. If personal freedom and the ability to be your own boss and to make your own decisions trumps all of the cons, then you should definitely start your own business and take the risk. If you are not a risk taker and have a fear of being responsible for others, then owning a small business may not be right for you.
If you own a small business and are in need of a small business bookkeeper or a small business tax person, then you will want to reach out to the experts over at Miller & Associates CPAs. They are the leading experts in small business accounting and can also help you prepare your small business tax information as well as your individual tax information. So, if you have started a small business recently and need the right group of professionals to help you, then give them a call right away!