Congratulations! Are you new to the business world? Perhaps you’re already established, or you’re looking for a way out by selling or exiting? Either way, you know the pros of starting your very own business, but have you sat down and took the time to fully understand the downside of it all? Although you don’t want to think about anything other than the upside of extending your own profession, fortunately by recognizing the negative aspects, it will definitely help you make the correct decisions regarding your position.

JUST GETTING STARTED! 

If you’re new to starting your own business, it is crucial that you don’t let all the advantages overshadow the disadvantages to the point of blissful ignorance – and unfortunately, if you do not have the patience, mental stability, and passion for what you wish to achieve, the odds of you succeeding aren’t very likely:

9:00-5:00 vs. When Was The Last Time I Slept: Prepare yourself for a time change in hours if you go from quitting your day job to opening up your very own business. Since your job title will drastically change, so will your shifts – you will more than likely be working 50+ hours a week!

How Much Insurance Do I Need? While this may vary depending on your business, you will need to make sure to purchase insurance and various benefits to ensure that you’re safe and if you run into a problem, you’re able to be covered efficiently. If you aren’t covered in any way, shape or form, it will be costly both with money and the law.

2 Jobs, No Thank You: It is important to recognize that you may, in fact, need to continue keeping your day job if you’re just starting out so that you’ll still be able to keep up with your bills.

Know More Than One Area: You need to be able to learn fast – this may be a challenge, especially starting out. Although you may have had one duty at your last job, you’ll need to know every function, understand and be able to perform all aspects, such as ordering stock, properly handling employee situations properly, and financial statements.

Business vs. Private Life: You’ll need to balance these out because it will get very stressful and there is a risk of adverse impact on yourself, your family and other particular areas that surround your life. You may not have enough fuel in your engine to start your own business, which brings me to the most significant downside.