Good Reasons to Start a Business…and Bad Ones

Starting a new business is arguably the most exciting and most satisfying event that can happen to any individual. In addition to this, many individuals quit their jobs and start their own business because of the many benefits they can potentially get. On the other hand, there are also cons of entrepreneurship.

perth business

First of all advantages is personal freedom. If you become the owner of your business, you can wake up whenever you want. This is a great advantage especially if you are not a morning person.

The second advantage is having unlimited income potential. You have no limit to the amount of money you can make when work for yourself. You can be wrong several times, but you only have to be right once to find that financial windfall. When you work for someone else, the income is usually set.

Meanwhile, entrepreneurship has also disadvantages. One of which is the lack of steady income. Being an entrepreneur can feel like a professional poker players sometimes. Some months, I may make 2-3 times more than my average monthly income. Other months, I may just break even (or even take a loss). Apart from that, you also need to pay your own taxes. When you work for yourself, you have to pay taxes on all your net income.

To learn more about the pros and cons of starting your own business, read this: http://time.com/money/4276866/good-bad-reasons-start-small-business-and-bad-ones