Are you interested in starting your own small business and becoming a modern day entrepreneur? If you are, you may already have your mind made up. If you are still toying with the idea of starting your own small business and delving into the world of entrepreneurship, you may be wondering whether or not your dream is one that should stay a dream or one that could actually become a profitable reality. (Image Credit)
To get a good idea as to whether or not you should start a small business, you may want to examine the pros and cons of doing so. These pros and cons may help make it easier for you to decide whether or not a small business is right for you. A few of the most important small business pros and cons are touched on below.
Perhaps, the biggest pro or plus side to starting your own small business is the fact that you will be achieving a dream of yours. There are many individuals who have a dream to start their own business, but many rarely end up doing so. One of the reasons for that is fear. Many are afraid of failure. Yes, you and your small business venture may fail, but many say the ride was worth taking, no matter how good or bad the outcome turned out to be. Each step along the way teaches you new things that can be applied as you continue to grow as an entrepreneur.
Another pro or plus side to starting your own small business is type of businesses that you could start. For instance, did you know that you could open up your craft store, run a payroll processing company, start a dog grooming salon, or start your own hair salon? When it comes to starting your own small business, you will find that the possibilities are literally endless.
In connection with the types of businesses that you can start, did you also know that those businesses can be run in different ways? For instance, if you are interested in opening up a dog grooming salon or even a hair salon, did you know that you could rent your own commercial building space or even run the business out of your home for a while? Also, depending on the type of business you run, you may even be able to have an online store. In fact, it is not uncommon for many small business owners, who sell products, to have storefront retail stores, as well as online retail stores. Once again, the possibilities are basically endless.
Although there are a number of pros or plus sides to entrepreneurship, you will also find that there a number of downsides or cons to doing so as well. One of those downsides is the fact that there are not really any guarantees. Sometimes even the best small business plans fail. There a lot of factors that go into determining whether or not a business can be a profitable one, like the ability to reach the targeted market, business startup costs, monthly expenses, and location. While there are steps that you can take to help improve your chances of success, there are still no guarantees.
Another one of the cons or downsides to starting a small business is the startup money needed. Yes, there are some businesses that have smaller business startup costs than others, but almost all small businesses do have startup costs. The good news though is that if you don’t have the required funds, you may be able to obtain financing for your small business project. The only thing is that you need to have good credit to do so. So, if your credit currently isn’t in good standing, you may want to think about working on it now. The sooner you get your credit repaired, if it needs to be, the sooner, you can start opening up your small business.
The above mentioned pros and cons are just a few of the many associated with trying to start your own small business. In all honesty, you may want to think about creating your own pros and cons list. If the pros outweigh the cons, starting your own small business may be something that you should look into doing.
Learning the skills necessary to run your business own is critical for your success. One way to reduce the business start-up learning curve would be to invest in entrepreneurial training.
About the Author:
Myron Curry is the CEO and President of Business Training Media, a global provider of workforce training solutions for employee development. His company has provided corporate training solutions to many organizations from start-ups to high-profile companies like American Express, Yahoo, IBM, 3M, FedEx, American Honda, Cisco, Verizon, Microsoft, Wal-Mart, Johnson & Johnson, AT&T, Bank of America, Google and thousands of others.