Making the Big Leap

If you are thinking about starting your own business, developing your idea in your spare time is a good way to start. Then weigh up the pros and cons, and understand your motivation for making the change.

Working for yourself or others?

It is crucial not to underestimate the had work involved in running a business. Rather than having one role, business owners often take on multiple responsibilities - from producing a product or performing a service to carrying out all the administrative tasks as well as going out and selling the idea. Although you may no longer have a boss to answer to, your working hours may be much longer, especially at the start.

As a business owner, you have more responsibilities and need to invest more in our future. You will take more risks and feel more pressure running your own business, but the potential for success is often greater than working for an existing company. Running your own business will mean you have more control and flexibility.

Considering your Options

Remember that paid employment brings many benefits, whereas being your own boss can be stressful and financially risky. Weigh up your options carefully before you reach a balanced decision.

Their Company

PROS

• Financial Security comes from a regular weekly or monthly pay cheque

• Sickness and holiday pay bring more consistent income

• Sense of belonging comes from working with others towards a common cause

• Investment in your development and training is paid for by employers

• Opportunities to build experience and develop new skills are available

CONS

• Earnings are limited depending on the company pay policy

• Your hard work helps to achieve another persons dreams rather than your own

• Office Politics can be frustrating

• Time and money is spent on commuting to a workplace chosen by the company

• Lack of flexibility in work hours and conditions can be problematic

Your Company

PROS

• Potential for higher earnings, without the limits put in place by an employer

• Greater control, independence, and flexibility to work round family & personal commitments

• Ability to choose your hours and work at your own pace

• Potential for greater job satisfaction - all your efforts go towards achieving your goals

• Opportunity to pursue your dream

CONS

• Greater financial risk with less security as a business owner

• Sense of isolation from working independently with less human interaction

• Responsibility for mistakes and failures, as well as successes, rests with you

• Potential strain on family / social life from working long hours

• No income if sick or on holiday

• Inability to switch off at the end of the working day

"I knew that if I failed I wouldn't regret that, but I knew the one thing I might regret was not trying" - Jeff Bezos, founder and CEO of Amazon