Module 1 . Being Business Ready
The Pros and Cons of Owning Your Own Business
Financial Reasons
| Pros (Advantages) | Cons (Challenges) |
|---|---|
| The opportunity to earn more money | Earning more money can be difficult to manage |
| The ability to set your salary | The financial responsibility for the whole company |
| Tax advantages | Tax responsibilities |
| Flexibility over how and when you pay yourself | Risk of not being able to pay yourself in a downtime |
| Potentially unlimited salary | Potential salary sacrifice |
Flexibility
| Pros (Advantages) | Cons (Challenges) |
|---|---|
| Flexible hours | Potentially long and unpredictable hours |
| Work from home | Financial and convenience costs of working from home |
| More time with the family | Work-life balance may not be balanced in the beginning |
| More time to spend on hobbies/holidays | No annual leave if you are on your own |
Autonomy
| Pros (Advantages) | Cons (Challenges) |
|---|---|
| Be your own boss | The buck stops with you |
| Job security/control over your destiny | Reliance on your clients to provide work and pay |
| Creative and operational freedom over your business | Responsible for making sure things are working |
| Control over your up-skilling | Multiple skill requirements |
Job Satisfaction
| Pros (Advantages) | Cons (Challenges) |
|---|---|
| A new experience | Stress and uncertainty |
| Ability to create something to pass down to the next generation | Frequently pushed out of your comfort zone |
| Pride and accomplishment | Accountability and time management |
| Realising your potential | |
| Supporting yourself financially |