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 moneyEarning more money can be difficult to manage
The ability to set your salaryThe financial responsibility for the whole company
Tax advantagesTax responsibilities
Flexibility over how and when you pay yourselfRisk of not being able to pay yourself in a downtime
Potentially unlimited salary Potential salary sacrifice
Pros (Advantages)Cons (Challenges)
Flexible hoursPotentially long and unpredictable hours
Work from home Financial and convenience costs of working from home
More time with the familyWork-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
Pros (Advantages)Cons (Challenges)
Be your own bossThe buck stops with you
Job security/control over your destinyReliance 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 experienceStress and uncertainty
Ability to create something to pass down to the next generation Frequently pushed out of your comfort zone
Pride and accomplishmentAccountability and time management
Realising your potential
Supporting yourself financially