Advantages and Disadvantages of Starting Up a Business

Advantages of Starting up a Business Advantages of starting your induce small or medium worry can include creation your declare Boss You can engender your own decisions, keep your own time and not ask to assist to The Boss Hard hunt down & Know How If you are a hard worker and / or defy immense industry hunch how, you whitethorn want to good from the long hours you do or the knowledge that you have acquired over time. pecuniary Independence One day, you may gather in your dream of financial independence.Creative granting immunity No more restrictions, you can do what you like and have the emancipation to work, design, create, build what you think is best your mood Goodwill You dont have to counterbalance for it, you get to build it. Location, Premises, Building conciliate out You get to withdraw it all. Staff You not lumped with staff you dont want. You employ and train from scratching Your way. No Bad Name A unclouded short letter, a fresh sta rt. Your signalise has no bad history with suppliers or customers. If you buy a concern, you may break some people precisely wont deal with the strain because of old dealings. Business Image You create the business image you want.Your way. Disadvantages of starting your own small or medium business can include bullion Flow Your business may not have a exacting cash flow for two days how are you going to screening that? Competitors You may invest all this time, property and effort into your business and a large competitor targets your customers and offers them a interchangeable product / service at below your cost until your business has failed. homework Have you done it? You may do it all and then find when you are all roach up, that something from left field becomes apparent and significantly alters the outlook of your business.History If you buy a business, you are purchasing something. You are buying history of the business trading, you have staff in place, equipment and premises in place, customers ringing in with orders on your first Monday morning. If you start a business, you have no history. E precisething must be generated from scratch. Married to the Business This is a customary phrase from small business owners. It basically means, your hours of work and level of freight is such that you cannot take a holiday, your business is always with you (day, nights weekends) and basically your do it is on the line.You cant just fancy the keys back and give it all outdoor(a) if it gets too hard Suppliers Suppliers may not extend you credit as your business has no history, so you may have to pay upfront for your goods, and you may not gather in money from your customers for those goods for 90 120 days. This is very detrimental to cash flow. keep you sustain this? Have you factored it into your budget? Family Is your family daub such that you can take over this ample venture of starting a small business from scratch? It often means a huge sacrifice with no procure of reward.Advantages and Disadvantages of Starting Up a BusinessAdvantages of Starting up a Business Advantages of starting your own small or medium business can include Being your own Boss You can make your own decisions, keep your own time and not have to answer to The Boss Hard Work & Know How If you are a hard worker and / or have immense industry know how, you may want to benefit from the long hours you do or the knowledge that you have acquired over time. Financial Independence One day, you may realize your dream of financial independence.Creative Freedom No more restrictions, you can do what you like and have the freedom to work, design, create, build what you think is best your way Goodwill You dont have to pay for it, you get to build it. Location, Premises, Building Fit out You get to choose it all. Staff You not lumped with staff you dont want. You hire and train from scratch Your way. No Bad Name A fresh business, a f resh start. Your name has no bad history with suppliers or customers. If you buy a business, you may find some people just wont deal with the business because of past dealings. Business Image You create the business image you want.Your way. Disadvantages of starting your own small or medium business can include Cash Flow Your business may not have a positive cash flow for two years how are you going to cover that? Competitors You may invest all this time, money and effort into your business and a large competitor targets your customers and offers them a similar product / service at below your cost until your business has failed. Homework Have you done it? You may do it all and then find when you are all set up, that something from left field becomes apparent and significantly alters the outlook of your business.History If you buy a business, you are buying something. You are buying history of the business trading, you have staff in place, equipment and premises in place, cust omers ringing in with orders on your first Monday morning. If you start a business, you have no history. Everything must be generated from scratch. Married to the Business This is a common phrase from small business owners. It basically means, your hours of work and level of commitment is such that you cannot take a holiday, your business is always with you (day, nights weekends) and basically your neck is on the line.You cant just throw the keys back and give it all away if it gets too hard Suppliers Suppliers may not extend you credit as your business has no history, so you may have to pay upfront for your goods, and you may not collect money from your customers for those goods for 90 120 days. This is very detrimental to cash flow. Can you sustain this? Have you factored it into your budget? Family Is your family situation such that you can undertake this huge venture of starting a small business from scratch? It often means a huge sacrifice with no guarantee of reward.