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Old 06-26-2009, 02:11 PM
bilike bilike is offline
Junior Member
Join Date: Jun 2009
Posts: 1
Default Starting your own business: pros and cons

Hi! Everybody would agree that there are many advantages to run your own business. You have no bosses, no schedules. You work for yourself and are very flexible. Still, not many people start their own business. So I ask you: why? What are the reasons for this? Is it not enough money? Or connections? Or courage?
In Internet you can find numerous guides how to start working for yourself with a lot of pros listed. But let us list those cons which prevent us from being self-employed.
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Old 07-02-2009, 04:13 AM
rickygips rickygips is offline
Junior Member
Join Date: Jun 2009
Posts: 3
Default not easy

although there are a lot of guides on how you can start a business it is not as easy as that. One thing people are afraid of is taking the risk, it is money that you will lose if the business will not succeed.
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Old 07-07-2009, 07:44 AM
RSTech RSTech is offline
Senior Member
Join Date: Nov 2006
Location: Pain Court, Ontario, Canada
Posts: 174

I've owned my own business for just over 5 years now which I work at full time. Although there are a great number of pros, here are some of the cons I've experienced:

1) Getting new customers. This is a real challenge. I know my skills can be applied in many companies however it is very difficult to get your foot in the door. Often times marketing dollars are spent with no return on the investment.

2) Paperwork. Processing the bills, invoices, GST, PST, taxes, customer statements, etc. is time consuming. If you're not doing it yourself you're paying someone to do it. At times this can take up to 20% of my time. That's time that I'm not making money.

3) Vacation. It is hard to get away from the business for any length of time. The customers will still call. After 3 years in business I finally decided to just schedule some vacation time but it is still difficult to take more than 1 week at a time. Long weekends are easy to take however.

4) Long hours. Now this is a funny one. With my job I have always put in long hours, just the nature of my work. That being said, my first year in business I put in less hours but that quickly changed as my business grew. 60 to 80 hours a week was very common. In this recession its not so common anymore, more like 40 hours a week now.

5) Constantly defending your prices. Customers always want to talk your price down. Doesn't matter if you are the cheapest guy in town, they want to pay less. You need to have thick skin to handle all the comments about how much you charge. I'm always being bombarded for freebies and lower rates. This has always been the case for me.

I'm sure I have a few more cons but this is a start.
Rob Simpson C.E.T.
Industrial Automation & Integration
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Old 07-11-2009, 01:34 AM
HaverCanada HaverCanada is offline
Junior Member
Join Date: Jul 2009
Location: Vancouver, BC, Canada
Posts: 27

To have a Job today is more secure than to have a business.
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Old 08-19-2009, 01:43 PM
newincanada newincanada is offline
Join Date: Oct 2004
Posts: 38

Originally Posted by HaverCanada View Post
To have a Job today is more secure than to have a business.
I do not agree with you. I think that to have a business is far more secure. It all depends on you and your decisions. You are in no control of the decisions your boss makes for you and for the company and there is no job security as we saw that with the auto workers and many more people who got laid off recently!
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